Nicolas Sarkozy: Ex-French leader ditching 75% tax, moving to London

Former French President Nicolas Sarkozy is ditching France’s 75 percent tax on the rich by moving to London with his wife, Carla Bruni, The Daily Mail reports.

Details of the move were revealed in computer files during a raid by fraud police on Mr. Sarkozy’s Paris mansion in June. It came within weeks of his losing immunity against prosecution after being defeated by Socialist President Francois Hollande in May.

Mr. Sarkozy is accused of being an assisted witness for using illegal cash from Liliane Bettencourt, the L’Oreal heiress, to fund his 2007 election campaign.

Mr. Sarkozy is preparing to set up a billion-pounds-plus ($1.59 billion-plus) investment fund in London, The Mail reports. French news organizations are calling the move controversial and a conflict of interest, calling Mr. Sarkozy unpatriotic for taking his wealth elsewhere.

The Frenchman has become the latest public figure to speak of fleeing the country because of Mr. Hollande’s taxes on the rich. Actor Gerard Depardieu made a very public move this year to Russia, where President Vladimir Putin presented him with full citizenship.

© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.