Nassef Sawiris Blames Uk Exit On Conservative Government's Failing

Nassef Sawiris cites years of incompetence by the UKs Conservative government as the key factor behind his move to Italy.

Sawiris, Africa's fourth-richest person, left the UK after its abolition of the non-dom tax status, seeking Italys flat tax scheme instead.

Sawiris departure signals a broader trend of wealthy individuals relocating due to the UKs rising tax burdens and regulatory challenges.

Just after relocating to Italy, following years of benefiting from the UKs non-dom tax status, Egypts richest man, Nassef Sawiris, pointed to years of incompetence by the Conservative government as the driving factor behind his decision to leave.

Sawiris, who ranks as Africas fourth-richest person, explained that the Conservative governments handling of tax policies played a major role in his decision to depart the UK. As a prominent investor in the UK, the billionaire had long navigated its economic landscape. But rising tax changes and increasing regulatory hurdles ultimately led him to reassess his options.

Earlier this month, Sawiris became the latest billionaire to leave the UK , citing the sweeping tax reforms as a key factor in his move to Italy. After benefiting from the UKs non-dom tax status for over a decade, he chose to make Italy his new home. The UK governments decision to abolish the two-century-old tax status prompted Sawiris, whose fortune is valued at 9 billion, to seek out a more favorable environment.

Sawiris opted for Italys flat tax scheme, which charges a fixed rate of 200,000 220,500 for foreign nationals, allowing them to reside in the country without being taxed on global income and assets. This makes Italy an increasingly attractive destination for the ultra-wealthy, offering a clear alternative to the new tax landscape in the UK.

His departure from the UK reflects a broader shift in the global investment landscape, as high-net-worth individuals reconsider where they do business. Sawiris joins a growing list of prominent figures who have moved in response to the UKs tax changes, including steel magnate Lakshmi Mittal, who relocated to the UAE, and German crypto investor Christian Angermayer, who moved to Switzerland.