Nassef Sawiris lands in Toulon the week he closes his London family office

Nassef Sawiris flew from Nice to Toulon-Hyères Airport on June 8, a 20-minute hop along the French Riviera that arrived just as news broke of a significant administrative milestone. The Egyptian billionaire's Gulfstream G700, registered as M-USIK, made the short trip from LFMN to LFTH at around 1:13 pm local time, according to flight data.

The arrival comes the same week multiple outlets, including Bloomberg and Nairametrics, reported that Nassef Sawiris formally closed the London entity of his family office, NNS Advisers, completing a multi-stage exit from the UK triggered by the abolition of the non-dom tax regime. Per reports, the billionaire changed his personal residency to Italy in early 2025 and relocated his family office's main operations to Abu Dhabi, citing years of British tax policy incompetence. Italy's flat annual levy of €200,000 on foreign wealth, compared with the exposure of his estimated $9.3 billion global fortune to UK taxation, made the move financially straightforward.

The south of France leg follows a pattern of European repositioning. In the days prior, Nassef Sawiris flew from London to Nice on June 7, and from Cairo to Italy on June 5. While he retains his majority stake in Aston Villa and his seat on Adidas's supervisory board, his aviation movements increasingly orbit Mediterranean tax-friendly jurisdictions rather than London, his base for nearly a decade before the richest Egyptians began re-routing.