France's richest man moves to Belgium and takes multi-billion pound fortune with him 'to avoid new socialist super-tax'
Bernard Arnault, head of
luxury goods group LVMH, insists that he moved the cash and assets for
‘family inheritance reasons’
It is thought he wants to avoid a 75 per cent top rate on income being introduced by President Francois Hollande
The richest man in France has officially transferred his multi-billion pound fortune out of his homeland to Belgium.
Bernard Arnault, head of luxury goods group LVMH, insists he has moved his assets for ‘family inheritance reasons’.
But
others are convinced that the 63-year-old has joined other tycoons and
celebrities in wanting to avoid taxes – including a 75 per cent top rate
on income – introduced by Socialist President Francois Hollande.
Mr Arnault applied for a Belgian passport soon after the Socialists won elections last year.
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