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Hedge-fund billionaire Chris Rokos plans to move to Greece

Rokos, ranked third among the UK’s top taxpayers, paid £330 million in tax last year and plans to open an office in Athens ahead of the UK’s first Budget on October 28.

Reported · Written up by our desk · Trade & Tariffs

A hedge-fund billionaire and one of the UK’s richest taxpayers, Chris Rokos, plans to leave the UK for Greece, the BBC reports. He intends to open an office in Athens, citing Greece’s tax rules for wealthy foreigners earning overseas income.

According to the BBC, Rokos was ranked third in The Sunday Times list of Britain’s top taxpayers after paying £330 million last year. The outlet says he had previously announced in March that he would donate £190 million to Cambridge University, and that his representatives declined to comment on the move.

The BBC reports that Greece’s system can involve a flat yearly tax of €100,000 on overseas income for eligible foreigners, a structure viewed as especially attractive to ultra-wealthy individuals. Dan Neidle, founder of the think tank Tax Policy Associates, told the BBC that the potential loss of £330 million in tax revenue would be significant.

Rokos’s decision comes before UK Chancellor John Healey’s first Budget on October 28. The BBC adds that Healey has not ruled out tax increases, while a government spokesperson said the UK remains attractive for talent and investment and pointed to the country’s competitive, stable tax system and capital markets.

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