14:53 14 October 2013
Richard Branson, who has £2.9bn fortune according to Forbes Magazine and the sixth’s wealthiest man in Britain, has decided to move to a Caribbean tax haven for health reasons.
He reportedly sold his Oxfordshire estate and said that he will spend his 60’s living on Necker – an island he recently rebuilt after a devastating fire.
The Sunday Times said that Richard’s move to the Caribbean tax haven would mean that he will not be taxed on personal income made out of Britain.
In a blog post, Sir Richard said that his move is not about paying less tax.
"I have not left Britain for tax reasons, but for my love of the beautiful British Virgin Islands and in particular Necker Island, which I bought when I was 29 years old, 34 years ago, as an uninhabited island on the edges of the BVI.
"Seven years ago we decided to move permanently to Necker as we feel it gives me and my wife Joan the best chance to live another productive few decades. We can also look after our health - Joan is approaching 70 and I'm not far behind.
"I still work day and night, now focusing on not-for-profit ventures, but on Necker I can also look after my health. There is no better place to stay active and I can kitesurf, surf, play tennis, swim, do Pilates and just play."
Branson’s numerous companies will still be paying tax on their earnings as usual – a point which the Virgin boss made clear in a blog post issued on Sunday: "I spent 40 years working day and night in Great Britain building companies and creating competition and choice for consumers across a whole range of industries.
"The companies we created from scratch have created tens of thousands of jobs and paid hundreds of millions in tax.
"Now in my 60s I'm proud of what we've achieved and contributed and now spend the vast majority of my time building not-for-profit ventures, raising awareness around important issues and earning money for charity."
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