Billionaire Chris Rokos, who paid £330m in tax last year, to quit UK

Hedge fund tycoon Chris Rokos, Britain’s third-largest taxpayer, has announced his intention to move his residency to Greece, marking another notable departure from the UK amid rising concerns over Labour’s tax policies. Rokos, founder of Rokos Capital Management, contributed £330 million in taxes last year, equivalent to the salary of 10,000 newly qualified nurses. His decision comes as the Labour government faces criticism over its approach to taxing the wealthy, with fears of further increases to fund initiatives such as building more council homes, overhauling social care and boosting defense spending. Rokos, who is estimated to be worth £3 billion, is relocating his residency to Greece and plans to open an office in Athens. The move follows the introduction of Greece’s favorable tax regime for high-net-worth individuals, which allows them to pay a flat annual tax of €100,000 on all overseas income for 15 years, provided they invest at least €500,000 in Greek assets. This policy has attracted attention as Greece seeks to revive its economy after a severe debt crisis in 2011. Rokos’s departure coincides with broader trends of wealthy individuals leaving the UK. Several high-profile billionaires, including Guillaume Pousaz, founder of payment platform Checkout.com, and Nassef Sawiris, Egypt’s second-richest man, have also relocated abroad. The exodus is attributed to the abolition of the non-domiciled (non-dom) tax regime in 2024, which previously allowed individuals to pay UK taxes only on income earned domestically. Labour’s new residence-based tax system now subjects foreign income and gains to UK taxation after four years, with global assets also facing inheritance tax after 10 years. Rokos, who attended a state primary school before earning a scholarship to Eton, studied mathematics at Oxford and later became a prominent figure in the financial sector. In 2025, he earned £477 million after his firm recorded profits of nearly £940 million. He also owns the historic Tottenham House in Wiltshire, a Grade I-listed mansion that underwent a £175 million renovation. Earlier this year, Rokos made a record £190 million donation to the University of Cambridge to establish the Rokos School of Government, describing the gesture as a way to give back to Britain. The UK’s tax reforms have sparked debate over whether they are driving wealthy individuals to seek alternatives elsewhere. Critics argue that Labour should address the country’s soaring welfare costs instead of imposing steep taxes, which have reached levels not seen since the 1940s. The previous chancellor, Rachel Reeves, raised taxes by £75 billion, and current Chancellor John Healey has emphasized the need for the UK to be a “country of wealth creation.” However, the government’s efforts to balance the budget have been complicated by a surge in government borrowing costs, reaching a 28-year high following a bond market sell-off. Several European countries have introduced incentives to attract wealthy individuals, with Italy offering tax breaks for an annual fee of €100,000. The UAE and Monaco have also emerged as popular destinations for the super rich. While the exact impact of these tax policies on the exodus remains unclear, official data shows a modest 0.5% drop in the number of non-domiciled residents in the UK, down to 73,400 in the tax year ending April 2025. The true scale of departures will likely be revealed in future reports. A spokesperson for Rokos did not comment on his decision, though his move underscores ongoing tensions between the UK’s tax policies and the interests of its wealthiest citizens. As the Labour government prepares its upcoming budget, the continued departure of high-profile individuals raises questions about the long-term implications for economic growth and public perception of the country’s attractiveness as a hub for wealth creation.