CEO of Arcelor Mittal, Lakshmi Mittal, is considering relocating from the UK following recent tax changes that eliminate long-term advantages for non-domiciled residents. Mittal, residing in the UK for nearly 30 years, could become one of the highest-profile entrepreneurs to relocate as a consequence of these reforms.
Having lived in the UK for almost three decades, Mittal may emerge as one of the most prominent business leaders to move abroad due to these reforms.
According to the Financial Times, Mittal has been weighing his options based on the government’s decision to eliminate the non-dom regime. A Source noted that,”He is exploring his options and will decide later this year. There is a significant chance he will cease being a UK tax resident.”
The Mittal family, ranked seventh on the Sunday Times Rich List with an estimated fortune of £14.9 billion, owns high-end properties worldwide, including a luxury chalet in St. Moritz, Switzerland. Recently, they have also made significant real estate investments in Dubai.
Since moving to the UK in 1995, Mittal has been deeply involved in British business circles, serving as CEO until four years ago before transitioning to executive chairman, now run by Aditya Mittal, with the family holding a 40% stake.