In light of the recent parliamentary election in France, many of the country’s wealthiest residents are considering relocation due to concerns about political instability and the prospect of higher taxes. The election left no party with an absolute majority, resulting in a hung parliament, but a left-wing alliance took the most seats. This has led to increasing worries about potential tax hikes, causing a surge in the number of wealthy individuals transferring capital abroad and exploring expatriation options.
Wealth advisers have reported a significant rise in inquiries from clients about shielding their assets and potential relocation. Following Brexit, France saw an influx of high-earning bankers, but these individuals are now contemplating leaving due to the fear of increased taxes. Xenia Legendre, a Paris-based managing partner at Hogan Lovells law firm, noted that top executives are actively seeking ways to protect themselves financially.
The left-wing New Popular Front (NFP), which secured the most seats in the election, has proposed taxing the super profits of companies and reinstating a wealth tax on the rich. Such measures starkly contrast with the policies of President Emmanuel Macron, which have been more favorable to the wealthy, earning him the moniker “president of the rich.”
According to Emmanuel Angelier, head of wealth management firm La Financiere d’Orion, the implementation of extreme policies could drive the wealthy out of France, making the country less attractive for foreigners and prompting the rich to leave. Julien Magitteri, a private wealth adviser at Barnes Family Office by Côme, revealed that some individuals started moving capital out of France even before the second round of voting, primarily to Switzerland and Luxembourg. Other popular destinations include Italy, Dubai, Singapore, and the US.
France is home to some of the world’s richest people, such as Bernard Arnault, head of the luxury goods company LVMH; Francoise Bettencourt Meyers of the beauty empire L’Oréal; and the Wertheimer brothers of Chanel. With seven out of ten French citizens expressing dissatisfaction with the election results and the composition of the new National Assembly, concerns about the country becoming “ungovernable” are prevalent.
Why Knightsbridge is the Perfect Partner for Relocation
Amid this climate of uncertainty, Knightsbridge offers an ideal solution for those considering relocation. Here’s why Knightsbridge stands out as the perfect partner:
- Global Expertise and Local Knowledge: Knightsbridge provides unparalleled expertise in global relocation services. Our team understands the intricacies of moving high-net-worth individuals and their families, ensuring a seamless transition to new locales.
- Comprehensive Financial Advisory: With potential tax hikes on the horizon in France, Knightsbridge offers expert financial advisory services to help clients safeguard their wealth. We assist in restructuring assets and optimizing tax strategies to minimize liabilities.
- Wide Network of Destinations: Knightsbridge has an extensive network of connections in prime relocation destinations such as Switzerland, Luxembourg, Italy, Dubai, Singapore, and the US. We facilitate smooth transitions and provide ongoing support to ensure our clients settle comfortably in their new homes.
- Personalized Services: Each client’s needs are unique, and Knightsbridge tailors its services accordingly. From finding the perfect property to navigating local regulations, we handle all aspects of the relocation process with precision and care.
- Strategic Partnerships: Our strategic partnerships with top financial institutions and legal firms ensure that our clients receive the best possible advice and support. This network of professionals is crucial in navigating the complexities of relocating to a new country.
In times of political and economic uncertainty, Knightsbridge is the ideal partner for those considering relocation from France. With our comprehensive services, global network, and financial expertise, we ensure a smooth and successful transition for our clients.
Shayne Heffernan
