In a global financial environment shaped by taxation and mobility, the UK's decision to scrap its long-standing “non-domiciled” tax status has triggered a wave of exits among high-net-worth individuals. One of the most prominent among them is Nassef Sawiris, Egypt's richest man and a major global investor. With growing interest in Italy and a steadily increasing presence in Dubai, Sawiris represents a strategic pivot in how ultra-wealthy investors view their base of operations.
Nassef Sawiris is the CEO of OCI N.V., a global producer of fertilizers and chemicals, and a major shareholder in Adidas AG and Aston Villa FC. With a net worth estimated at over $7 billion, he has long been a key figure in both Middle Eastern and Western business circles.
For years, Sawiris called the UK his home — but recent developments have led him to reassess that choice.
In April 2024, the UK government abolished the non-dom tax regime, which previously allowed foreign nationals residing in the UK to avoid taxes on overseas income.
For Sawiris and other non-doms, the decision meant:
Full exposure to UK global income taxation
A steep increase in personal and business tax liabilities
Erosion of long-standing wealth protection strategies
Though never publicly confrontational, Sawiris quietly made the move that many others only contemplated: he exited.
Italy introduced an attractive flat-tax regime for wealthy foreigners: a €100,000 annual payment covering all foreign income. This scheme has turned Italy into a serious contender for global residents fleeing high-tax jurisdictions.
Nassef Sawiris reportedly established his fiscal residence in Italy, a move that allows him to protect his international holdings while staying within Europe’s financial centers.
Though Italy offers tax benefits, Dubai provides something even more powerful: a strategic business hub, zero income tax, and a growing ecosystem of:
Global family offices
Private equity and investment firms
Mega real estate opportunities
Sawiris has been increasingly active in the UAE, exploring partnerships, real estate investments, and presence in high-growth sectors.
Dubai offers:
Zero capital gains and income tax
100% foreign ownership in free zones
Access to emerging markets across MENA, Asia, and Africa
A pro-business government and financial environment
For investors like Sawiris, Dubai isn’t just a tax strategy — it’s a platform for expansion.
The departure of someone as globally significant as Nassef Sawiris is symbolic and consequential. It raises broader questions:
Is the UK still attractive for mobile capital?
How will London’s luxury property and finance markets adjust to the loss of elite residents?
Can Britain replace the economic activity lost from non-doms with new sources?
These are not theoretical questions — they have real economic consequences, as shown by the 37% drop in luxury property sales in London since the policy change.
Nassef Sawiris’ move from the UK to Italy and Dubai reflects a larger trend among global investors: a strategic shift away from rigid, high-tax regimes toward dynamic, low-tax jurisdictions that offer global connectivity and business growth potential.
For the UK, it may be a loss.
But for Dubai, it's a gain — and a signal that the city is now a preferred destination for the world’s wealthiest decision-makers.
At Bonne Apart, we help investors like you navigate Dubai’s real estate and financial landscape with confidence. Whether you’re relocating, diversifying, or simply looking for strategic opportunities, our expert advisors are here to assist you.
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