The Straits Times
Published on Sep 10, 2012

France's richest man and LVMH boss denies tax exile bid


PARIS (AFP) - France's richest man and LVMH boss Bernard Arnault said Sunday he was not becoming a tax exile, despite seeking Belgian nationality as Paris moves to impose a 75 per cent wealth tax.

"I am and will remain a tax resident in France and in this regard I will, like all French people, fulfil my fiscal obligations," the world's fourth-richest man told AFP.

"Our country must count on everyone to do their bit to face a deep economic crisis amid strict budgetary constraints," he said, adding that the bid for dual nationality was "linked to personal reasons" and began several months ago.

Mr Arnault's application comes amid a debate on one of the main pledges that France's President Francois Hollande, a Socialist, made during the election campaign earlier this year - to impose a 75 per cent tax on incomes above one million euros (S$1.58 million).