Egyptian billionaire Nassef Sawiris is shutting the London branch of his family office as part of a restructuring following his exit from UK tax residency, according to regulatory filings and reporting by Bloomberg.
The office, linked to NNS Group, is expected to close by the end of the month after winding-up procedures were initiated. Filings indicate the restructuring began in 2025, with Sawiris stepping down as a director and reducing his equity exposure, pointing to a planned and gradual withdrawal rather than a sudden exit.
Sawiris has since shifted his tax residency to jurisdictions including Italy and Abu Dhabi.
The move comes amid changes to the UK’s non-dom tax regime introduced in 2025, which have prompted some high-net-worth individuals to reassess their presence in the country, although no direct link has been publicly confirmed in Sawiris’ case.
