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French to flock to London after Hollande's victory

by LLB Editor
8th May 12 11:48 am

Wealthy French people are looking to move to London after Francois Hollande won the French presidential election last week.

One of the key mandates of Hollande’s manifesto was that he would impose a tax rate of 75 per cent on incomes above €1m (£807,000), this and London’s status as Europe’s financial capital and it’s proximity to France are the main reasons why France’s wealthy want to shift base to the capital.

Wealth management firms in London have also seen a surge in inquiries by French clients to move to London because of its rules to cover non-domiciled workers. Ashley Crossley, chair of Europe and Middle East wealth management at law firm Baker & McKenzie told the City A.M, “The non-dom legislation is very attractive… London is pretty unique in Europe in terms of providing that kind of incentive.”

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