Skip to content
Catholic Online Logo

By Catholic Online (NEWS CONSORTIUM)

1/25/2013 (2 years ago)

Catholic Online (

Head of luxury goods group LVMH Bernard Arnault says he left for 'family inheritance reasons'

France's wealthiest man has officially transferred his multi-billion fortune out of his native land to Belgium. The head of luxury goods group LVMH, Bernard Arnault says he has moved his assets for "family inheritance reasons." Few believe that, saying the 63-year-old Arnault has joined other celebrities trying to avoid taxes - including a whopping 75 percent top rate on income, introduced by Socialist President Francois Hollande.

'Bernard Arnault is running the risk of fuelling suspicion about him, harming the image of his brands and weakening the employees who give them life,' Nicolas Demorand, the editor of national newspaper Liberation wrote in a recent column.

"Bernard Arnault is running the risk of fuelling suspicion about him, harming the image of his brands and weakening the employees who give them life," Nicolas Demorand, the editor of national newspaper Liberation wrote in a recent column.


By Catholic Online (NEWS CONSORTIUM)

Catholic Online (

1/25/2013 (2 years ago)

Published in Europe

Keywords: Bernard Arnault, france, Belgium, taxes, wealth tax, inheritance tax, tax laws

LOS ANGELES, CA (Catholic Online) - Arnault applied for a Belgian passport shortly after the Socialists won elections last year. Arnault owns numerous homes around the world applied for a Belgian passport after Hollande's Socialists won presidential and parliamentary elections last year.

Critics have attacked Arnault for leaving the country that is associated with all the brands which made his fortune. These companies include such name brands as Louis Vuitton, Christian Dior, Guerlain, Moet & Chandon champagne and Hennessy cognac.

"Bernard Arnault is running the risk of fuelling suspicion about him, harming the image of his brands and weakening the employees who give them life," Nicolas Demorand, the editor of national newspaper Liberation wrote in a recent column.

Arnault has transferred his 31 percent stake in Groupe Arnault, the family holding that controls LVMH, to Pilinvest, a Belgian firm he set up expressly for that purpose. Arnault insists he wants to keep it in the hands of his five children after he dies.
A source close to him said the structure was lawful in Belgium, but wouldn't be in France.

"He has got two obsessions - controlling his group and ensuring that it survives him," said the source.

The Belgian Office of Foreigners has suggested it might block Mr. Arnault's request for a passport, but the final decision will be taken by the Brussels parliament.

Belgium is far more lenient on taxes than France. Belgium raised an inheritance tax of three percent, as compared to 11 percent in France. There is no such "wealth tax" in Belgium either.

Arnault is also likely to be concerned by Hollande's plan to bring capital gains tax in line with income tax - effectively raising it from 19 per cent to 45 percent, and possibly to 75 percent if the Socialist President goes through with his threat to make that the top income tax rate for earnings over a million annually.

Hollywood star Gerard Depardieu likewise became another high-profile Frenchman moving his assets abroad. The star of "The Green Card" and "Cyrano de Bergerac" card obtained a Russian passport, bought a house in Belgium, and put his multi-million dollar Paris town house on the market.


Pope Francis: end world hunger through 'Prayer and Action'

Copywriter 2015 - Distributed by THE NEWS CONSORTIUM

Pope Francis Prayer Intentions for October 2015
That human trafficking, the modern form of slavery, may be eradicated.
Evangelization: That with a missionary spirit the Christian communities of Asia may announce the Gospel to those who are still awaiting it.


More Europe

The unexpected thing one Syrian refugee did for Germany that will melt your heart Watch

Image of Syrian refugee Alex Assali fed the homeless outside Berlin's Alexanderplatz station in an effort to give back to the city that has helped him, and other refugees, so much (Imgur).


Amid fears of ISIS infiltration and Muslim takeovers, one Syrian refugee took a stand against prejudiced tensions and thanked the city of Berlin on behalf of all refugees. LOS ANGELES, CA (Catholic Online) - Each Saturday, Alex Assali cooks and distributes food to ... continue reading

Concentration camps and Nazi language: Berlin guards caught on tape speaking unbelievably cruel about refugees Watch

Image of Berlin guards at the office for refugees have reportedly been recorded using Nazi language and suggesting refugees be sent to concentration camps (Markus Heine/ NurPhoto).


Videos have been released showing Berlin guards around the office for refugees using "Nazi language" and suggesting the refugees be sent to concentration camps. LOS ANGELES, CA (Catholic Online) - Security guards working for private contractor Gegenbauer Security ... continue reading

SHOCK SHOW: Sacrilegious art exhibit in Spain uses 240 stolen consecrated hosts Watch

Image of Photos of the theft of the Hosts and their placement on the ground are shown in a public art gallery in Pamplona.

By Catholic News Agency

Critics of Pamplona's city council say it deliberately attacked Catholics and broke Spanish law by using city property to display a sacrilegious art exhibit with more than 240 stolen consecrated Hosts. Madrid, Spain (CNA) - The Spanish artist Abel Azcona stole ... continue reading

French Hostage Situation: Two armed suspects engage in shootout with French police Watch

Image of French police engaged in a shootout with two suspects armed with Kalashnikovs (Not pictured).


Two suspects armed with Kalashnikov rifles engaged in a shootout with French police in Toubaix, France. LOS ANGELES, CA (Catholic Online) - The suspects are believed to have taken a bank director and his family hostage, but very little is currently known.[media ... continue reading

Vatican corruption: Journalists stand trial Watch

Image of Gianluigi Nuzzi and Emiliano Fittipaldi must stand trial at the Vatican for publishing confidential documents (Reuters).


Following the publication of books claiming the Holy See was mismanaged and spoiled through corruption, five people went on trial at the Vatican on Tuesday. Two of the five on trial were Italian Journalists Gianluigi Nuzzi and Emiliano Fittipaldi, neither of whom ... continue reading

Undercover reporter reveals secret FEMALE ISIS organization in Britain Watch

Image of One veiled ISIS sympathizer was filmed during the undercover investigation (Channel 4).


In a new British documentary titled The British Women Supporters Unveiled, one young female reporter goes undercover to infiltrate a secret Muslim organization designed to garner sympathy for the Islamic State. LOS ANGELES, CA (Catholic Online) - The reporter, who uses ... continue reading

OUTRAGEOUS: Find out why The Lord's Prayer was BANNED from Just Pray movie theater ad Watch

Image of


An advertisement featuring the Lord's Prayer has been banned from movie theaters in England. According to the Church of England, the policy that prevents the prayer advertisement did not exist when they began production on the commercial. LOS ANGELES, CA (Catholic ... continue reading

Swiss farmer finds 4,000 extremely rare Roman coins in his orchard Watch

Image of The cache of coins is estimated to be more than 1,700 years old.


A Swiss farmer was tilling his orchard in Ueken, in the northern canton of Aargau, Switzerland, when he spotted something shiny on the ground. He had inadvertently stumbled across a treasure trove of Roman-era coins - 4,166 in all, some dating as back as 274 ... continue reading

Five people indicted by Vatican in 'Vati-leaks' scandal Watch

Image of Journalists Gianluigi Nuzzi and Emiliano Fittipaldi (pictured), had both recently published books, citing specific Vatican documents detailing waste, mismanagement, and greed.


A judge, rendering a decision in a scandal involving Vatican finances has indicted five people, which include two journalists and a Vatican monsignor. Information linking the Vatican to financial malfeasance, as well as related graft and corruption called ... continue reading

Massacre in France is a Piecemeal Third World War, and Jesus is the Path to Peace Watch

Image of With tenderness, Jesus looked out from the Mount of Olives and saw the Holy City of Jerusalem. How he loved - and still loves - that special City. Then, Jesus wept. The Word Incarnate, made a man like us in all things but sin, cried. He knew that the City of Jerusalem would soon be overtaken and destroyed by the armies of Titus. He wept the tears of Love - and revealed the compassion of His Sacred Heart

By Deacon Keith Fournier

Do we recognize the time of our own visitation? God is present in our world today. He wants to  speak, to lead, to serve, to heal and to save. He is not to blame for the mess we are in. We are!  Those who purport to be representing their "God"  as ... continue reading

All Europe News


Newsletter Sign Up icon

Stay up to date with the latest news, information, and special offers

Subscribe to Catholic OnlineYouTube Channel

the FEED
by Catholic Online

  • Evidence mounts: U.S. supplying ISIS, herding fighters towards Syria ...
  • Prayer For Courage HD Video
  • Daily Readings for Saturday, November 28, 2015
  • A special look into the inspirational meeting between Pope Francis ...
  • St. Catherine Laboure: Saint of the Day for Saturday, November 28, 2015
  • Your Daily Inspirational Meme: God is good
  • The Miracle Prayer HD Video

Daily Readings

Reading 1, Daniel 7:2-14
2 Daniel said, 'I have been seeing visions in the night. I saw that the ... Read More

Psalm, Daniel 3:75, 76, 77, 78, 79, 80, 81
75 Bless the Lord, mountains and hills, praise and glorify him for ... Read More

Gospel, Luke 21:29-33
29 And he told them a parable, 'Look at the fig tree and indeed every ... Read More

Saint of the Day

Saint of the Day for November 27th, 2015 Image

St. James Intercisus
November 27: James was a favorite of King Yezdigerd I of ... Read More