Tax breaks introduced by Emmanuel Macron and a stronger French economy has lured the world’s ultra-rich to the country’s capital, with Paris now ahead of London for the first time as a top destination for the super-rich.
The sixth edition of the World Ultra Wealth Report, which analyses the state of the world’s ultra wealthy population, or those with $30 million or more in net worth, places Britain now in sixth place and France fifth in the city stakes. New York lost its top spot to Hong Kong, while Tokyo came third and Los Angeles fourth.
Etienne Lefevbre, editor of financial daily Les Echos, said the French president has “effectively halved the tax paid by the very wealthy” while Corinne Dadi, a tax lawyer with Stehlin, said for the first time in 15 years she was organising returns to Paris. Ms Dadi said those wishing to leave London cited “Brexit plus a huge fear of Jeremy Corbyn” and Britain’s decision to slash “non-dom” tax perks.
Whether you are in business as an individual or as a corporate, you will want to ensure that you pay no more tax than you are legally bound to do.
Our specialist team at Beavis Morgan offers a wealth of experience in advising high net worth individuals on the best options to maintain their capital value and manage their income levels.
We proactively explore the intricacies of the tax legislation, making sure that all reliefs available to you are utilised and that your interests are safeguarded. We also assist with medium and longer-term financial planning to ensure that you, your family, and ultimately future generations of your family, will benefit from your wealth in accordance with your wishes.
For more information and to discuss your tax affairs in further detail, contact your usual Beavis Morgan Partner.