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A $13 billion property mogul is the latest to flee Britain’s new taxes for Monaco, a warning sign as California votes on a billionaire tax
David Reuben’s move to Monaco follows a wave of departures since the U.K. scrapped its “non-dom” regime—and offers a preview of the fight California voters are deciding with Proposition 40.
Monaco has long been a tax haven for London’s ultrawealthy seeking to shield their fortunes from the UK Treasury. This summer, David Reuben, the 88-year-old property magnate who shares second place on the Sunday Times Rich List with his brother Simon, left his Holland Park home for the principality, a spokesman for the brothers recently confirmed. The Times first reported the move. The…
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