UK billionaire Ratcliffe’s jump to tax haven Monaco confirmed

BILYONARYO.COM

UK billionaire Ratcliffe’s jump to tax haven Monaco confirmed

BILYONARYO.COM

Ratcliffe’s residency there, which had been previously reported by British newspapers but not confirmed, was documented in filings for Hampshire Aviation, a private aviation company he is a director of, at Companies House.

The 67-year-old boss of petrochemicals firm Ineos and one of Britain’s richest men has often been labelled a recluse but has raised his global profile with recent forays into the world of sport with Formula One team Mercedes.

He made headlines in 2015 by publicly backing Brexit, a year before the referendum that led to Britain’s departure from the European Union, telling the Sunday Times that Britons “don’t need Brussels telling them how to manage things”.

The newspaper’s annual Rich List estimated his fortune at £12.2bn ($15.5 billion, 13.3 billion euros) earlier this year, making him the fifth wealthiest person in the UK.

The paper reported last year that Ratcliffe’s move to Monaco, where it said 10 British billionaires and 408 UK business owners live, could cost the UK Treasury up to £4.0 billion.

Tax concerns led Ratcliffe to relocate the headquarters of his company to Switzerland back in 2010, before returning to London in 2016, saying he wanted to demonstrate his confidence in post-Brexit Britain.

Ineos has been in the news this year after saying it was looking to build the Grenadier car — billed as a successor to the iconic Land Rover Defender.

It had been due to produce the new 4×4 vehicle partly in Portugal and Wales, but said in July it was in talks to build it at a Daimler plant in France, provoking cries of betrayal in Britain.

Agence France-Presse

Subscribe to

Stay in the know with Bilyonaryo’s unparalleled coverage of business news and global industries!

Elevate your understanding of the Philippine business landscape and gain insights into worldwide markets by subscribing to our dedicated channels. Receive breaking news, in-depth analyses, and exclusive interviews with industry leaders directly on Viber, WhatsApp, and Facebook. Stay informed and empowered with our Email Newsletter, delivering curated content right to your inbox.

Don’t miss out on crucial updates and trends shaping economies and businesses both locally and internationally.

Join Bilyonaryo’s community today by clicking the button below to subscribe and stay ahead in the dynamic world of business.

Share this Bilyonaryo story