According to PANews, German billionaire Christian Angermayer left the UK for Lugano, a cryptocurrency center in Switzerland, because the UK plans to increase overseas wealth taxes on wealthy residents. Angermayer said that in Lugano, individuals and businesses can settle bills with Bitcoin or USDT.

Angermayer, 46, has lived in the UK for the past decade and has considered moving to New York and Dubai, according to people familiar with the matter. He was a non-UK resident during his time in the UK, enjoying tax benefits for 15 years. Angermayer said many non-UK citizens have already left or are about to leave the UK.