Robert Houchill has provided his comments to Forbes

Solicitor from the Private Wealth Practice at Maxima Legal, Robert Houchill, has provided his comments for Forbes on the relocation of British billionaire Sir James Ratcliffe to Monaca.

According to Robert, the businessman’s decision to relocate is likely due to the favourable tax regime in the principality. Robert noted that in Monaco capital gains tax is not levied on profits made by foreign nationals, whereas in the UK, Sir Jim would likely have to pay 28% tax on profits from the sale of residential property and 20% on profits from other assets that are not exempt.

“The disadvantages of such a move on the face of it may be limited; Sir Jim’s company will remain headquartered in London so his commute will become somewhat extended, but perhaps the most harm might be to Sir Jim’s reputation – for a man who cheer-leaded the benefits of Brexit, it is somewhat ironic that he has chosen to abandon ship shortly before the UK withdraws from the EU”, added Robert.

To read the full article (in Russian), please see the Forbes website.