Thursday, October 30, 2008

Millionaire Banker Wins Lottery

A multi-millionaire banker from London is the first winner of the "$1 Million a Year for Life" lottery in New York. Problem is, he already has plenty of money. According to the NY Post
"Is it going to materially change my life? No," he told The Post. "I have been a very blessed and fortunate person."....

"Don't get me wrong, no matter how rich anyone is, a million a year is a lot of money," he said. "But I don't expect this to change my life very much at all."
And due to tax treaties, Mr. Altunis won't owe any substantial taxes in either the U.S. or in Britain:
Since he lives in Britain, Altunis, an executive at the European banking firm Unicredit, will have to pay New York but not federal taxes on his winnings, which means he'll net $931,500 a year for the rest of his life.

Under a US treaty with Britain, income from lottery winnings and several other sources is not subject to taxation for British residents. Altunis is not an American citizen.

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