Billionaire cryptocurrency investor Christian Angermayer has left England for Switzerland ahead of a potential Labour crackdown on non-dom tax arrangements.
The German-born businessman is one of the first high profile departures before the anticipated increase in taxes on offshore wealth of foreign nationals living in the UK.
Non-doms are not liable to pay UK tax on their foreign income and gains, provided that income is not brought into the UK.
Labour is set to introduce new rules next year aimed at restricting people considered non-domiciled for tax purposes.
Mr Angermayer has lived in London for the past decade but decided to move to Swiss city Lugano earlier this month, The Times has reported.
He is said to have turned down New York and Dubai - adding that “every non-dom I know has left or is about to leave”.
Bloomberg reported that Mr Angermayer did not pay taxes on his overseas income and earnings for as long as 15 years.
Chancellor Rachel Reeves has stuck by the policy which she put central to Labour’s manifesto as a way of bringing in £3.2bn.
The Treasury has this week raised concerns that it will not raise that amount and will instead lead to wealthy residents leaving the country, as Mr Angermayer is doing.
The figure was considered by officials as “highly uncertain” as wealthy people could either leave Britain or find ways to get around new tax rules.
The Conservatives had announced they would be phasing out the tax breaks while in office.
Labour said it would go further by attacking loopholes in a bid to raise an initial £1bn in the first year.
A Treasury spokesman said the policy - which had been earmarked for Labour’s autumn budget - had not yet been signed off.
"These reports are speculation, not government policy,” a statement added.
“The independent Office for Budget Responsibility (OBR) will certify the costings of all measures announced at the Budget in the usual way."
