cryptojournalist
Christian Angermayer, a billionaire crypto investor, has moved from London to Switzerland over concerns about possible tax hikes on offshore wealth. His departure signals that other wealthy individuals might also leave as the UK considers tightening tax rules for non-domiciled residents—foreign nationals who don’t pay taxes on overseas income unless it’s brought into the UK.
Angermayer, who lived in London for ten years, has chosen to settle in Lugano, Switzerland, rejecting offers to move to New York and Dubai. He reportedly hasn’t paid taxes on foreign income for as long as 15 years and noted, “Every non-dom I know has left or is about to leave.”In the UK, “non-dom” refers to residents whose permanent home for tax purposes is outside the country. The government is looking into changes that could raise £3.2 billion in tax revenue, but they’re concerned that rich residents might leave the UK, following Angermayer’s example.Meanwhile, the opposition party plans to tackle tax loopholes and aims for an initial £1 billion in revenue in the first year.
While the Conservative government has considered reducing non-dom tax breaks, the current proposals seem more aggressive. A spokesperson for the Treasury stated that these discussions are still speculative and not yet official.
