BILLIONAIRE New Forest businessman Sir Jim Ratcliffe has changed his primary residence to the tax haven of Monaco.
The founder and chief executive of petrochemical giant Ineos, Sir Jim owns a mansion on the Solent foreshore near Beaulieu and had previously listed his base as the United Kingdom.
But documents on Companies House show Sir Jim has now officially switched to Monaco.
People who live in the principality for at least 183 days a year do not pay any income or property taxes, while in the UK the highest tax rate is 45% on annual income above £150,000.
A spokesman for Ineos said: “Unfortunately we cannot comment on the personal details of our directors or employees.”
Sir Jim, who was knighted in 2018 for his services to business and investment, is not the first ultra-wealthy Briton to make the move. Previously, businessmen Sir Phillip Green, Simon and David Reuben and Matalan boss John Hargreaves have done so – as has Formula One driver Lewis Hamilton.
The latest figures produced by the Bloomberg billionaire’s index suggest Sir Jim’s personal fortune has increased during the coronavirus pandemic to £17.5bn.
Earlier this year the ardent Brexiteer was estimated to be the fifth richest Briton by the Sunday Times, which put his fortune at £12.1bn. The same publication reported he had been the UK’s third highest individual tax payer in 2017/18, paying around £110m.