Taxes

French Businessman Seeks Refuge from Taxes in U.K.

Alain Afflelou owns an optical chain and has assets he'd like to keep

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One of France's richest men has announced he is moving to Britain as massive tax hikes on the super-rich by his country's new socialist government were announced.

Optician chain tycoon Alain Afflelou—who has an estimated £190million fortune—will join thousands of wealthy French fleeing President Francois Hollande's new tax regime.

It came as President Vladimir Putin offered French actor Gerard Depardieu a Russian passport, saying he would welcome the 63-year-old celebrity who is also embroiled in a bitter tax row.