Alan Howard’s had a pretty bad year. The Brevan Howard founder’s annus horibilis began with his dethroning as “richest hedge fund manager in Britain,” and not because he doesn’t live there anymore. No, it was the £460 million hit to his fortune what did it. The cause of that hit, a long run of poor performance, means that as of the beginning of the month, Howard’s working for free, if you’ll have him.
There was one bright spot: Brexit. It’s not clear how the media-shy Howard felt about it, but it did offer a rare up day for his beleaguered hedge fund. But now even that’s tainted, as the U.K.’s vote to leave the EU could lead to Howard’s unceremonious expulsion from his Geneva tax haven, and—surprise, surprise—the fate of the billionaire and the 41,129 other British nationals taking advantage of the famed Swiss hospitality—is not something anyone in Whitehall has apparently thought about yet.
A new immigration agreement with Switzerland is yet another issue facing Britain's already overburdened government as it prepares to negotiate an exit from the EU.
But the topic is barely on the radar of some British government ministers, according to one senior Swiss executive who recently met with British officials….
Existing Swiss permits for British nationals should remain valid post-Brexit, according to Switzerland's agreement on European immigration.
"However, afterwards if an extension or renewal is due, they will likely be subject to the restrictions...as if they were 'new to Switzerland'," Tuescher wrote.
This would jeopardize the future residency of the almost 18,000 Brits in Switzerland whose permits allowing them to live in the country are subject to renewal.
This would likely include some of the wealthy British expatriates who have taken up residence in Switzerland to benefit from generous local tax rules.