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French Bankers Are Moving To London To Escape Steep Taxes
Business Insider ^ | 08/20/2012 | Reuters

Posted on 08/20/2012 7:25:16 AM PDT by SeekAndFind

PARIS/LONDON (Reuters) - The City of London financial district, though diminished by scandals and job cuts, is proving irresistible to fed-up Parisian bankers fleeing France's rising taxes and the feeling that they're not best loved at home.

French financial groups big and small, from advisory firms and private equity houses to big banks like Societe Generale, are looking at London as a possible shelter from a new 75 percent tax rate on top French earners, bankers say.

Take Bertrand Meunier, who recently agreed to move to London to take a job at private equity firm CVC Capital Partners, leaving a long-term leadership position at PAI Partners, a private equity firm that was spun off from French bank BNP Paribasover a decade ago.

The tax picture played a part in his decision, Meunier acknowledges, but so too did a wider sense that London rewards work and entrepreneurship, while many of his compatriots take a jaundiced view of financial success. "I have many friends and family members here, and they've tried to convince me to move for a while," he told Reuters. "I think that London is quite extraordinary; the buildings are small, it's very green, people have a good attitude towards work and wealth.

(Excerpt) Read more at businessinsider.com ...


TOPICS: Business/Economy; Culture/Society; Germany; News/Current Events; Russia; United Kingdom
KEYWORDS: europeanunion; france; germany; london; russia; taxes; unitedkingdom

1 posted on 08/20/2012 7:25:22 AM PDT by SeekAndFind
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To: SeekAndFind

London should raise their taxes too.


2 posted on 08/20/2012 7:27:51 AM PDT by Age of Reason
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To: Age of Reason

Or France could lower their’s ;)

(I know.. you just for got the /s)


3 posted on 08/20/2012 7:33:18 AM PDT by cableguymn
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To: SeekAndFind

So the French have finally figured a way to invade England.


4 posted on 08/20/2012 7:33:43 AM PDT by Navy Patriot (Join the Democrats, it's not Fascism when WE do it, and the Constitution and law mean what WE say.)
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To: Age of Reason

Yes, I was kinda thinking about that...

Will moving from Paris to London really solve their onerous tax problems ?

London isn’t exactly a tax paradise ( although it could be a little better than Paris ).

It would make more sense if they moved to Singapore the way Facebook’s Eduardo Saverin did.


5 posted on 08/20/2012 7:34:06 AM PDT by SeekAndFind (bOTRT)
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To: Cincinna

Gallic Ping.


6 posted on 08/20/2012 7:47:03 AM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: SeekAndFind

Will moving from Paris to London really solve their onerous tax problems ?

Yes

- - - - - -

France To Raise Top Tax Rate To Shocking 75%
http://www.businessinsider.com/francois-hollande-rises-tax-to-75-2012-8#ixzz246BUGJoW


7 posted on 08/20/2012 8:01:05 AM PDT by thackney (life is fragile, handle with prayer)
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To: SeekAndFind

The 50p top rate on earnings over £150,000 introduced by Labour will be cut to 45p from April next year, after a study by HM Revenue and Customs (HMRC) found it raised “next to nothing”, said Mr Osborne.

http://www.independent.co.uk/news/uk/politics/george-osborne-slashes-50-top-tax-rate-7580187.html

45p = 45%

So the French are moving from 75% to 45%


8 posted on 08/20/2012 8:04:39 AM PDT by thackney (life is fragile, handle with prayer)
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To: thackney

Why not the USA then? As bad as it is here, we probably have LOWER top rate earnings than the UK.

Or are the French Bankers expecting an Obama victory??


9 posted on 08/20/2012 8:08:10 AM PDT by SeekAndFind (bOTRT)
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To: SeekAndFind

Is this Marie Antoinette in reverse?She lost her head for saying:”Let Them Eat Cake”!!!!!!!!!!!!!!!!!!!!!!!


10 posted on 08/20/2012 8:17:18 AM PDT by bandleader
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To: SeekAndFind

I’m PROUD to be a”BITTER-CLINGER”!!!!!!!!!!!!!!!!!!!!


11 posted on 08/20/2012 8:18:35 AM PDT by bandleader
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To: SeekAndFind

If they spend ~7 months a year in the UK then they will pay only 45% tax - and they still get to visit their native country by train.

If Concorde was still running then you might have seen some French expatriates.


12 posted on 08/20/2012 8:22:57 AM PDT by agere_contra (Vote ABO. Don't choose the Greater Evil and then boast about how principled you are)
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To: bandleader

RE: She lost her head for saying:”Let Them Eat Cake”!!!!!!!!!!!!!!!!!!!!!!!

_________________________

Actually, there is NO record of Marie Antoinette ever saying that. The poor Queen has been portrayed as a cold, heartless bitch throughout history with no historical justification whatsoever.

From Wikipedia:

While they are commonly attributed to Queen Marie Antoinette, there is no record of these words ever having been uttered by her. They appear in Jean-Jacques Rousseau’s Confessions, his autobiography (whose first six books were written in 1765, when Marie Antoinette was nine years of age, and published in 1782). The context of Rousseau’s account was his desire for bread, to accompany some wine he had stolen; however, in feeling he was too elegantly dressed to go into an ordinary bakery, he thus recollected the words of a “great princess”. As he wrote in Book 6:

“Enfin je me rappelai le pis-aller d’une grande princesse à qui l’on disait que les paysans n’avaient pas de pain, et qui répondit : Qu’ils mangent de la brioche.”

Finally I recalled the stopgap solution of a great princess who was told that the peasants had no bread, and who responded: “Let them eat brioche.”

So he goes to a fancy pastry shop where only enriched pastries like brioche were sold. Rousseau does not name the “great princess” and he may have invented the anecdote, seeing as Confessions was, on the whole, a very inaccurate autobiography: “The ‘facts’ he so frankly admits often emerge, in the light of modern scholarship, to be inaccurate, distorted or non-existent”; and his work is the oldest source for the saying.


13 posted on 08/20/2012 8:27:35 AM PDT by SeekAndFind (bOTRT)
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To: SeekAndFind

I suspect the quick travel back “home” and not involving TSA is part of the appeal. And they likely will continue doing business in Europe while staying closer in time zones.


14 posted on 08/20/2012 8:30:56 AM PDT by thackney (life is fragile, handle with prayer)
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To: SeekAndFind; Cincinna
http://cdn.memegenerator.net/instances/400x/23946451.jpg

Describes the French Socialists to a tee.

15 posted on 08/20/2012 8:44:33 AM PDT by KC_Lion (Normalcy results in the creation of life, Sodomy results in AIDS)
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To: SeekAndFind

...fleeing the taxes they fought so very hard to raise?


16 posted on 08/20/2012 9:04:33 AM PDT by Tzimisce (THIS SUCKS)
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To: Tzimisce

RE: ..fleeing the taxes they fought so very hard to raise?

I’m sure a lot of them were in the minority who voted AGAINST Francois Hollande.


17 posted on 08/20/2012 9:17:06 AM PDT by SeekAndFind (bOTRT)
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To: SeekAndFind

[ French Bankers Are Moving To London To Escape Steep Taxes ]

NO they moved to London to escape obscene taxes hoping for merely STEEP TAXES.. in London..


18 posted on 08/20/2012 9:38:15 AM PDT by hosepipe (This propaganda has been edited to include some fully orbed hyperbole..)
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To: SeekAndFind
I’m sure a lot of them were in the minority who voted AGAINST Francois Hollande.

The so called "1%" in the United States supports big taxing liberal Democrats almost exclusively.

I doubt its any different in France.
19 posted on 08/20/2012 10:29:36 AM PDT by Tzimisce (THIS SUCKS)
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To: Army Air Corps; afraidfortherepublic; mojo114; seenenuf; LucyT; Think free or die; DollyCali; ...

H/T to Army Air Corps and KC_Lion for the ping.

François Hollande is extremely unpopular (43% approval rating), but the French are stuck with him and his First Mistress for five years.

French business people and bankers can see the writing on the wall: the 75% tax on earned income is coming, the class warfare is being ginned up by the Left, and there has been significant rioting by “yoots” in the African and Muslim suburbs/bainlieus/ghettos.

Only a matter if time before they rampage through middle class neighborhoods and destroy property and businesses in France’s cities.

*** FRENCH POLITICS AND CULTURE PING LIST ***

*** FREEPMAIL ME IF YOU WANT TO JOIN  ***


20 posted on 08/21/2012 4:28:05 PM PDT by Cincinna ( *** NOBAMA 2012 ***)
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To: Cincinna
it's truly bizarre when England is considered a tax haven...
21 posted on 08/21/2012 4:36:29 PM PDT by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: Cincinna; AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; ...

Thanks Cincinna.


22 posted on 08/21/2012 4:47:37 PM PDT by SunkenCiv (https://secure.freerepublic.com/donate/)
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To: Cincinna
Only a matter if time before they rampage through middle class neighborhoods and destroy property and businesses in France’s cities.

Good thing for those middle class French folks they've got guns in their houses to protect themselves and their property.

23 posted on 08/21/2012 5:09:05 PM PDT by Lancey Howard
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To: Tzimisce

I don’t think there is a comparison between France and the US on this.
Hollande got 96% of the Muslim vote. The middle class white vote, and upper class parts of Paris and suburbs like Neuilly went for Sarko 70-80%.


24 posted on 08/21/2012 6:26:59 PM PDT by Cincinna ( *** NOBAMA 2012 ***)
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