Christian Angermayer, a prominent billionaire investor, has made the move from England to Switzerland as non-domiciled residents in the UK face potential tax hikes under a future Labour government on their overseas assets.

Having resided in the UK for a decade, Angermayer relocated from London to Lugano, Switzerland, this month.

At 46 years old, Angermayer considered other destinations, such as New York and Dubai, prior to his move. Reports from Bloomberg indicate that he held non-dom status while living in Britain, allowing him significant tax advantages.

A non-dom refers to someone who resides in the UK but claims that their permanent home for tax purposes is located beyond its borders.

Due to his non-dom status, Angermayer could avoid taxation on his foreign income and gains for a period of up to 15 years, as reported by Bloomberg.

As the general election approaches, the Labour Party has stated its intentions to enhance tax revenues by around £1 billion annually by addressing loopholes that permit affluent individuals in the UK to declare their tax residency elsewhere.

Nevertheless, recent discussions suggest that Rachel Reeves, the current chancellor, is reconsidering Labour’s commitment to limit non-dom tax benefits after receiving warnings that the strategy may not generate the anticipated financial gains.

Critics have voiced concerns that those impacted might opt to leave the UK entirely rather than accept new financial obligations, which could include inheritance tax on foreign assets held in trusts. Approximately 74,000 individuals claimed non-dom status in the tax year 2022-23.

Angermayer remarked, “Every non-dom I know has left or is about to leave,” in comments made to Bloomberg.

A serial technology investor, Angermayer is also a passionate proponent of psilocybin, the psychoactive compound found in magic mushrooms. His efforts to commercialize psychedelic substances have garnered the support of high-profile figures, including Silicon Valley billionaire Peter Thiel. Among his recent ventures is an alternative sports event promoting the use of performance-enhancing drugs.

Originally from Germany, Angermayer is deeply involved in cryptocurrency investments and previously held a significant stake in Northern Data, a German bitcoin mining firm transitioning to AI cloud services.

Tether Holdings, known for its influential stablecoin designed to maintain a steady value, initiated a yearly bitcoin conference in Lugano in 2022 in collaboration with local government authorities to enhance cryptocurrency-friendly payment systems.

The Treasury was contacted for further information.