Kurt Björklund, executive chairman at private equity firm Permira, has changed his tax residency from the UK to Switzerland, becoming the latest high-profile figure among a growing group of globally mobile executives.
As Permira will remain headquartered in London, the move, first reported by the Financial Times on Tuesday, is understood to be a personal decision rather than a shift in the firm’s operations. It reflects a broader trend since 2024 of senior executives responding to UK tax changes and reassessing their residency and wealth planning.
Björklund, who became Permira’s executive chairman in 2024, remains closely involved in the business. The former managing partner co-chairs the firm’s main funds committee, sits on its growth opportunities and climate investment committees, and has led deals including Inmarsat and Danish telecoms firm TDC. During his time at the firm, he helped triple the team and oversaw the raising of eight private equity funds and more than 30 credit vehicles, totalling around €60 billion.
[See also: The best wealth managers in Switzerland]
Matthew Barret, executive director at Bellecapital, told Spear’s that relocation has become a regular topic in client meetings. ‘The rush of resident non-doms leaving before April 2025 has passed, but now it’s slow and steady,’ he said.
‘We’re seeing more British citizens thinking about leaving, especially those still working and who can operate across multiple jurisdictions. Companies are also getting internal requests from teams asking if they can relocate and pick a location of choice.’
While Switzerland has long been viewed as a safe and stable base for wealthy individuals, advisers say recent developments have prompted some clients to reassess. A proposed federal wealth tax, although rejected in a referendum in November 2025, and ongoing debates over banking regulation, including UBS’s opposition to new capital requirements, have begun to challenge Switzerland’s reputation as an untouchable safe haven for the world’s wealthy.
[See also: Even rejected, Swiss wealth tax debate offers lessons for UHNW clients]
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Switzerland remains popular, but interest is spreading to other jurisdictions, including Italy, Monaco, Dubai, Spain, Malta and Cyprus. Italy, in particular, has attracted several high-profile bankers from Switzerland in recent months, offering long-term tax regimes with fixed annual contributions alongside lifestyle benefits.
The UK changes introduced in 2024 ended the non-dom regime, increased the tax on carried interest from private equity profits and set out plans to apply VAT to private school fees. Together, these measures have helped fuel the ongoing wave of relocations.
As more high-profile financiers continue to leave the UK, Spear’s has compiled a recap of who has moved and where they have chosen to settle.
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