Where can steel magnate Lakshmi Mittal from ArcelorMittal with his money go?

Who is the person behind ArcelorMittal?

Under the leadership of the India Lakshmi Niwas Mittal (1950) born in India, Indian steel producer ArcelorMittal grew into the world market leader in the processing of raw materials such as iron ore and coal into steel. For, for example, steel plates in bridges, steel wires for lifts and concrete reinforcement of buildings.

The fact that Mittal wanted a career in the steel industry did not just fall out of the blue. From a steel family, he moved to Calcutta for his father’s work at the age of ten, yes, a steel factory. He also came to work there from an early age and continued to come back there during the holidays while studying commercial economy in the US. After his studies, he continued to work in the steel factory until he opened his own steel factory in Indonesia at the age of 26. Shortly thereafter he took over a steel factory in Trinidad and Tobago.

By merging with the French steel company Arcelor in the early 2006 and, together with a few family members, the company of an annual turnover of 68 billion US dollars, converted almost 63 billion euros and equity of Mittal itself, enjoys the company of an anniversary of a sloppy 17 billion euros. Since 2021, his son has been Aditya CEO of the company and remains as an executive director.

What is the problem then?

All nice and nice with such a bank account, you would say, but why would you leave your beautiful villa (with an estimated value of 155 million euros) in Kensington Palace Gardens? The answer is in taxes. Or actually the loss of tax benefits. The British Labor Party has announced to abolish the so -called ‘non -Dom’ tax scheme. ‘Nom Dom’ refers to non-domiciles, which are residents of the UK who have a fixed home address abroad because of tax benefits. Someone with such a ‘stupid’ status does not have to pay British tax for overseas income or assets, unless this income is deposited on a British bank account or are earned in the UK.

With the abolition of this 226-year-old scheme as of April this year, it becomes financially unattractive for rich people to maintain a home address in the UK. From April, taxes will be levied on the basis of your place of residence with the idea of ​​realizing a fairer tax system. The UK must also yield the UK 2.7 billion pounds, converted 2.5 billion euros, on an annual basis, although critics believe that it can also harm the local British economy, because ‘non -doms’, for example, pay real estate tax and support charities.

Where can he go with his money?

Although it has not yet been confirmed that Mittal will actually leave the UK, a business partner left the Financial Times know ,, that it is quite possible that it will no longer be a tax refuge at the UK ”. And Mittal is not the only one in this. Multiple wealthy British have indicated to leave the UK through this tax change.

Fortunately for Mittal, he doesn’t have to look for a new place. He has homes in tax -friendly places, such as the luxury holiday resort of St. Moritz in Switzerland, and real estate in the United Arab Emirates.

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