Ryan Howsam, who founded Yorkshire-based Starsure Insurance, says he would return to the UK ‘in a heartbeat’ if the Government introduced tax breaks for wealthy expats
Ryan Howsam quit the UK for Dubai(Image: Getty)
A Yorkshire billionaire who left the United Kingdom for Dubai has said he would return home if one particular change was implemented. Ryan Howsam, an insurance magnate, has stated he would come back in a “heartbeat”.
However, the entrepreneur insists tax incentives would need to be introduced before he departs the Gulf city. He suggests this would encourage “a whole heap” of affluent individuals to relocate back to the UK amid the war in Iran.
Ryan proposes a £5,000 flat fee for those returning to the UK from Dubai, coupled with a 10 per cent reduction in capital gains tax on future business sales.
He maintains he has written to ministers but is yet to receive a response. Speaking to The Telegraph, he said: “You’ve got families who are trying to make it [in Dubai], and these people are driving the economy. Some of them might be more reticent to go back to Dubai with a family on the back of the potential risks.
“One of the measures that the Government could and should have done is take that opportunity to signal a package of tax measures and they’d have had a whole heap of people back in a heartbeat.”
Ryan established Starsure, which offered specialist travel insurance for individuals with pre-existing medical conditions, in 2004. Two decades on, he sold a minority stake to a private equity firm, with the insurer now valued at over £800m, reports the Express.
His personal wealth is estimated at around £1bn, according to the Telegraph. Despite now residing in Dubai, he hasn’t been a full-time UK resident for more than 25 years.
He maintains his initial relocation wasn’t tax-motivated, though acknowledges he has benefited from Dubai’s regulations. The city levies neither personal capital gains tax on individuals nor income tax.
Ryan has, however, recently purchased a Georgian townhouse in London, with plans to transform it into an entrepreneurs’ club. He suggests membership fees would be determined by individual financial capacity.
“We’ll be working from there, but as part of the club we will be introducing [members] to people of influence in the entrepreneur world on business, so they can learn,” he explained.
Ryan clarifies that he wasn’t in Dubai when conflict erupted with Iran. Instead, he was attending a golf tournament in Marbella.
And while he might not reside in Britain, he does maintain properties across the UK, including a house on the grounds of Wentworth golf club.
He also indulges in his prosperity, possessing a collection of luxury vehicles, including a unique Aston Martin Vanquish signed by Daniel Craig for Skyfall.