Billionaire investor and Bitcoin enthusiast Christian Angermayer has made headlines by relocating from the UK to Switzerland, prompted by recent proposals to increase taxes on offshore wealth for high-net-worth individuals. As reported by Odaily, Angermayer, who has substantial investments in Bitcoin, Samara Asset Group, and the Bitcoin mining firm Northern Data AG, has officially moved from London to Lugano this month. Notably, Lugano allows both individuals and businesses to conduct transactions using Bitcoin or USDT.

At 46, the German investor had resided in the UK for a decade and had previously contemplated moves to cities like New York and Dubai. While in the UK, Angermayer held a ‘non-dom’ status, which exempted him from UK taxes on foreign income for up to 15 years. However, the government’s recent proposals could impose an annual fee of £60,000 (approximately $80,000) on those maintaining non-dom status.

Angermayer voiced his concerns, stating, “Everyone I know with non-dom status has either left or is planning to leave. The planned changes to the non-dom framework are a huge mistake,” likening the move to “a potentially greater act of national self-harm than Brexit.” Earlier this year, the Conservative government suggested that non-UK residents would have to pay taxes on overseas income after four years of residency instead of the current 15. The Labour Party, now led by Prime Minister Keir Starmer, has pledged to go even further, vowing to eliminate inheritance tax relief on assets in overseas trusts, a promise made before their significant election victory in July.