Billionaire cryptocurrency and biotech investor Christian Angermayer has reportedly moved to Lugano, Switzerland in protest of the UK government’s plans to raise taxes on its wealthy affluent residents’ offshore wealth.
German Crypto Billionaire Moves Out Of The UK After Government Increases Taxes On Oversees Income Of The Wealthy
The German-born investor, who has been living in the UK for over a decade, is considered a non-domiciled resident by the British government. This status allowed him to avoid national taxes on his overseas income and earnings for up to 15 years. The billionaire first moved to London in 2004, after merging his pharmaceutical company Ribopharma with a US-based firm.
However, in March 2024, this leniency period was reduced to four years, and new Prime Minister Keir Starmer’s administration ordered the elimination of inheritance tax breaks on assets held in overseas trusts. While non-doms can benefit from the preferential treatment at no extra cost, they eventually face an annual charge of 60,000 pounds, or $80,000, if they continue to reside in the UK under the current regime.
In an X post, Angermayer called the proposed changes to the non-domicile tax framework a “huge mistake” and a “bigger act of national self-harm” than Brexit. The 46-year-old noted that every non-dom resident he knows has either left the country or is preparing to leave.
Angermayer’s $2.5 Billion Crypto And Biotech Asset Management Firm Will Continue Operations From London
The German native runs a family office and asset management business in London called the Aperion Investment Group, which invests mostly in biotechnology, cryptocurrency, and psychedelics research, and holds more than $2.5 billion in assets.
According to a Bloomberg report, Angermayer has already left for Switzerland’s Bitcoin hub, Lugano. Despite the CEO’s departure from the country, Aperion will continue to operate from its London headquarters. The company has offices in New York, Malta, and An
Lugano Is One Of The Largest Bitcoin Circular Economies In The World
It was in September that Angermayer shifted to Lugano, which is an Italian-speaking region of Switzerland, that has become one of the largest Bitcoin circular economies in the world. In 2020, the local authorities partnered with stablecoin issuer Tether to make the city’s payment systems more crypto-friendly.
According to BTC Map, over 250 merchants in Lugano accept payments in Bitcoin (BTC), while Tether USD (USDT) is also widely used in the region. Since 2022, the region has been hosting an annual Bitcoin-themed conference called the “Plan B Forum”.
Switzerland has long been a haven for the world’s richest, mainly due to its stable political climate, high standard of living, preferential tax treatment, and strict privacy laws. UK-based hedge fund billionaire Alan Howard and private equity tycoon Jeremy Coller have already relocated to the country.
Switzerland has also become an attractive destination for crypto businesses seeking access to the European market while avoiding the strict new regulatory regime for digital assets that was introduced by the European Union earlier this year and is expected to go into effect in 2025.
Angermayer Says Bitcoin And Psychedelics Offer Freedom From Tyranny
Angermayer holds significant investments in Bitcoin and also has a stake in crypto-focused asset management firm Samara Asset Group and German Bitcoin miner Northern Data AG. As per reports, it was the billionaire who introduced Tether to Northern Data before the stablecoin issuer purchased a significant stake in the business last year. Tether also holds an investment in another one of Angermayer’s ventures, the Utah-based biotechnology company BlackRock Neurotech.
Angermayer recently spoke at the Token2049 crypto conference in Singapore, where he provided insights into how Bitcoin, brain-computer interfaces (BCI), and psychedelics share a common link. He noted that while the apex cryptocurrency offers freedom from the tyranny of government, psychedelics free humans from the tyranny of their own ego and limitations of the mind, and BCIs saves humans from the tyranny of being bound to a physical body.
The net worth of the World Economic Forum’s Young Global Leader is estimated to be approximately $1.1 billion. Angermayer is also one founders of Enhanced Games, which is an event designed to serve as an alternative to the Olympics, where athletes use performance-enhancing drugs to deliver maximum results. This venture is backed by former PayPal CEO Peter Thiel.
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