UK super-rich living it up in Monaco
More than 650 directors based on French Riviera
The French Riviera is become packed with some of the UK’s richest company
directors and business celebrities, as they exploit a tax loophole to
avoid higher income tax rates charged by HM Revenue & Customs.
Among the more than 650 wealthy individuals living in Monaco are
recently-knighted retailer Philip Green and Easyjet founder Stelios
Haji-Ioannou, according to research by The Guardian.
Astonishingly, the top 10 residents living along the French Riviera who have
UK interests control family assets worth more than £13.5bn.
They and the others with UK ties are exploited a tax loophole which allows
non-residents 90 days a year in Britain, plus the day of travel out and the day
of travel back, meaning they can pay taxes at the lower Monaco rate.
This means businessmen can work four days a week in the UK for most weeks in
the year without breaking the rules.
It takes less than an hour to fly from London to Monaco.