British billionaire David Reuben moved from London to Monaco this summer, The Sunday Times claimed at the weekend, in a story picked up both internationally and locally as another example of Britain’s wealthiest residents fleeing the country’s changing tax regime for the safe haven of the Principality. But official records show the property magnate had already been living in Monaco for more than a decade.
Most major UK news outlets, along with many international ones and some Monaco media, quickly replicated The Sunday Times’ story. Now, British tax research organisation TaxWatch has published documents that contradict it, and a spokesperson for Reuben has confirmed to The Guardian that he has been resident in Monaco for years.
The story that spread
On Sunday 4th October, The Sunday Times reported on its front page that David Reuben, 88, had left his home in Holland Park, west London, and moved to Monaco over the summer, joining his younger brother Simon, who has lived in the Principality for around 40 years.
The brothers have a combined fortune estimated at almost £28 billion, with property holdings that include some of London’s best-known landmarks, while David Reuben is also a shareholder in Newcastle United Football Club.
The move was presented as the latest in a wave of departures by wealthy Britons following changes to the UK’s tax system, including the abolition of the non-domiciled tax regime in April 2025.
There was, however, a significant problem with the timeline.
Official records tell a different story
On Wednesday 7th October, TaxWatch published an investigation by its director, Mike Lewis, under the headline ‘How many times can you move to Monaco?’, setting out official documents in which David Reuben had declared himself a Monaco resident years earlier.
When David Reuben became a director of his charitable foundation in July 2019, the paperwork filed with Companies House, the UK’s company registry, stated that he was usually resident in Monaco, like his brother.
In February 2024, David Reuben went further in a signed declaration to a Los Angeles court, made under penalty of perjury. “I reside in Monaco. I have resided there for approximately 10 years,” he stated.
The declaration formed part of legal proceedings in which the brothers argued that the court lacked jurisdiction over them, and that they had not been properly served with court papers left with a London-based service company, because they live in Monaco.
It places the start of Reuben’s residence in the Principality at around 2014, a decade before Britain’s Labour government came to power in July 2024 and well before the non-dom regime was abolished.
A spokesperson for David Reuben confirmed to The Guardian this was the case.
British arrivals are rising
None of this means the trend itself is a myth. Monaco’s own figures show the British community growing. According to the 2025 census by the Monegasque Institute of Statistics and Economic Studies (IMSEE), the Principality was home to 3,081 British nationals in 2025, up 163 on the previous year and representing 7.9% of the population. Between 2023 and 2025, British nationals accounted for nearly one in five new residents, second only to the French.
Monaco’s professional services sector has reported the same shift. “We’ve seen a marked rise in inquiries, particularly from non-domiciled UK residents who anticipated these changes. Many have already started the relocation process, including obtaining visas and residence permits,” Audrey Michelot, a tax expert at law firm CMS Monaco, told Monaco Life in January 2025, three months before the non-dom regime was abolished.
Monaco’s appeal is well established. The Principality levies no personal income tax on most residents and no capital gains tax, and inheritances passed between spouses and direct descendants are exempt from succession duties.
British arrivals in Monaco are real and rising. David Reuben, it seems, was simply not one of the most recent ones.
See also:
Monaco’s population tops 38,000 as British residents cement fourth place in nationality rankings
Monaco Life is written by qualified journalists, writing original content. Sign up for our free newsletter, listen to our podcasts on Spotify, and follow us across Facebook, Instagram, LinkedIn, and Tik Tok.
Photo credit: Cassandra Tanti