k-flash audio commentExodus from UK
k-flash audio commentExodus from UK

The case

Iwan and Manuela Wirth, co‑owners of Hauser & Wirth Gallery, officially relocated to Switzerland in early June 2025, as confirmed by UK Companies House documents.

Source: FT and Swiss press

The commentary

In a statement in the Financial Times, the gallery emphasized the couple’s Swiss nationality, the headquarters in Switzerland, current projects  in Switzerland as well as family reasons, while also affirming continued engagement in London and the USA at the same time. The gallery spokesperson did not comment on whether or not the move was motivated by tax reasons.

The non‑dom regime, which allowed UK residents with foreign domiciles to shelter overseas income from UK tax, was abolished in October 2024 and has been phased in since 6 April 2025.

Ever since April 2025, foreign income and gains have been taxed on a rising basis with a transitional four‑year grace period for new arrivals (eligible for the Foreign Income & Gains (FIG) regime). As of April 2025, long-term UK residents (10 of last 20 years) will also be taxed on worldwide assets at death or after 10 years, with up to 40 % inheritance tax.

This overhaul prompted many wealthy non‑doms to consider leaving or they have already left the UK, among them Lakshmi Mittal and Nassef Sawiris, who cited these tax changes as a key factor. The Financial Times and other papers have coined this wave an “exodus of rich talent,” warning of long-term economic consequences, including revenue risks and threats to financial services. The British government is discussing possible improvements, including relaxing inheritance rules or introducing relaxed tax models like those in Italy or Greece.

This publication has been prepared solely for information purposes and is does not constitute a recommendation, a solicitation, or an offer. The information on which this publication is based has been obtained from sources that we believe to be reliable and in good faith, but we have not independently verified such information and no representation or warranty, express or implied, is made as to its accuracy. All expressions of opinion are made as of the date of publication and may be subject to change without notice. k-flash and all related affiliates accepts no liability or responsibility whatsoever for any consequential loss of any kind arising out of the use of this publication or any part of its contents. The use of this publication should not be regarded as a substitute for the exercise by the recipient of his or her own judgment. This publication is not directed to any person in any jurisdictions that prohibit such publication.