Spain is a country that increasingly hosts more “superricos“Not only those born here, but also foreigners who come to Spain.
In the UK general election last July, Keir Starmer’s Labour Party secured victoryThe Conservative Party had been in power for fourteen years and now the citizens have opted for change.
Situations like Brexit, the pandemic or the war between Russia and Ukraine have affected public finances. One of their reform plans is to increase public spending and taxes.
This point has made one of London’s richest businessmen move to Spain, where he has a house in Marbella. It is here in Spain that President Pedro Sánchez has recently announced that he is going to raise taxes on the richest.
It is about Charlie Mullins, founder of Pimlico Plumbersand who is known as “the millionaire plumber.”
Having sold his popular company in 2021 for 134 million euros to the Neighbourly group, is also now selling its penthouse. It is a luxurious penthouse in one of the best areas of London with views of the Thames, and valued at 14 million euros.
He fears that with the new government taxes will rise out of control, including inheritance taxes. A situation similar to that experienced in Spain in recent years.
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In fact, Mullins is not the only rich person who has decided to leave the UK. Many of England’s millionaires have also left the country for fear of the tax measures that the new Starmer government will adopt. It is expected that by 2028 at least 9,500 millionaires will have emigrated.
Mullins, who openly declares himself a conservative, has announced that he is already withdrawing all his money. He will not leave any assets in the UK, “not even a bank account.”
The truth is that his great empire started from the bottom, like the typical botched plumbers. Today, it has 400 plumbers in his company and a turnover of more than 80 million euros per year.
In the sale of his empire, 90% went to Neighborly and 10% to his son Scott, who remains CEO of the company.
“I am selling my house because if I wait to pass it on as an inheritance We are going to lose six million pounds and my family could go mad.” He told The Daily Telegraph. He also confessed that he did not know whether to buy another property here in Spain, since he already has one in Marbella, or to go to Dubai, the great cradle of the world’s rich.
“I am taking all my money and investments out of the UK. The government is driving people with money out of the country. Why would people stay in the UK?” Mullins told the Sunday Times.
His move to Marbella is imminent and he is already finalizing the final arrangements.
Will he make the right decision with his move to Spain?
The news that Mullins is leaving the UK coincides with the measures announced by Pedro Sánchez a few days ago. The Executive will modify taxes for Spanish millionaires. “We are going to tax those who already have enough money in the bank to live 100 lives” said the President in response to the rise of the “super-rich” in our country.
Mullins’ move to Marbella could therefore be, as the Spanish saying goes, “going from Málaga to Malagón”.
