Hedge fund billionaire Chris Rokos, founder of Rokos Capital Management, is reportedly moving his residency from the UK to Greece, with plans to establish an office in Athens. This move follows his payment of an estimated £330 million in UK taxes last year, placing him third on The Sunday Times' list of top taxpayers. Rokos's decision is speculated to be influenced by Greece's generous tax regime, which allows qualifying wealthy foreigners to pay a flat yearly tax of €100,000 on all overseas income for up to 15 years, a significant reduction from his previous UK tax contributions.
This departure is part of a trend of high-profile wealthy individuals leaving the UK, with some attributing it to the abolition of the non-dom regime and concerns over potential future tax increases. Dan Neidle of Tax Policy Associates highlighted the substantial loss to the UK, noting that £330 million could fund approximately 4,500 teachers, and is more than some entire taxes raise. He also commented that Greece's tax incentives are difficult for the UK to compete with, as Rokos will likely pay almost nothing there.
Rokos, whose firm manages approximately $22 billion and employs over 370 people, previously co-founded Brevan Howard Asset Management before establishing Rokos Capital Management in 2015. He recently made a record £190 million donation to Cambridge University to establish the Rokos School of Government, set to open this autumn. His representatives declined to comment on the move, but a UK government spokesperson emphasized the country's attractiveness for talent and investment, citing its competitive tax system and world-class universities.
