Billionaire hedge‑fund manager Chris Rokos moves to Greece, raising UK tax‑revenue concerns
Rokos, who paid over £300m in UK tax last year, is joining a wave of wealthy expatriates after Greece introduced a fixed‑rate tax for high‑net‑worth foreigners.
Chris Rokos, the founder of Rokos Capital Management, has confirmed his relocation from the United Kingdom to Greece. The move follows Athens’ recent introduction of a flat annual tax of roughly €100,000 on worldwide income for affluent newcomers.
Why the move matters
The billionaire paid more than £300 million in UK tax in the 2023‑24 fiscal year and was ranked third highest taxpayer by the Sunday Times Rich List. Estimates suggest his departure could shave around £330 million off the Exchequer’s annual receipts, a significant dent given the government’s recent fiscal tightening.
His decision mirrors earlier departures by figures such as Andy Burnham and John Healey, who have publicly defended the UK’s appeal to wealth creators despite recent tax hikes. The Labour government’s recent policies, ending the non‑dom regime, raising capital‑gains rates and proposing a mansion levy, have been criticised as driving a “wealth exodus”.
Potential impact on UK finances
Economists warn that a formal wealth tax or further capital‑gains increases could exacerbate the trend, prompting more high‑income earners to relocate.
“The dynamic, behavioural effects of policy are more significant with capital gains taxes than almost any other part of the tax system,” said Simon French, chief economist at Panmure Liberum.
Capital‑gains receipts rose 82 percent to £127 billion in 2024‑25, yet analysts argue that higher rates may ultimately reduce revenue if investors defer sales.
What could happen next
With the next budget looming, the Treasury may focus on tweaking capital‑gains thresholds rather than imposing a new wealth levy. Healey’s growth‑led fiscal plan suggests a preference for investment‑friendly measures, while Laffer’s warning to Burnham underscores the risk of stifling growth.
For now, Rokos Capital Management has declined to comment, and the Treasury has not responded. The episode serves as a barometer for how UK tax policy may shape the location decisions of the world’s wealthiest investors.
