Rolly van Rappard, the billionaire co-founder and non-executive chairman of CVC Capital Partners, is reportedly considering a move from London to Milan due to recent UK tax reforms affecting high-net-worth individuals. While no final decision has been made, sources indicate that van Rappard is evaluating his options in light of the changing fiscal landscape.
The UK government’s recent tax reforms include the removal of the preferential tax regime for non-domiciled residents and an increase in capital gains tax. These changes have prompted several prominent figures in the private equity sector to consider relocating to more tax-friendly jurisdictions. Notably, Soren Christensen of Cinven and François de Mitry of Astorg have already moved to Milan.
Italy has become an attractive destination for wealthy individuals due to its tax incentives, such as allowing tax breaks on foreign income for up to 15 years in exchange for an annual €100,000 fee.
Van Rappard, a Dutch national with an estimated net worth of $1.5 billion, co-founded CVC Capital in 1981. The firm manages investments in major brands like LaLiga, Breitling, and RAC.
CVC Capital Partners declined to comment on the potential relocation.
This development underscores the broader trend of high-net-worth individuals reassessing their residency in response to tax policy changes, with potential implications for the UK’s financial sector and economy.
