Canadian and US Immigration Lawyer Andy Semotiuk: The French court recently ruled to uphold French President Hollande’s proposal which will introduce a 75 percent income tax on those earning more than 1 million euros per year:

French President Francois Hollande received approval from the country’s constitutional court to proceed with his plan to tax salaries above 1 million euros at 75 percent for this year and next.

Under Hollande’s proposal, companies will have to pay a 50 percent duty on wages above 1 million euros ($1.4 million). In combination with other taxes and social charges, the rate will amount to 75 percent of salaries above the threshold, the court wrote in a decision published today.

“The companies that pay out remuneration above 1 million euros will, as expected, be called upon for an effort of solidarity on remuneration paid in 2013 and 2014,” the Economy Ministry said in an e-mailed statement.

Hollande, who once said he “didn’t like” the rich, announced the 75 percent tax in February 2012 as part of his presidential campaign to appeal to his Socialist base. It has become a symbol of his government’s record-high taxation rate.

Following the lead of such wealthy French citizens as Gerard Depardieu, many French nationals may want to think about immigrating abroad, at least for a few years.

One good option for them could be a work permit in North America. This would enable them to live and work in Canada or the United States for their own company, created for this purpose. For more details, contact one of our immigration lawyers at Pace Law Firm to explore your options.