Billionaire hedge fund founder Chris Rokos is reportedly moving to Greece due to concerns over potential tax increases in the upcoming autumn budget. Rokos, whose net worth is estimated at approximately £2.6 billion, ranked as the third-largest taxpayer in the Sunday Times Tax List 2026, having contributed about £330 million to the public purse last year.
The London native founded Rokos Capital Management in 2015. He has since expanded the hedge fund into an investment firm with offices worldwide and approximately $20 billion in assets.
According to Bloomberg, Rokos may be the first high-net-worth individual to leave the UK as Chancellor of the Exchequer John Healey prepares a new public spending plan.
Tax policy and government response
The Labour government has introduced several measures targeting the wealthiest citizens, including closing tax loopholes related to non-resident trusts and increasing stamp duty for non-residents. These policies have already contributed to the departure of several wealthy individuals, including steel billionaire Lakshmi Mittal.
Meanwhile, EU countries are actively seeking to attract British billionaires by offering various perks and tax incentives. Greece has become an attractive option for the ultra-wealthy since introducing a flat tax of €100,000 per year on worldwide income in 2019 for foreign high-net-worth individuals who move their tax residency to the country. They are also required to invest at least €500,000 in Greek assets.
Italy has also become a popular destination for wealthy foreign entrepreneurs following the introduction of tax breaks on foreign-sourced income in exchange for an annual contribution of €100,000.
Political reaction
Shadow Chancellor of the Exchequer Andrew Griffith said the departure of Chris Rokos is bad news for the UK. He noted that Rokos is the country’s third-largest taxpayer and has made significant contributions to charitable and educational projects. “Yet another wealth and job creator is leaving Britain, which means fewer opportunities for young people and higher costs for the rest of us,” said Griffith.
At the same time, Secretary of State for Work and Pensions Liz Kendall (noting the source context, the role is Secretary of State for Work and Pensions) emphasized on Sky News that the UK remains “a great place to do business.” She stated that the country is one of the best in the world to live and work in, and that creativity and innovation are vital national strengths.
In his first major speech since being appointed Chancellor of the Exchequer, John Healey refused to rule out further tax increases. He stated that the UK is still feeling the “Truss premium”—the economic consequences of the failed mini-budget presented by former Prime Minister Liz Truss in 2022.
Healey added that the British economy is “starting to turn a corner” amid an optimistic outlook, but acknowledged the “need to control public spending.”
Responding to questions about potential tax hikes, Healey said he did not want to react to speculation, as it would only fuel further rumors. He stated that every Chancellor of the Exchequer announces their plans during the budget presentation.
Source: The Independent UK
