Goodbye London?1 min read . Updated: 10 Dec 2007, 12:38 AM IST
London is home to more foreign billionaries than any other city in the world. And there is ample reason to believe that it’s not because of either the weather or the quality of British food.
One big reason is tax laws that ensure that these non-British plutocrats pay little income or capital gains tax. Hence the presence of so many Russian, Indian, Arab and Japanese nameplates on Mayfair homes.
But many have also fled their home countries to escape from the clutches of governments, be they Russian oligarchs who have fled Vladmir Putin's growing repression or Indian businessmen escaping the economic claustrophobia in their home country.
This has been a sore point with other Londoners. The government there has now decided to plug these tax loopholes. The UK treasury estimates that 3,000 rich foreigners could leave London as a result.
We wonder: will they go back home or seek a new tax-arbitrage haven?