LVMH head to apply for Belgian nationality
10/09/2012
Paris-based Mr Arnault later issued a statement saying he wanted to apply to have dual French-Belgian nationality owing to the large number of business interests he has in Belgium, but he has found himself at the centre of a political storm.
French prime minister, François Hollande, has said he wants to impose income tax rates of 75% on income above EUR 1 million per year; Bernard Arnault is widely reputed to be the richest man in France. Following the announcement, a senior figure in the opposition, François Fillon, said: “The head of one of the best businesses in the world, which symbolises French savoir faire and success, known the world over, may be led to change nationality because of the tax policy followed in this country. It is disastrous.”
Supporters of Mr Arnauld have pointed out that he could become a tax-exile in Belgium without taking up Belgian citizenship, and that his aim is to increase his business interests in Belgium, which will be easier for him to do if he has dual nationality.
One example of his interess in the neighbouring country is that LVMH set up a joint venture with Tannerie Masure in Estaimburg in 2009 to make vegetable-tanned leather for some of its handbags.
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