Billionaire moves to Swiss Bitcoin hub amid UK tax changes

Billionaire investor Christian Angermayer has left the United Kingdom for Lugano, Switzerland, citing the UK's proposed tax increases on offshore wealth.

Angermayer, previously classified as a "non-dom" in the UK, was able to avoid taxes on overseas income for up to 15 years.

However, recent changes reduced this period to four years, and further tax reforms from Prime Minister Keir Starmer’s Labour Party are expected to eliminate inheritance tax breaks on foreign assets.

Angermayer criticised the proposed changes, calling them “a huge mistake” and claiming they would cause significant harm to the UK’s economy.

He noted that many non-dom residents have already left or are planning to leave the country as a result of these tax reforms.

Angermayer runs Apeiron Investment Group, an asset management firm that focuses on investments in biotech, cryptocurrency, and psychedelics.

Despite his move to Switzerland, Angermayer’s London office will remain operational.

Lugano, where he has relocated, is a small town in Switzerland known for its growing Bitcoin-friendly (CRYPTO:BTC) economy.

Around 250 merchants in Lugano accept Bitcoin as payment, and the city has been a hub for crypto activities since Tether (CRYPTO:USDT) partnered with local authorities in 2022 to promote the use of cryptocurrency.

In addition to his investments in Bitcoin, Angermayer also backs crypto-focused companies such as Samara Asset Group and Bitcoin miner Northern Data AG.

He is credited with introducing Tether to Northern Data, which led to the stablecoin issuer acquiring a stake in the company.

At the time of writing, the Bitcoin price was $64,536.24.