Sir Richard Branson has left Britain and is living on his holiday island of Necker in the British Virgin Islands, his spokesman said.
Sir Richard's decision to leave the country is a turnaround for the charismatic entrepreneur who has draped himself in the Union Jack to promote his business, the Sunday Times newspaper said.
However, his spokesman said he had been there for seven years and stressed it made no difference for tax purposes whether he was in the UK or the British Virgin Islands.
He said: "After almost 40 years of working in the UK, Richard, now in his 60s, chose to live on his island Necker in the British Virgin Islands, an island he bought in 1979.
"He moved there more than seven years ago, but rather than retiring there, he spends 90% of his time starting not for profit ventures and raising millions for charity through speeches and other charitable engagements.
"Since he gives 100% of any monies he earns from these to charity, it makes no difference for tax purposes whether he is in the UK or the BVI."
TOP NEWS STORIES TODAY Cyclone Phailin Hits India's East Coast