Clinton's Irish Tax Dodge?
Ex-president Bill Clinton recently told an American audience that he loves to pay taxes, explaining, "I must be the only person in America that every time I pay the maximum tax rates, every time I sign that tax form, I smile."
So why is Mr. Clinton buying a home in the notorious tax haven of Ireland?
Ostensibly the former first tax lover purchased his $1.4 million dollar bachelor pad in the Dublin suburbs because he loves to play golf.
The property reportedly comes with two lifetime memberships in the adjacent Kildare Hotel and Country Club, said to be the most appealing aspect of the deal for the ex-president.
But taking up part time residence in Ireland could have other advantages, especially for someone in the former first duffer's tax bracket.
According to London's Sunday Times, Ireland has long been known as "a haven for artists, painters, writers and composers from all over the world who live in the country without paying tax on their artistic earnings. Last year 2,600 'artists' were registered in the republic, two-thirds were foreigners."
Ireland's writers tax exemption could give Mr. Clinton a little added incentive to complete his $12 million memoir as he gazes upon the Irish links from his apartment window.
While we can't say for sure that Mr. Clinton would qualify, the phenomenon of foreigners fleeing the taxman to move the Emerald Isle is widespread and growing.
"Ireland's remittance basis offers significant potential savings for both the company and the expatriates through careful structuring of the employment contract and personal finances," reports Anne D'Arcy, of the accounting giant KPMG.
And real estate seems to be a favorite investment for rich foreign celebs. "Musicians who play here and actors who film here often buy Irish property," noted USA Today earlier this year. "[With] the tax breaks Ireland gives native and foreign residents who are actors, musicians or artists, and it's easy to understand why [Dublin] glitters with glitterati," the paper added.
Another added benefit for Mr. Clinton: wayward celebs whose antics might result in headlines back home seem to be able to escape notice in Ireland. "In Dublin, stars can party away from prying eyes. That's one reason so many are eager to come here," USA Today explained.
"Mel Gibson is among the global icons spotted in Ireland. So, too, is privacy-loving Robert De Niro," the paper noted. "Celebs, who jet in and out with the frequency of Irish rain showers, adore the fun-loving locals and dearth of stalker paparazzi."
MSNBC.com hinted at another reason why Mr. Clinton might appreciate the privacy that his Irish abode will afford, noting that the move indicated "he was moving ahead with plans to carve out a post-presidential life separate from that of his wife, Sen. Hillary Rodham Clinton." |
