British Wealthy Move to Monaco; Discussions on Taxing California Billionaires
- 1David Reuben moved from the UK to Monaco this summer.
- 2Wealthy brothers with combined assets of approximately 28 billion pounds seek to avoid the UK's 40% inheritance tax rate.
- 3California is preparing to introduce a 5% one-time levy on approximately 200 billionaires under Proposition 40.
So what's the key point?
Wealthy individuals in the UK and the US are moving residences or facing discussions to avoid high taxes. The tax burden is significant for those with assets of 28 billion pounds.
Source Fortune · View original ↗
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