Egyptian billionaire Nassef Sawiris has officially shut down his London-based family office, marking the final step in his exit from the UK following changes to its tax rules.
According to Bloomberg, Sawiris closed his firm, NNS Advisers, after a gradual withdrawal that began more than two years ago when he concluded that recent tax reforms made remaining in Britain impractical.
The London branch of the firm, which he established in 2016, has now ceased operations. This move follows a series of steps: setting up NNS Group in Abu Dhabi in mid-2024, stepping down as director of the London office later that year, relocating his personal residency to Italy in early 2025, and ultimately shutting the UK office altogether. From its Mayfair location, the family office had overseen between $2.5 billion and $5 billion in assets.
The main driver behind his departure was the UK’s decision to abolish the long-standing non-domicile (non-dom) tax status. This rule had allowed wealthy foreign residents to pay tax only on UK-based income, excluding their global wealth. With the policy fully scrapped as of April 6, 2026, individuals like Sawiris became subject to UK tax on their worldwide assets.
Having benefited from the non-dom system for years, Sawiris opted to relocate to Italy, where a fixed annual tax of €200,000 applies regardless of total global wealth—an arrangement far more favorable for someone of his financial standing.
He also voiced strong criticism of the UK government, blaming what he described as years of poor tax policy decisions for prompting his exit.
