Sir Richard Branson says goodbye to Britain.
Britain’s best-known entrepreneur is quitting the country that has made him his fortune. The flamboyant businessman has moved permanently to Necker island, the Caribbean island he bought in 1979 where he will continue his extensive charitable and philanthropic work.
He moved there more than seven years ago, but rather than retiring there, he spends 90 per cent of his time starting not-for-profit ventures and raising millions for charity through speeches and other charitable engagements,” the spokesman said.
He added: “Since he gives 100 per cent of any monies he earns from these to charity, it makes no difference for tax purposes whether he is in the UK or the BVI.”
Writing on his personal blog, Sir Richard insisted that he had moved to the Caribbean to help preserve his health: “There is no better place to stay active and I can kitesurf, surf, play tennis, swim, do Pilates and just play.”
However, as a non-resident of the UK, he could save significant tax on income from his Virgin empire, experts said on Sunday.