‘So rich he can’t pay his taxes’: Ineos boss Sir Jim Ratcliffe becomes an official Monaco resident
British billionaire Sir Jim Ratcliffe has officially become a resident of Monaco and has joined a host of other tycoons to move to tax haven.
The city-state on the French Riviera is listed as the 67-year-old’s main home, replacing Hampshire, according to documents released by Companies House this week.
A high-profile Brexit advocate, Ratcliffe is the founder of chemicals giant Ineos and has an estimated fortune of £ 12.2 billion.
On the road: billionaire Ineos fouder Sir Jim Ratcliffe has become an official resident of Monaco
He is the fifth richest person in the UK according to the Sunday Times Rich List and owns sports clubs, including Team Sky.
His move to Monaco was first reported in 2018 – the same year he was knighted by the Queen for ‘services to business and investment’.
But last year it was alleged that plans for Ratcliffe and two other Ineos bosses to become Monaco taxpayers had resulted in a rift with auditor PwC.
The move would have saved the trio a whopping £ 4 billion.
But reports of the disagreement with PwC are said to have contributed to a “ breakdown ” in the relationship later on between the company and Ineos, which it later fired and appointed rival Deloitte instead.
Before moving to Monaco, Ratcliffe was reportedly the UK’s third largest individual taxpayer, contributing £ 110 million annually to the treasury.
He has used some of his fortune to splash out on a £ 91 million expedition vessel called Sherpa – which is designed to travel to extreme locations – and a £ 115 million luxury yacht called Hampshire II.
Monaco is home to Topshop tycoon Sir Philip Green, Matalan founder John Hargreaves, billionaire brothers David and Simon Reuben and Yorkshire mobility mogul John Jakes
Ratcliffe isn’t the only affluent Brit to move to Monaco in recent years. Topshop tycoon Sir Philip Green is also another well-known resident, as is Matalan founder John Hargreaves, billionaire brothers David and Simon Reuben, and Yorkshire mobility magnate John Jakes.
Sir James Dyson, inventor and Britain’s richest man, is also said to have become a permanent resident of Singapore last year after purchasing the country’s most expensive penthouse for £ 42 million.
He had previously announced that his company would move its UK headquarters to Singapore due to the growing importance of markets in Asia.
But moves by Ratcliffe and others into tax havens have previously been condemned by MPs as “obscene” and “deeply cynical.”
Yesterday, former chairman of the Public Accounts Committee, Dame Margaret Hodge, said: “It seems that Jim Ratcliffe is so wealthy that he cannot afford to pay his taxes.
“While his tax contributions to the public purse will be missed, I’m not sure the same can be said about him.”
An Ineos spokesperson said, “We do not comment on the personal information of our directors and employees.”