British Billionaire, Jim Ratcliffe, Found A Way To Escape Taxes In Monaco
Billionaire Jim Ratcliffe, one of the three wealthiest residents of the UK, changed his British tax residency to "tax-free" conditions in Monaco, according to registration data from the register of companies in the United Kingdom.
According to the documents, the residence of the company that manages private jets, Hampshire Aviation, registered in Britain and owned by the businessman, was changed in March.
According to the tax legislation of Monaco, those who live in the country for 183 days a year have the right not to pay taxes on income and real estate. At the same time, in the UK, the tax rate for citizens with an income of more than 150 thousand pounds a year is 45%.
Thus, the founder and head of the petrochemical company Ineos Ratcliffe, whose fortune is estimated at 17.5 billion pounds, will already be able to save 4 billion pounds on taxes, the Guardian notes.
According to The Guardian, Ratcliffe's personal tax payments alone totaled £110 million in the 2017-2018 financial year. In 2020, the billionaire's fortune increased by 1.25 billion pounds, despite the crisis due to the coronavirus pandemic.
In addition to Ratcliffe, British businessmen such as Topshop owner Philip green, brothers David and Simon Reuben, and Formula 1 racing driver Lewis Hamilton also prefer to report their earnings in Monaco.