Crypto billionaire escapes London amid tax worries

Christian Angermayer, a billionaire crypto investor, has reportedly relocated from London to Switzerland due to concerns over potential tax hikes on offshore wealth in the UK.

This move highlights growing anxiety among wealthy individuals over possible changes to the UK’s non-domiciled tax rules, which currently allow foreign nationals to avoid taxes on overseas income unless it is brought into the country.

Angermayer, a German-born businessman who had resided in London for a decade, relocated to Lugano, Switzerland, earlier this month.

According to Bloomberg, he declined options to move to New York and Dubai.

Angermayer, who benefited from the UK's non-dom tax system for up to 15 years, remarked, "Every non-dom I know has left or is about to leave," underscoring the broader concerns among wealthy individuals about the potential tax changes.

The UK government is considering reforms to the non-dom tax system, with projections that such changes could generate an estimated £3.2 billion in revenue.

However, officials worry that wealthy residents like Angermayer may continue to leave, undermining these revenue targets.

The opposition party has proposed closing tax loopholes and aims to generate an initial £1 billion in revenue within the first year of changes.

While the Conservative government has discussed reducing non-dom tax breaks, the current proposals are considered more aggressive.

A Treasury spokesperson responded to the situation, stating, "These reports are speculation, not government policy."

The Office for Budget Responsibility is expected to review the financial impact of any changes before finalising the government’s fiscal plan.