Weather
Monaco, MC
broken clouds
12.1 ° C
15 °
10 °
62%
9.3kmh
75%
Fri
12 °
Sat
13 °
Sun
12 °
Mon
11 °
Tue
13 °
Breaking News

Alain Ducasse’s restaurant Louis XV honoured for delivering the “perfect dining experience”

Britain’s billionaires are on the move

Britain’s billionaires are on the move

By Staff Writer - March 7, 2019

A third of British billionaires have reportedly moved to countries like Monaco over the past decade in order to avoid paying taxes. According to an investigation by The Times, 28 out of 93 British billionaires, or 30%, have moved or are in the process of relocating.

Many billionaires are ditching London for Monaco

Last year, Sir Jim Ratcliffe, one of the wealthiest men in Britain and founder of the Ineos chemicals group, was revealed to be moving to Monaco and working with accountants on a legal tax-avoidance plan that experts say could deny the British Treasury up to £4bn.

The Times reports that there are now 6,800 Britons running 12,000 UK firms from low-tax jurisdictions, including the Bahamas, Belize, the British Virgin Islands, the Cayman Islands, the Channel Islands, Monaco and Switzerland.

Many of those who left the UK have been awarded honours or hold titles, with a viscount, one baron, six knights and one dame among the billionaires.

By becoming non-UK resident for tax purposes, the super-rich can avoid 38.1% in UK income tax on dividends and 20% in capital gains tax on the sale of shares. Although HMRC said it did not have official figures on how much this costs, past estimates have suggested the UK misses out on £1bn of tax a year from those living in Monaco alone.

shares
SHARE
Previous articleAustria reveals its assets ahead of the MEB to Vienna
Next articleMonaco’s Silversea lands four critics awards

daily

November 11, 2019 | Business & Finance

Hiroshima survivor shares story with Monaco

Stephanie Horsman

A rare survivor of the nuclear blast that effectively ended World War II in the Pacific has spoken to a group of mesmerised students and staff members at Lycée Albert I. Organised by the International Campaign to Abolish Nuclear Weapons (ICAN), The high school’s history and geography class were told the incredible and sad true […]

0
October 23, 2019 | Business & Finance

October is breast cancer awareness month

Stephanie Horsman

October has come to be known as ‘Pink October’ and many Monegasque organisations, as well as the government, are supporting the cause. Roughly two million women were diagnosed with breast cancer last year worldwide and of those an estimated 627,000 will die from the disease. That comes out to 15% of all cancer deaths for […]

0
October 22, 2019 | Business & Finance

Monaco Embassies in USA and Canada meet in Seattle

Cassandra Tanti

A joint meeting was held last week between the Monegasque Ambassador to the US and Honorary Consuls from nine major North American cities to discuss collaborative efforts for the next calendar year. Considered one of America’s greenest cities, Seattle was the setting for the confluence and attracted the Monaco representatives for its achievements regarding environmental […]

0
October 22, 2019 | Business & Finance

Tribute to Princess Grace

Cassandra Tanti

The Princess Grace Foundation-USA will be paying tribute to their namesake, Princess Grace of Monaco, during a special fundraising gala this November. The celebration will mark the 90th anniversary of the birth of the Hollywood icon and beloved Princess of Monaco. Known throughout the world as a humanitarian, philanthropist, and artist, Princess Grace was committed to […]

0