Billionaire investor Christian Angermayer has reportedly left the United Kingdom for Switzerland’s Bitcoin hub, Lugano, citing the UK’s plans to raise taxes on offshore wealth.
The German-born Angermayer was considered a “non-dom” while living in the UK — which allowed him to avoid UK taxes on overseas income and earnings for up to 15 years, Bloomberg reported on Sept. 27.
However, that was reduced to 4 years in March 2024 and now Prime Minister Keir Starmer’s Labour Party wants to eliminate inheritance tax breaks on assets held in overseas trusts.
“The planned changes to the non-dom framework are a huge mistake,” said Angermayer, claiming it would be “a bigger act of national self-harm than Brexit.”
“Every non-dom I know has left or is about to leave.”
Angermayer runs a family office and asset management business, Apeiron Investment Group, which invests mostly in the biotech, cryptocurrency and psychedelics industries.
Apeiron’s London office will remain open despite Angermayer’s departure.
Angermayer recently spoke at the Token2049 conference about how Bitcoin (BTC) and psychedelics share a common link by freeing people from their governments and egos, respectively.
Source: Christian Angermayer
The Bitcoin and blockchain investor made the tax-motivated move to Lugano this month.
In Lugano — a small town in the Italian-speaking region of Switzerland — roughly 250 merchants accept Bitcoin payments, according to BTC Map. The Tether (USDT) stablecoin is also widely accepted.
The city has become one of the largest Bitcoin circular economies since stablecoin issuer Tether partnered with local authorities in 2022 to make its payment systems more crypto-friendly.
Lugano has also hosted the Bitcoin-themed conference “Plan ₿ Forum” annually since 2022.
Related: Bitcoin millionaires surge 111% in a year amid crypto rally
In addition to Bitcoin, Angermayer invests in crypto-focused Samara Asset Group and Bitcoin miner Northern Data AG.
Angermayer reportedly introduced Tether to Northern Data before the stablecoin firm took a significant stake in the business in 2023.
Angermayer is also one of the founders of Enhanced Games — an alternative competition to the Olympics where performance-enhancing drugs are encouraged. The venture has been backed by former PayPal CEO Peter Thiel.
Magazine: Wolf Of All Streets worries about a world where Bitcoin hits $1M: Hall of Flame
Comments (No)