Latest news with #Pousaz
Yahoo
3 days ago
- Business
- Yahoo
Billionaire tech founder quits Britain for Monaco
A billionaire tech founder has abandoned Britain for Monaco in the wake of Rachel Reeves's tax crackdown. Guillaume Pousaz, the Swiss founder of payments business shifted his country of residence to the tax haven last month, according to Companies House filings. Mr Pousaz is leaving the UK just over a year after he moved to London from Dubai, as he joins a growing exodus of wealth creators. However, with an estimated personal fortune of $6bn (£4.44bn), Mr Pousaz is one of the richest entrepreneurs to quit Britain since Labour came to power last year. It comes after the Chancellor launched a £1bn crackdown on non-doms and increased taxes on capital gains as part of last year's Budget. This led to a record 10,800 millionaires leaving Britain in 2024, according to data from Henley & Partners. This includes Richard Gnodde, the vice chairman of Goldman Sachs in Europe, who left London for Milan earlier this year. Billionaire property investors Ian and Richard Livingstone have also swapped London for Monaco in protest against Labour's tax raid. And Lakshmi Mittal, the steel magnate, is also considering leaving the UK. The exodus could prove costly for the Chancellor, as the Centre for Economics and Business Research predicts that the Exchequer risks losing £12.2bn by the end of 2030 if half of Britain's non-doms leave. Mr Pousaz has abandoned Britain after turning Checkout into one of London's most valuable start-ups. After founding the UK-headquartered business in 2009, he achieved a $40bn valuation in 2022 after completing a $1bn fundraise. Among its early customers were adult websites such as OnlyFans, although it now works with dozens of online retailers and cryptocurrency businesses. Meanwhile, Mr Pousaz , 43, will join the likes of Ineos founder Sir Jim Ratcliffe among Monaco's super-rich residents. Jason Hollands, managing director of financial advisers Evelyn Partners, said earlier this year that Labour's crackdown on non-doms, who live in the UK but have their permanent tax addresses registered abroad, made Britain appear 'hostile to wealthy people'. Checkout declined to comment. A spokesman for Mr Pousaz's family office said: 'This is a private matter and we will not be commenting.' Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
3 days ago
- Business
- Bloomberg
Billionaire Checkout CEO Shifts Residence From UK to Monaco
Guillaume Pousaz, the billionaire founder of online payments firm has joined a surge in ultra-wealthy individuals shifting their residence away from the UK amid tax hikes on the nation's wealthy. Pousaz, 43, now lists Monaco as his usual residence after previously relocating to the UK from the United Arab Emirates, according to UK registry filings released Tuesday. The Swiss native has a net worth of about $5.6 billion through his London-based technology company, according to the Bloomberg Billionaires Index.
Yahoo
3 days ago
- Business
- Yahoo
Billionaire tech founder quits Britain for Monaco
A billionaire tech founder has abandoned Britain for Monaco in the wake of Rachel Reeves's tax crackdown. Guillaume Pousaz, the Swiss founder of payments business shifted his country of residence to the tax haven last month, according to Companies House filings. Mr Pousaz is leaving the UK just over a year after he moved to London from Dubai, as he joins a growing exodus of wealth creators. However, with an estimated personal fortune of $6bn (£4.44bn), Mr Pousaz is one of the richest entrepreneurs to quit Britain since Labour came to power last year. It comes after the Chancellor launched a £1bn crackdown on non-doms and increased taxes on capital gains as part of last year's Budget. This led to a record 10,800 millionaires leaving Britain in 2024, according to data from Henley & Partners. This includes Richard Gnodde, the vice chairman of Goldman Sachs in Europe, who left London for Milan earlier this year. Billionaire property investors Ian and Richard Livingstone have also swapped London for Monaco in protest against Labour's tax raid. And Lakshmi Mittal, the steel magnate, is also considering leaving the UK. The exodus could prove costly for the Chancellor, as the Centre for Economics and Business Research predicts that the Exchequer risks losing £12.2bn by the end of 2030 if half of Britain's non-doms leave. Mr Pousaz has abandoned Britain after turning Checkout into one of London's most valuable start-ups. After founding the UK-headquartered business in 2009, he achieved a $40bn valuation in 2022 after completing a $1bn fundraise. Among its early customers were adult websites such as OnlyFans, although it now works with dozens of online retailers and cryptocurrency businesses. Meanwhile, Mr Pousaz , 43, will join the likes of Ineos founder Sir Jim Ratcliffe among Monaco's super-rich residents. Jason Hollands, managing director of financial advisers Evelyn Partners, said earlier this year that Labour's crackdown on non-doms, who live in the UK but have their permanent tax addresses registered abroad, made Britain appear 'hostile to wealthy people'. Checkout declined to comment. A spokesman for Mr Pousaz's family office said: 'This is a private matter and we will not be commenting.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
