Hedge fund billionaire Chris Rokos is moving his residency from the UK to Greece, marking the latest exit by a high-profile financier amid fears over tax rises under the Labour government, Financial Times has reported.
Rokos’s earnings have made him one of the UK’s biggest individual taxpayers. He paid himself £477 million (€555 million) last year as his $22 billion (€29.7 million) macro hedge fund soared during a volatile period for markets.
Jurisdictions from Europe to the Middle East have put in place fiscal sweeteners to try to lure ultra-high-net-worth individuals. Among the main beneficiaries of a raft of departures from the UK have been Italy, the United Arab Emirates and Switzerland.
Greece has instituted an annual flat tax of €100,000, which allows wealthy foreign investors to keep their foreign earnings outside its tax net for up to 15 years. Individuals must also show evidence that they have invested at least €500,000 in the country.
Rokos Capital Management (RCM) is one of the world’s largest and best-known macro hedge funds, employing more than 370 people across London, New York, Abu Dhabi and Singapore, the Financial Times report said.
