Investor Christian Angermayer has relocated from London to Lugano, Switzerland, citing concerns over the UK’s tax reforms targeting affluent residents.
According to a recent report by Ben Stupples, Devon Pendleton, and Emily Nicolle for Bloomberg, Angermayer’s decision follows the UK’s plans to raise taxes on offshore wealth for high-net-worth individuals, which could impact non-domiciled residents who previously benefited from favorable tax laws. Angermayer had lived in the UK for a decade under the non-dom status, which allowed him to avoid taxes on foreign income.
Angermayer, a 46-year-old investor with interests in cryptocurrency, biotech, and psychedelics, said in a statement to Bloomberg that the tax changes were a “huge mistake,” potentially more damaging than Brexit. The reforms introduced by the Conservative government shortened the time that non-doms could avoid taxes on overseas income from 15 to four years. Labour Party leader Keir Starmer has also pledged to eliminate inheritance tax breaks for assets held in offshore trusts, further alarming the UK’s wealthiest residents.
In Lugano, Angermayer will benefit from Switzerland’s more favorable tax policies and growing status as a crypto hub. Residents can settle bills in Bitcoin or Tether, thanks to partnerships with local authorities. Angermayer has extensive investments in blockchain companies, including Northern Data AG and Samara Asset Group Plc, which advises blockchain businesses.
Despite his departure, Apeiron Investment Group, Angermayer’s family office managing over $2.5 billion, will continue operations in London, employing a small team there. Switzerland has long attracted the global elite with its stability and privacy laws, and Lugano is becoming increasingly popular with crypto businesses looking to avoid stricter European Union regulations set to take effect soon.
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