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Amid the tax policy changes in the United Kingdom, billionaire investor Christian Angermayer has relocated to Lugano, Switzerland, a burgeoning Bitcoin hub. Angermayerâs departure comes in response to the UKâs plans to increase taxes on offshore wealth, a policy shift that has already prompted many non-dom residents to consider leaving.
A Tax Policy Shakeup in the UK
Angermayer had been living in the UK under the ânon-domâ status, allowing him to avoid UK taxes on foreign income for up to 15 years. However, this benefit lessened to just four years in March 2024, and the UK governmentâs Labour Party, led by Prime Minister Keir Starmer, is now pushing to remove inheritance tax breaks on offshore assets.
Angermayer criticized these proposed tax changes, calling them âa huge mistake,â and warning they could lead to economic harm. âEvery non-dom I know has left or is about to leave,â he told Bloomberg on Sept. 27, highlighting the broader exodus of high-net-worth individuals from the UK.
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Lugano: A Crypto-Friendly Oasis
Angermayerâs decision to move to Lugano aligns with his deep interest in the cryptocurrency space. Lugano, a small town in Switzerlandâs 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 âPlan âż Forum,â 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, Angermayerâs London office of Apeiron Investment Group, which focuses on biotech, crypto, and psychedelics, will remain operational.
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As crypto regulations tighten and taxes rise in several countriesâincluding a hefty 30% tax on crypto gains in Indiaâthe migration of crypto investors to more favorable jurisdictions like Switzerland is expected to grow.
