Monaco has long been a tax haven for London’s ultrawealthy seeking to shield their fortunes from the U.K. Treasury. This summer, David Reuben, the 88-year-old property magnate who shares second place on the Sunday Times Rich List with his brother Simon, left his Holland Park home for the principality, a spokesman for the brothers recently confirmed. The Times first reported the move.
The brothers were reported to have been “non-doms” (non-domiciled residents), a status that let them pay U.K. tax only on income earned in or brought into the U.K. That was until Britain abolished it last year—a change that also brought long-term residents’ worldwide assets within reach of Britain’s 40% inheritance tax.
