U.K.'s Richest Man Has Billions of Reasons to Move to Monaco (1)

Monaco’s decision to scrap income taxes dates back to the time of the American Civil War.

The move has since helped draw scores of wealthy individuals to the city-state on the French Riviera, and Monaco may now be about to bag the U.K.’s richest person as a foreign resident, according to a British newspaper.

Jim Ratcliffe

AFP/Getty Images

Why Jim Ratcliffe, the founder of global chemicals manufacturer Ineos AG, would ditch England for the world’s most densely populated jurisdiction is a mystery for now. But taxes are a far more likely reason than Monaco’s azure seas and private beaches.

Moving there “isn’t always ...