Billionaire who introduced Tether to Northern Data leaves UK for Switzerland

German billionaire Christian Angermayer, who helped introduce Tether to Northern Data, has reportedly moved from the UK to Switzerland due to changing offshore wealth taxes

Bloomberg reports Angermayer was considered a ‘non-dom’ while living in the UK, meaning his permanent home or ‘domicile’ was outside the country. This allowed the billionaire to avoid paying UK taxes on his overseas income and earnings for up to 15 years.

As of last March, non-doms have been required to pay taxes on overseas income after four years instead of the original 15. The new UK government reportedly wants to remove inheritance tax breaks on assets in overseas trusts as well.

Because of this, Angermayer told Bloomberg, “The planned changes to the non-dom framework are a huge mistake.” He claimed it would be “a bigger act of national self-harm than Brexit,” and said, “Every non-dom I know has left or is about to leave.”

He was recently revealed to have introduced Tether to various investments, including Northern Data, a firm in which he owns a stake. He was paid a 5% fee for transactions that followed this referral. He also invested in Block.One, a blockchain firm founded by Tether co-founder Brock Pierce.