Does 28 April mark the official end of London’s Egyptian family offices?

Nassef Sawiris’ departure from the UK and the shuttering of the London branch of his private investment firm NNS Group got ink in Bloomberg over the weekend. The OCI Global executive chair and Aston Villa FC majority shareholder’s decision to close the branch follows an earlier decision to move his residency to Italy and Abu Dhabi following changes to the UK’s non-domiciled tax status that had initially made foreign income and gains tax exempt providing it didn’t enter the country.

Sawiris isn’t the only high net worth individual — or Egyptian for that matter — to relocate to more tax-friendly jurisdictions, with Mansour Group and Man Capital Chairman Mohamed Mansour also deciding to end his residency in the country last year. Mansour’s move came despite his prominence in the country that saw him receive a knighthood and serve as the senior treasurer of the Conservative Party.