Sir Jim Ratcliffe, the UK's richest person, moves to Monaco

AFP via Getty Images
AFP via Getty Images

Sir Jim Ratcliffe, the UK's richest person, has moved to tax-free Monaco, according to a document published by one of his companies.

The Ineos petrochemicals boss, worth about £17.5 billion, changed his domicile from Hampshire to Monaco, a Companies House listing by private jet firm Hampshire Aviation showed.

People who live in the principality for 183 days per year do not have to pay income or property tax. By contrast the UK has a 45 per cent income tax for earnings over £150,000.

Sir Jim was one of the UK's highest taxpayers, handing over £110 million to the exchequer in 2017/18, the Sunday Times reported.

Sir Jim Ratcliffe REUTERS)
Sir Jim Ratcliffe REUTERS)

The move could save him £4 billion in tax, the Guardian reported.

He has seen his wealth rise considerably in recent years, from £9.5 billion in January 2019 to £17.5 billion, according to the Bloomberg Billionaires index, which tracks the fortunes of the mega-rich.

His estimated wealth has gone up by about £1.25 billion during the coronavirus pandemic.

Sir Jim has been a passionate supporter of Brexit, arguing that leaving the EU will allow British businesses to thrive.

Lewis Hamilton also lives in Monaco (Getty Images)
Lewis Hamilton also lives in Monaco (Getty Images)

He has called for negotiators to be tough with their European counterparts, saying: "We must listen, we must be unwaveringly polite and retain our charm.

"But there is no room for weakness or crumpling at 3am when the going gets tough and most points are won or lost.

He was knighted in 2018 for services to business and investment.

Other notable Brits living in Monaco include Formula 1 driver Lewis Hamilton and Topshop boss Sir Philip Green.

Ineos declined to comment.

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