Desmond has overhauled how he controls one of Britain’s biggest self-made fortunes after recently moving to Dubai, easing a path for him to ramp up investments outside the UK.

The former media baron has set up a holding company in the UK crown dependency of Jersey for his London-based investment firm, Northern & Shell, which the 74 year-old billionaire previously controlled for more than a decade through several trust structures, according to registry filings.

The new entity, RCD Global Wealth Holdings, was created in the low-tax territory in April. That’s less than a year after the onetime owner of the UK’s Daily Express newspaper publicly disclosed his relocation to the United Arab Emirates, which does not levy personal income or capital gains taxes.

Desmond’s restructure simplifies the governance of his business empire as it expands globally, putting in a single holding structure to replace four separate trust arrangements. Jersey also offers tax breaks on dividends paid overseas, with similar terms available for UK companies’ outflows to the crown dependency.

The move reflects the “increasingly international outlook” of Northern & Shell, which had net assets of £397.6 million ($532 million) at the end of last year, according to its latest accounts. The company’s investments span London real estate, a UK lottery business and undisclosed public equities, the accounts show.

A representative for Desmond, who grew up in London and has a net worth of about $1.5 billion according to the Bloomberg Billionaires Index, didn’t respond to requests for comment.

The move illustrates an additional threat to the UK economy as globally mobile billionaires shift their main place of residence. While their initial departure does not necessarily threaten tax tied to UK-based assets, it can precipitate further restructuring that leads to a shift in focus and a further loosening of ties as they build a new life overseas.

Ultra-wealthy individuals including Egyptian investor Nassef Sawiris and Danish tycoon Troels Holch Povlsen have already pulled capital out of British companies as they’ve curbed their UK residency ties amid tax hikes introduced last year on the nation’s well-heeled residents. Desmond’s fellow British billionaire Chris Rokos is also moving from his home nation and relocating to Greece, where his namesake hedge fund is setting up an office after opening another this year in Abu Dhabi.

In a further sign of Desmond’s shift, Northern & Shell’s latest annual accounts disclosed UAE finance giant Emirates NBD PJSC as one of its bankers. Over the last decade it has previously only listed banks from the UK, US and Switzerland. Meantime, the company said it’s engaged in a sale process of a 15-acre real estate development in east London, lining up a liquidity event that could bolster its activities further outside the UK.

After publishing adult magazines, Desmond became a newspaper owner in 2000 when he bought the owner of the Britain’s Daily Express and Daily Star newspapers for £125 million and acquired broadcaster Channel 5 a decade later. The former donor to Britain’s Conservative and Labour political parties began offloading those assets in 2014 and turned his attention more to real estate and other ventures, leading to an unsuccessful bid in recent years to run the UK’s National Lottery.

Desmond’s Northern & Shell remains liable for UK business levies, but it reported tax losses at the end of last year totaling more than £100 million that the company may be able to offset against future charges.