Billionaire bitcoin player criticized the UK tax system and moved to Switzerland
By ForGeeks Billionaire investor Christian Angermeier has left the United Kingdom and moved to Locarno, a Swiss city that has become a center for bitcoin enthusiasts. He made the decision after U.K. authorities announced plans to raise taxes on offshore wealth, which Angermeier called «a big mistake» and «an even more devastating decision for the country than Brexit».
Changes to the tax regime
Angermeier, a native of Germany, had «non-domiciliary» status in the UK, which allowed him to avoid paying tax on income and assets held outside the country for up to 15 years. However, this was reduced to 4 years in March 2024. Subsequently, the UK government, led by Prime Minister Keir Starmer, proposed to abolish inheritance tax relief for assets placed in overseas trusts.
The UK government has also proposed to abolish inheritance tax relief for assets placed in overseas trusts.
Angermeier sharply criticized the tax law changes, saying, «The planned changes to non-domiciliary status are a huge mistake». He added that many wealthy foreigners had already left the country or were about to do so.
Moving to Locarno: reasons and perspectives
Angermeier runs the family office and asset management company Apeiron Investment Group, which invests in biotech, cryptocurrencies and psychedelics. Despite his move, Apeiron’s London office will continue to operate.
Angermeyer’s office will continue to operate in London.
The billionaire recently spoke at the Token2049 conference, where he noted the common goal of bitcoin and psychedelics – the liberation of the individual, in the former from state control, in the latter from ego. He attributed his move to Locarno specifically to changes in the UK’s tax regime.
In Locarno, a city in the Italian-speaking part of Switzerland, bitcoin is already accepted as a means of payment by more than 250 merchants. The Tether stablecoin, which is accepted almost everywhere, is also actively used. The city has become one of the largest «bitcoin economies» thanks to a partnership with a Tether issuer that has enabled the introduction of cryptocurrency payment systems.
The city has become one of the largest bitcoin economies in Switzerland.
Participation in crypto projects and business activities
Besides cryptocurrencies, Angermeier is actively invested in Samara Asset Group, a digital asset-focused company, as well as in the mining company Northern Data AG. It was Angermeier who initiated the acquaintance between Tether and Northern Data, which led to the stablecoin company acquiring a significant stake in the business in 2023.
Again.
Christian Angermeier is also co-founder of Enhanced Games, an alternative to the Olympics where performance-enhancing drugs are allowed. This project was backed by former PayPal CEO Peter Thiel.
Angermeier’s move to Switzerland thus shows that changes in UK tax policy can lead to capital flight and the departure of large investors to jurisdictions more favorable to them.
Angermeier’s move to Switzerland shows that changes in UK tax policy can lead to capital flight and the departure of large investors to jurisdictions more favorable to them.
