Billionaire Nassef Sawiris has changed his place of residence and is now registered as living in Italy, having previously resided in Britain, according to Bloomberg.
Wealthy individuals in Britain are facing a series of changes impacting their finances, including increased taxes on inherited assets and offshore wealth. This is prompting them to leave Britain for alternative destinations with lower tax burdens.
Bloomberg reported last January that Sawiris, who holds Egyptian, Belgian, and Emirati citizenship, was considering leaving Britain, with a potential move to other European countries.
In late November, Sawiris, whose wealth is estimated at around $8.6 billion, resigned from his position as director of the London branch of his family office, NNS Group, which was registered in Abu Dhabi last July.
Sawiris had been based in Britain for over a decade, establishing the London branch of his family office in 2016. He increased his investments in the country two years later when he partnered with billionaire Wes Edens to buy Aston Villa football club for £30 million.
