Hedge fund billionaire Chris Rokos has joined other ultra-wealthy individuals in leaving the UK, relocating to Greece. This decision is likely to reduce government tax revenue by billions of pounds.
Mr Rokos, who founded Rokos Capital Management, paid over £300m in tax last year. His move to Athens follows Greece's introduction of new rules allowing wealthy foreigners to pay a flat annual tax of around 100,000 euros, or approximately £86,000, on all overseas income.
Based on the Sunday Times Rich List's estimation of his last UK tax bill, Mr Rokos's departure could mean the Exchequer misses out on some £330m each year. He was reported to have paid the third most tax of any individual in the UK and has an estimated net worth exceeding £2bn.
This move comes as the Labour government, in power since 2024, has faced criticism from City investors regarding its stance on the wealthy. Measures such as ending the non-dom regime, scrapping a VAT exemption on private schools, and increasing capital gains tax rates have been cited as contributing to a 'wealth exodus'.
Conservative Party campaigners have argued that a higher capital gains tax rate, currently at 22 per cent, could lead to a loss of Treasury revenue as investors might hold onto assets. Record amounts of capital gains tax, £127bn, were recorded in the 2024/25 tax year, an 82 per cent increase from the previous year.