German billionaire Christian Angermayer has relocated from the UK to Switzerland in response to the UK government’s plans to increase taxes on overseas wealth for affluent residents. As reported by PANews, Angermayer, a prominent investor in cryptocurrency and biotechnology, made the move from London to Lugano earlier this month. Lugano is notable for allowing individuals and businesses to settle bills using Bitcoin or Tether stablecoin.

Sources indicate that Angermayer, 46, had been living in the UK for the past decade and had also considered relocating to New York or Dubai. While in the UK, he benefited from non-domiciled resident status, which allowed him to avoid taxes on his overseas income and gains for up to 15 years. Initially, this preferential treatment came at no cost, but under the current system, long-term residents now face an annual fee of £60,000 ($80,000).

Angermayer expressed his frustration, stating, “Everyone I know who is a non-UK citizen has already left or is planning to leave.” His move underscores the growing trend among wealthy individuals seeking more favorable tax environments amid changing regulations.