Billionaire Nassef Sawiris Dissolves London Investment Office as UK Tax Exodus Accelerates

Nassef Sawiris completes his UK exit, closing NNS Group's London office following the end of non-dom tax status as ultra-wealthy flight from Britain grows.

By: AXL Media

Published: Apr 26, 2026, 7:17 AM EDT

Source: Information for this report was sourced from Forbes

Final Dissolution of the London Investment Hub

NNS Group, the investment vehicle for Egyptian tycoon Nassef Sawiris, has filed its final regulatory paperwork to shutter its London entity by the end of April 2026. This move concludes a structured departure that began a year ago, when the firm first initiated the process of dissolving its presence in the British capital. The closure represents a definitive break for Sawiris, who has already relocated his primary residence and shifted his firm’s headquarters to Abu Dhabi to foster portfolio growth in the United Arab Emirates.

End of the Non-Domicile Tax Advantage

The primary catalyst for this high-profile exit is the United Kingdom’s decision to abolish its "non-domicile" tax status. Under the previous rules, wealthy non-citizens residing in the UK were only required to pay British taxes on income generated within the country, leaving their global earnings untouched by local authorities. With this incentive removed, Sawiris has transitioned his residency to Italy, which currently offers one of Europe’s most competitive tax frameworks for the ultra-wealthy, and to the billionaire-friendly tax environment of Abu Dhabi.

Severing Longstanding British Ties

The departure of Sawiris is particularly significant given his deep-rooted connections to the UK’s cultural and economic landscape. Over the last decade, Sawiris established a major office branch in London, acquired the Aston Villa Football Club in 2018, and launched a UK-based foundation that has donated over $60 million to national charities. Despite these commitments, the changing regulatory environment has outweighed his historical ties, mirroring a broader trend of "national self-harm" cited by other departing investors in the wake of the policy shift.