Key facts
- David Reuben has moved from Britain to Monaco.
- Monaco offers tax-free status on income, inheritance, and capital gains.
- Sir Jim Ratcliffe, previously Britain's richest person, also relocated to Monaco for tax purposes.
Britain's second richest person moves to Monaco to avoid UK taxes
IN SHORT
David Reuben, Britain's second wealthiest individual, has relocated to Monaco to take advantage of the principality's tax-free status. This move allows billionaires to avoid income, inheritance, and capital gains taxes, a strategy previously employed by other high-net-worth individuals.
Key Numbers
£21bnSir Jim Ratcliffe's estimated fortune
£400m to £4bnpotential tax revenue loss for the UK Treasury from Ratcliffe's tax plan
Who's Involved
David Reuben
Britain's second richest person who has moved to Monaco
Sir Jim Ratcliffe
Britain's richest person who moved to Monaco to avoid UK taxes
Andy Currie
Top executive at Ineos reportedly considering a move to Monaco
John Reece
Top executive at Ineos reportedly considering a move to Monaco
↳ Why This Matters
The relocation of wealthy individuals to tax-advantaged jurisdictions like Monaco highlights ongoing concerns about tax avoidance and its impact on national revenue, potentially affecting government spending and public services.