As a researcher with a keen interest in global finance and tax policies, I find it intriguing to follow the migration patterns of high-net-worth individuals like Christian Angermayer. His move from London to Lugano, Switzerland, is not just a geographical shift but a strategic response to the UK’s changing tax landscape.
Investor Christian Angermayer recently moved from London to Lugano, Switzerland, due to worries about the UK’s proposed tax changes affecting high-income individuals.
As per a recent report by Ben Stupples, Devon Pendleton, and Emily Nicolle for Bloomberg, Angermayer’s move stems from the UK’s intentions to increase taxes on offshore wealth for wealthy individuals. This change could potentially affect non-resident individuals who previously enjoyed advantageous tax laws due to their non-domiciled status. For over a decade, Angermayer resided in the UK under the non-dom status, enabling him to avoid paying taxes on foreign income.
46-year-old investor Angermayer, who focuses on cryptocurrency, biotech, and psychedelics, criticized recent tax changes as a significant blunder in a statement to Bloomberg, suggesting they could be even more detrimental than Brexit. The Conservative government’s reforms reduced the period that non-doms could defer taxes on foreign income from 15 years to just four. The leader of the Labour Party, Keir Starmer, has also promised to abolish inheritance tax exemptions for assets stored in offshore trusts, causing further concern among the UK’s affluent residents.
In Lugano, Angermayer stands to gain from Switzerland’s advantageous tax environment and rising status as a hub for cryptocurrencies. The city allows residents to pay bills using Bitcoin or Tether due to collaborations with local government bodies. Angermayer holds significant stakes in blockchain firms such as Northern Data AG and Samara Asset Group Plc, which offer advisory services to other blockchain-related businesses.
Although Apeiron Investment Group, controlled by Angermayer’s family office with assets exceeding $2.5 billion, is moving forward without him, they will persist with their operations based in London, maintaining a compact workforce there. Over the years, Switzerland has been a draw for the global elite due to its financial stability and privacy laws. Lugano, in particular, is gaining traction among crypto businesses seeking an alternative to stricter regulations that are expected to be implemented soon within the European Union.
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2024-09-30 11:40