Monte-Carlo, MC
broken clouds
11.4 ° C
14 °
6 °
14 °
13 °
12 °
12 °
12 °
Breaking News

Makeover of Casino Square to dramatically change the look of Monte Carlo

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.

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


January 27, 2020 | Local News

Council honours new police cadets

Cassandra Tanti

The National Assembly has welcomed the latest graduates to the Principality’s Police Force.

Stephanie Horsman

An incredible 12-month time lapse video showing the creation of Monaco’s mammoth land extension project has just been released.

January 16, 2020 | Local News

There’s a new bailiff in town

Stephanie Horsman

Monaco has a new bailiff, or huissier as known locally, who was sworn in earlier this week.

January 14, 2020 | Local News

Monaco crime rates continue to fall

Stephanie Horsman

General crime rates in the Principality dropped by a significant 16% between the years 2016 and 2019, and street crime by an impressive 52%.