High-net-worth individuals are increasingly leaving the UK for other European nations that offer more favorable tax regimes. Chris Rokos, founder of Rokos Capital Management, is a notable example, reportedly moving his tax residency to Greece and establishing an office in Athens. Rokos, who was the third-largest taxpayer in the UK, paid an estimated £330 million in the latest tax year and has a net worth of about $4 billion. His firm manages approximately $20 billion.
This outflow of wealth is largely attributed to the UK's abolition of the non-domicile (non-dom) tax regime, which previously offered tax advantages on foreign income. This change, effective April 6, 2025, has removed incentives for the super-rich to remain in London. Other factors contributing to the exodus include changes to inheritance tax and broader fiscal uncertainty. An in-house survey by Wealth Club found that 61% of their clients, with average assets of £4.5 million, have considered leaving the UK over tax fears, with 16% actively considering it.
Countries like Greece and Italy are actively attracting these wealthy individuals with their flat-tax arrangements. Greece offers a lump sum of €100,000 per tax year on all foreign income for a maximum of 15 years. Italy's flat tax, though recently raised to €300,000 from the start of 2026, also draws interest, along with its favorable inheritance tax framework. Other destinations for wealthy Britons include Switzerland, Dubai, and Monaco. The UK has seen a significant increase in applications from people with a UK address to residency and citizenship planning firms, rising 15% between 2024 and 2025, with the UK becoming one of the top five biggest source markets for new clients for Henley & Partners.
