UK billionaire Sir Jim Radcliffe moves to Monaco

The news that UK billionaire Sir Jim Radcliffe is to become a Monaco resident has caused quite a stir in Britain, given that he is not only Britain’s most wealthy individual, but also a strong opponent of the country’s EU membership. His company, Ineos, has almost 20,000 employees in 24 countries and an annual turnover of 67 billion euros.

Meanwhile, Monaco’s Official Journal records that Ineos Monaco Limited SAM was set up in March this year. The firm’s address is given as 4, avenue de Roqueville, the same as that of Tyrus Capital. The Journal de Monaco indicates in Article 4 of its listing of Ineos that the the company’s purpose is to act for the companies of the Ineos Group in the Principality of Monaco and abroad.

Sir Jim, 65, had already caught the headlines in Britain this year as he has taken the number-one spot in the league table of richest people, with an estimated worth of 23.55 billion euros. He owns 60 percent of Ineos Group, the UK company specialising in petroleum products.

He is fervently opposed to rules and regulations emanating from Brussels, as well as taxation.  According to the Sunday Times, two other directors of Ineos, Andy Currie, and chief financial officer John Reeces – both billionaires in their own right – are also planning to move to Monaco.