- Tax Policy Changes in the UK
- Lugano: A Crypto-Friendly Oasis
- Continuing Trends in Crypto Investor Migration
Billionaire investor Christian Angermayer has relocated to Lugano, Switzerland, amid tax policy changes in the UK aimed at increasing taxes on offshore wealth.
Tax Policy Changes in the UK
Angermayer had been living in the UK under the 'non-dom' status, allowing him to avoid UK taxes on foreign income for up to 15 years. However, this benefit was shortened to just four years as of March 2024, prompting many wealthy residents to consider relocating. The UK's Labour Party, led by Prime Minister Keir Starmer, is also pushing to eliminate inheritance tax breaks on offshore assets. Angermayer criticized these proposed tax changes, calling them 'a huge mistake' and warning of potential economic harm. 'Every non-dom I know has left or is about to leave,' he told Bloomberg on Sept. 27, highlighting the broader exodus of high-net-worth individuals from the UK.
Lugano: A Crypto-Friendly Oasis
Angermayer’s decision to move to Lugano aligns with his deep interest in the cryptocurrency space. Lugano, a small town in Switzerland’s Italian-speaking region, has emerged as a key Bitcoin hub since 2022. Stablecoin issuer Tether has partnered with local authorities to develop more crypto-friendly payment systems. Today, roughly 250 merchants in Lugano accept Bitcoin, making it one of the largest Bitcoin circular economies globally. The city also hosts the annual 'Plan ₿ Forum,' a Bitcoin-themed conference that has attracted crypto enthusiasts from around the world. For Angermayer, who has invested in various crypto ventures like Samara Asset Group and Bitcoin mining firm Northern Data AG, Lugano offers an ideal base. He reportedly introduced Tether to Northern Data before the stablecoin company acquired a significant stake in the business in 2023. Despite his move to Lugano, Angermayer’s London office of Apeiron Investment Group, which focuses on biotech, crypto, and psychedelics, will remain operational.
Continuing Trends in Crypto Investor Migration
As crypto regulations tighten and taxes rise in several countries—including a hefty 30% tax on crypto gains in India—the migration of crypto investors to more favorable jurisdictions like Switzerland is expected to grow.
Christian Angermayer's relocation to Lugano highlights a trend among crypto investors to leave countries with tightening tax laws in search of more favorable conditions.
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