Compass Investments

– Investor Christian Angermeier has moved from London to Lugano, Switzerland, citing concerns over the UK’s tax reforms aimed at the wealthy.

According to a recent report by Ben Stupples, Devon Pendleton and Emily Nicholl for Bloomberg, Angermeier’s decision is linked to U.K. plans to raise taxes on the offshore assets of wealthy individuals, with non-U.K. residents also likely to be hit. UK residents could be under attack. Angermeyer has lived in the U.K. for 10 years with Non-Dom status, which allows him to avoid taxes on offshore income.

In a statement to Bloomberg, Angermeyer, a 46-year-old investor interested in cryptocurrencies, biotechnology and psychedelics, said the tax changes are a “big mistake” and could do more damage than Brexit. Reforms introduced by the Conservative government cut the period in which illegal immigrants could avoid tax on their overseas earnings from 15 years to four. Labour leader Keir Starmer also promised to abolish inheritance tax exemptions for assets held in offshore trusts, further alarming Britain’s wealthiest residents.

In Lugano, Angermeier will benefit from Switzerland’s more favorable tax regime and its growing status as a cryptocurrency hub. In partnership with local authorities, residents will be able to pay their bills in bitcoin or Tether. Angermeier has invested heavily in blockchain companies, including Northern Data AG and Samara Asset Group Plc, which advises blockchain companies.