Icelandic billionaire Thor Björgólfsson quits Britain for Italy, warns of wealthy exodus
Icelandic billionaire Thor Björgólfsson, known as Iceland's first billionaire, has changed his tax residency from the UK to Italy and moved his investment firm Novator from London to Zurich. He warns that Labour's abolition of the non-dom regime and tightening of inheritance tax rules have triggered an 'exodus' of wealthy entrepreneurs from Britain. Björgólfsson criticized Chancellor Rachel Reeves' replacement of non-dom rules with the Foreign Income and Gains Regime, calling it a mistake. He advocates for a flat-rate tax system like Italy's to attract business leaders. His relocation follows similar moves by Goldman Sachs banker Richard Gnodde and Ineos finance chief John Reece. The article also notes concerns that incoming Prime Minister Andy Burnham may raise capital gains tax, further deterring wealthy investors. The Novator move reportedly caused 20 job losses in London.
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