📣 Crypto Billionaire Christian Angermayer Escapes UK Tax Crackdown
posted 30 Sept 2024
According to Odaily, billionaire investor and Bitcoin holder Christian Angermayer has left the UK for Switzerland in response to planned tax increases on offshore wealth for high-net-worth individuals.
Currently, non-domiciled individuals in the UK are not required to pay taxes on foreign income and capital gains, provided the funds are kept offshore. This rule has made the UK a haven for the rich. However, rumors are growing that these tax privileges may soon be scrapped.
The Labour Party is expected to introduce new legislation next year, which would require wealthy foreign residents to pay taxes on both overseas earnings and total capital gains.
Bloomberg reports that Christian Angermayer has avoided paying taxes on his foreign income for 15 years, benefiting from his non-resident status.
After living in London for the past decade, Angermayer has now relocated to Lugano, Switzerland, according to The Times.
“Every non-dom I know has left or is about to leave,” Angermayer remarked.
He also revealed that he considered moving to New York or Dubai before ultimately deciding on Switzerland.
Chancellor Rachel Reeves has backed Labour’s tax proposals, which aim to generate £3.2 billion in revenue. The policy is intended to increase tax income and bolster the country's financial stability.
However, the Treasury has expressed concerns this week that the plan might backfire, resulting in an exodus of wealthy individuals rather than the expected tax windfall—Angermayer’s departure being a prime example.
The Labour Party is ramping up pressure on wealthy non-residents in the UK.
Christian Angermayer, founder of Apeiron Investment Group and co-founder of blockchain holding Cryptology, is known for his cautious and strategic approach. It’s no surprise that he is one of the first crypto magnates to react to potential changes in the UK’s offshore tax laws for foreign nationals.
Christian Angermayer, founder of Apeiron Investment Group and co-founder of blockchain holding Cryptology, is known for his cautious and strategic approach. It’s no surprise that he is one of the first crypto magnates to react to potential changes in the UK’s offshore tax laws for foreign nationals.
Currently, non-domiciled individuals in the UK are not required to pay taxes on foreign income and capital gains, provided the funds are kept offshore. This rule has made the UK a haven for the rich. However, rumors are growing that these tax privileges may soon be scrapped.
The Labour Party is expected to introduce new legislation next year, which would require wealthy foreign residents to pay taxes on both overseas earnings and total capital gains.
Bloomberg reports that Christian Angermayer has avoided paying taxes on his foreign income for 15 years, benefiting from his non-resident status.
After living in London for the past decade, Angermayer has now relocated to Lugano, Switzerland, according to The Times.
“Every non-dom I know has left or is about to leave,” Angermayer remarked.
He also revealed that he considered moving to New York or Dubai before ultimately deciding on Switzerland.
Chancellor Rachel Reeves has backed Labour’s tax proposals, which aim to generate £3.2 billion in revenue. The policy is intended to increase tax income and bolster the country's financial stability.
However, the Treasury has expressed concerns this week that the plan might backfire, resulting in an exodus of wealthy individuals rather than the expected tax windfall—Angermayer’s departure being a prime example.
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