Two notable real estate tycoons from Britain and a prominent banker in London are the latest high-profile figures to depart the UK, following a series of recent tax hikes affecting the wealthy. Ian and Richard Livingstone, who are now listing Monaco as their main residence according to registry records, previously called the UK home. Additionally, Richard Gnodde, vice chairman at Goldman Sachs Group Inc., is relocating from London to Milan after years of overseeing its international business.

The Livingstones’ exit highlights a growing unease among UK residents due to new tax regulations impacting everything from private equity to inheritance and capital gains. They join a roster of affluent expatriates, including Egypt’s Nassef Sawiris and Belgium’s Frederic de Mevius, who are severing ties with the UK amid significant changes like the abolition of favorable tax treatment for non-domiciled residents.

Gnodde’s departure is starting to affect London’s financial district—a well-known figure who is relocating at age 65 to evade the fallout of changes to the non-dom status and foreign-held trusts, as reported by City AM.

The recent repeal of the preferential tax regime for non-domiciled residents has generated anxiety among wealthy UK residents. This system, established in 1799, allowed non-doms to avoid UK taxes on overseas earnings for up to 15 years.

Conversely, Donald Trump remarked on Wednesday that enforcing a higher tax rate for millionaires might compel some of America’s richest to seek asylum elsewhere. Republicans in the White House, Senate, and House are considering a new 40% tax rate for individuals earning $1 million or more annually.

For the Livingstones, their move to Monaco strengthens their long-standing connections to this glamorous city-state, where they have made significant investments for over a decade.

The transition for the founders of London & Regional occurred between late March and early April, as indicated by public records. This coincided with the rollout of extensive tax reforms by Keir Starmer’s Labour government, originally announced in the UK’s Autumn Budget last October.

A representative for Ian, 62, and Richard, 60, chose not to comment. The siblings are estimated to share a combined wealth of approximately $8.5 billion, according to the Bloomberg Billionaires Index. A Goldman Sachs representative confirmed that Gnodde’s new role would allow him to focus more on the continent.

Traditionally, the UK has been seen as a bastion of legal and political stability and has often been a global center for wealth; however, its reputation has diminished following Brexit and the series of leadership changes since 2016.

The government has repeatedly diminished incentives for wealthy individuals residing in the country, including the termination of inheritance tax breaks for overseas trusts, part of Chancellor Rachel Reeves’s initiative to address a £40 billion ($53 billion) economic deficit.

Monaco continues to be a favorite destination for those eager to leave the UK, where the top 1% typically contribute over a quarter of total income taxes.

Smaller than New York’s Central Park, Monaco does not impose taxes on capital gains or income and offers considerable exemptions for inherited wealth. It also boasts higher safety levels compared to other areas in Europe.

Other billionaires from the UK who have relocated to the Mediterranean principality include Jim Ratcliffe, founder of the chemicals giant Ineos, who moved around 2018 partly due to concerns regarding then-Labour leader Jeremy Corbyn’s policies.

Meanwhile, Italy is steadily positioning itself as one of the UK’s main competitors as a global wealth hub, having implemented measures to attract the affluent over the past decade.

In 2017, Italy introduced a regime offering tax benefits to wealthy foreigners on their overseas income for a fee of €100,000 annually, inspired by the UK’s non-dom system. Such changes are increasingly appealing to the global elite, despite the country doubling the annual fee last year.

 

 

 

 

 

 

 

 

 

The Livingstone brothers, sons of a dentist, grew up in London and started building their real estate empire in the 1990s by acquiring distressed UK assets during a market downturn. Ian, who studied optometry in college, also founded an eyewear business that grew to over 200 stores before selling his shares to Leonardo Del Vecchio’s Luxottica Group in 2010.

London & Regional’s property portfolio now includes cinemas in London, office space in Madrid, and the Fairmont Monte Carlo, a four-star hotel in Monaco acquired by the Livingstones’ firm in 2007.

Beyond real estate, the brothers made a lucrative investment in Evolution AB, one of the largest online casino platforms globally. Their charitable foundations have also supported programs for UK children, British fashion, and London colleges through various philanthropic initiatives.

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