And of course prior to this big announcement, the French government has quickly and quietly worked to make it harder for her people to leave.
Until September 2011, French citizens could easily buy and sell gold coins and bars in person with cash, but this is now forbidden. They can only legally buy precious metals by trade mail, check, and wire transfer or be fined some €1,500/oz. On May 23rd, 2013, they made it illegal to send all forms of currency - cash, precious metals, and jewelry by mail.
Exit-tax laws in France up until this month, were that taxpayers with wealth in excess of EUR1.3m, electing to transfer their fiscal residence abroad, were subject to a tax on latent capital gains crystallized at the time of their departure, if they cede the assets within eight years. This month the French National Assembly voted to lower the amount to EUR800,000 and bump it to 15 years following their expatriation.
"In economic turmoil, the people want to leave with their capital and there’s capital controls and there’s people controls. Every time you think about the fence, think about the fences being used against us, keeping us in." ~Ron Paul
When a true genius appears in the world, you may know him by this sign: that the dunces are all in confederacy against him. ~J. Swift
Want DP delivered to your inbox daily? Subscribe here: