An IMGlobalWealth.com News Report
Icelandic investor Thor Björgólfsson has shifted his tax residence from Britain to Italy and relocated his investment firm from London to Switzerland, adding another prominent name to the movement of internationally mobile wealth away from the United Kingdom.
Björgólfsson, widely known as Iceland’s first billionaire, changed his tax residency during the past year, according to reports by The Telegraph and Bloomberg. His investment vehicle, Novator, has also moved from London to Zurich, a restructuring reportedly resulting in the loss of 20 jobs in the British capital.
“Novator’s relocation suggests that when internationally mobile founders move, parts of their business infrastructure, employment and advisory spending may follow, intensifying competition among European jurisdictions seeking to attract global capital.”
The businessman described the departure of wealthy entrepreneurs and investors as an “exodus”, warning that Britain may struggle to replace the capital, employment and commercial networks leaving with them. While he acknowledged that the former non-domiciled tax regime required reform, he argued that its replacement had made the country less competitive for established international residents.
Britain abolished the remittance-basis system on 6 April 2025. It was replaced by a residence-based framework offering qualifying new arrivals an exemption on foreign income and gains for their first four tax years, provided they had previously been non-resident for ten consecutive years. Longer-term residents can now face UK tax on worldwide income and gains, while overseas assets may also fall within the inheritance-tax net.
Italy, by contrast, continues to offer a comparatively predictable regime for wealthy newcomers. Since 1 January 2026, qualifying individuals transferring their tax residence to Italy may pay a fixed annual charge of €300,000 on foreign income. The arrangement can run for up to 15 years and is available to people who were not Italian tax residents for at least nine of the preceding ten years.
Björgólfsson’s move illustrates how tax policy is increasingly reshaping the geography of European wealth. London retains deep financial markets, professional expertise and global connections, but Italy and Switzerland are competing aggressively for entrepreneurs, family offices and international investment businesses.
The case is therefore about more than one billionaire’s personal tax planning. Novator’s relocation suggests that when internationally mobile founders move, parts of their business infrastructure, employment and advisory spending may follow, intensifying competition among European jurisdictions seeking to attract global capital.
