Chris Rokos, a hedge-fund billionaire and one of the UK's wealthiest taxpayers, has decided to relocate from the UK to Greece, as reported by the BBC. Rokos plans to establish an office in Athens, where tax regulations are favorable for wealthy individuals earning income from abroad.
Rokos was ranked third in The Sunday Times list of Britain's top taxpayers, having contributed £330 million in taxes last year. In March, he announced a donation of £190 million to Cambridge University.
Representatives for Rokos have not provided comments on his decision. A government spokesperson remarked that the UK continues to be an appealing destination for talent and investment, emphasizing that the Chancellor has prioritized wealth creation. The spokesperson noted the UK’s competitive tax system, deep capital markets, esteemed universities, and skilled workforce.
The reasons behind Rokos's move remain unclear, although Greece's tax incentives for the ultra-wealthy are considered attractive. Under these rules, qualifying foreigners can pay a flat annual tax of €100,000 (£86,000) on all overseas income.
Dan Neidle, founder of the think tank Tax Policy Associates, commented that the UK could lose significant tax revenue, estimating that the £330 million lost could fund approximately 4,500 teachers. He noted that while the Treasury has some estimates regarding wealthy individuals leaving the UK, comprehensive data on the revenue loss is lacking.
Neidle suggested that the government must provide certainty to ultra-wealthy residents, as frequent changes to the non-dom tax regime and discussions of a potential wealth tax create uncertainty.
Rokos's decision comes ahead of UK Chancellor John Healey's first Budget scheduled for October 28. In a recent interview, Healey did not dismiss the possibility of tax increases in the Budget, citing rising government borrowing costs as a concern for public finances. He pledged to balance the budget and control public spending without commenting on specific tax decisions.
In March, Cambridge University stated that Rokos's donation would be the largest single contribution made to a British university in modern history, intended to establish a school of government named after him, aimed at training future leaders. The school is expected to open this autumn. Despite his significant donation to Cambridge, Rokos is an alumnus of Oxford, where he studied mathematics at Pembroke College, having previously attended a state primary school before receiving a scholarship to Eton College.