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Richard Desmond, one of Britain’s most famous Fleet Street tycoons, obtained a golden visa in Dubai for “lifestyle” reasons, joining the growing number of wealthy expats in the tax-friendly Gulf state. I accomplished it.
The 72-year-old British billionaire obtained a United Arab Emirates visa this summer after buying a house in Dubai, two people with direct knowledge of the matter said.
Mr Desmond will continue to be a UK taxpayer both personally and through his UK-based companies, one of the people said. The decision was a “lifestyle choice” considering the “better climate” both in terms of weather and business environment, the official said. The move comes as he is “diversifying” his portfolio with corporate investments and overseas real estate.
A spokeswoman for Mr. Desmond declined to comment.
The move is likely to fuel fears that the UK has become less of a welcoming and stable destination for entrepreneurs and wealthy people since the Brexit referendum.
Desmond, who previously owned tabloids including the Daily Express and the Daily Star, will now split his time between Dubai and London, two people familiar with his plans said. did. He plans to remain at his family’s home near Hampstead and at his city office in the Northern and Shell Buildings overlooking the River Thames.
One of the sources pointed to the “doom and gloom” among entrepreneurs since Labor came to power. However, the person said Desmond was similarly dissatisfied with the Conservative government in power when he first began considering the move.
The source said he had “lost confidence in British politics”. “Although he loves being in the UK and plans to spend a lot of time here, he is an entrepreneur at heart and sees opportunities in Dubai.”
Under the newly elected Labor government, an increasing number of wealthy British people are considering moving abroad for a variety of reasons, including taxes. Entrepreneurs and private equity investors are particularly concerned about the prospect of higher taxes on capital gains.
The abolition of Britain’s generous “non-Dom” system, which allowed expatriates to avoid paying tax on overseas income, has also encouraged wealthy foreigners to move to tax-friendly jurisdictions. Countries such as the UAE, Italy and Switzerland are eager to attract mobile wealthy individuals and their families through tax breaks and other measures.
Mr Desmond, who was once the biggest donor to Nigel Farage’s UK Independence Party ahead of the Brexit referendum, has also donated to the Labor Party in the past, with his newspaper reporting on Labor and the Conservative Party. It allowed for rotation between parties (often the one in power).
Dubai has been gaining momentum since being one of the first cities to reopen its economy after a strict pandemic lockdown, touting itself as a safe place for expats to vacation and work. Usually, investing $500,000 worth, being an entrepreneur, or having a special skill set is enough to secure UAE residency.
Mr Desmond’s company, Northern & Shell, lost its license to operate the National Lottery to Czech-owned Allwin in 2022, leading to ongoing litigation by the media mogul over its decision-making process.
Northern & Shell is also the owner of the Health Lottery, which has raised more than £130m for 3,400 community health projects across the UK since its launch in 2011.
Desmond has also spent years redeveloping the Westferry Printworks site on the River Thames. This summer, after eight years and three attempts, Northern & Shell secured planning permission from Tower Hamlets Council for a £1 billion housing development in east London.
Additional reporting by Chloe Cornish in Dubai
