Ivan Chrenko (developer HB Reavis) moved to Prague

Ivan Chrenko, the owner of developer HB Reavis who tops Forbes magazine rich list, has moved to Prague. Allegedly, among his reasons was tax optimization. Slovak tax legislation has recently added several provisions requiring individuals to be taxed even on theoretical income from low-income countries, regardless of whether any income was actually earned. This is likely to motivate other high-earners to redomicile as well, as these provisions are "disproportionate and ambiguous," according to Alice Orda, president of the Tax Forum of Slovakia. HB Reavis is moving out of the Slovak market, too, focusing on London, Germany and Poland.

(sme.sk)