Nathan Tinkler has decided to leave Australia and take up a new life in Singapore to be closer to Asia's resources markets.
The Sydney Morning Herald reports a Tinkler spokesperson said the move was permanent.
"His principle place of residence would now be described as Singapore," they said.
"He just wants to be closer to the markets, to Asia."
The spokesperson said Tinkler would still travel regularly to Australia and would remain committed to his Australian investments, including those outside the mining industry.
The Wall Street Journal reports Tinkler will join a long list of international tycoons now moving to Singapore.
According to the WSJ Singapore has the highest percentage of millionaire households in the world.
The tax rate for the highest income bracket in Singapore levels at 20 per cent compared to the 45 per cent set in Australia.
Singapore also has no capital-gains tax.
Image: The Courier-Mail