For many years now there have been repeated press attacks on non-‘Doms’ and frankly I don’t fully understand what all the fuss is about.
Dom Perignon, whilst often the preserve of the rich is not the only illustrious champagne available. Perrier Jouet, Krug and Bollinger are, in my view, equally worthy and interesting. So being a non-Dom fan in my book is all well and good!
Now that I have got the ridiculous misinterpretation out of the way let’s get onto more serious matters. Having spent the last four weeks in Cap Ferrat and Monaco I have met more non-Doms than I care to remember. Merely swimming out to the floating pontoon, several hundred metres off Monaco beach, and sitting looking back at the minute piece of land with special tax status means that I am amongst a plethora of KPMG types also sitting on the 8sq.m platform ready to give me non-Dom tax advice! Yes, it’s true such types bask in the sun like walruses waiting for their bait to jump out of the sea! This time was the limit and I had to tell two of them to leave me in peace.
Monaco was and is still built from the ill-gotten gains of the Italian mafia who have successfully laundered their money into some of the ugliest tower blocks on the planet all of which are now filled with non-Dom renters from around the world (many being from the UK – you can guess who they are). There are thousands of Italians and Greeks around none of whom pay taxes to their countries claiming abject poverty whilst still owning 100ft yachts and mega properties.
I personally like the Italians the best because the farcical stories they portray to the Italian tax authorities are simply outstanding. There is no other nation in Europe that can, en masse, come up with such gigantium fibbing. Speak to any Italian or Greek and they will tell you that whilst their Governments are bankrupt the nations’ families remain wealthy. The wealth of their nation is all in family hands hidden away from their Governments. With all the recent Greek and Italian tax evasion crackdowns, London’s property market has yet again received a boost as hoards of £1Million plus homes are bought up with Euros from these countries.
But when you look at the awesome yachts on the French Riviera, some with two helicopters (one at each end) on board you have to ask yourself if these 500ft long floating palaces would ever exist if their owners had to pay normal taxes. Then ask yourself – why two helicopters on-board? Is it because at 500ft long the walk is too long to the back of the boat? Must be so tiring! Also why are they called yachts when clearly they are ships?
Such huge yachts cost fortunes and only billionaires are in the owners club. Italy, Germany and Holland build such super yachts in their specialised shipyards and clearly the €100 Million plus price tags benefits employment in manufacturing and supply. All this cash turned into yachts with lots of sub suppliers of parts keeps scores of Europeans in gainful employment and paying taxes.
It seems that these non-Doms love spending their cash on things that make the economy tick.
The money remains in private hands and not in the Government purse for national expenditure. So if all this money goes around and keeps so many of us in gainful employment what is all the fuss about?
Some may say that it is unfair and it’s one rule for the ordinary person and another for the super-rich. Given that these non-Doms are all business people and that business is about winning and being successful by beating someone else (competitor advantage like a cheater has the speed over the antelope) it is no wonder that non-Doms are super-carnivore types living in their own jungle.
Whilst I am not a non-Dom (in-fact a proud full hearted British tax payer both on a corporate and personal level) I can see the benefits of the non-Dom to the rest of society. For anyone who has the desire to write an Amazon best seller, look then no further than creating a compilation of the fantastical tax dodging excuses from so many Italians. On that note I’m back to my magnum of Bollinger!
Nadim is the CEO of WOW Toys - you can see a Case Study with him on expanding across the globe here