Key facts
- Hedge fund billionaire Chris Rokos is relocating from the UK to Greece.
- Rokos paid over £300 million in UK tax last year.
- Greece offers wealthy foreigners a flat annual tax of approximately £86,000 on overseas income.
- Rokos's move could cost the UK Treasury an estimated £330 million annually.
- Several other high-net-worth individuals have left the UK due to recent tax changes.
Hedge fund billionaire Chris Rokos has relocated from the UK to Greece, a move that is expected to result in a significant loss of tax revenue for the UK government. Rokos, the founder of Rokos Capital Management, paid over £300 million in tax last year alone and has an estimated net worth exceeding £2 billion. His departure follows Greece's introduction of a flat annual tax regime for wealthy foreigners, allowing them to pay approximately €100,000 (£86,000) on all overseas income. The Sunday Times estimates the UK could lose around £330 million annually due to Rokos's move. Rokos's decision aligns with a trend of ultra-wealthy individuals leaving the UK, reportedly in response to tax policies implemented by the Labour government since 2024. These policies include ending the non-domicile tax regime, scrapping VAT exemptions on private schools, increasing capital gains tax, and plans for a new levy on mansions. Experts and economists have warned that such measures could deter investment and lead to lost revenue, with some suggesting that higher capital gains tax rates might cause investors to hold onto assets longer. Data from the 2024/25 tax year showed record capital gains tax revenue of £127 billion, an 82% increase from the previous year.