Greece, once a symbol of Europe’s economic crisis, is now emerging as one of the new destinations for investors and wealthy residents from Britain.
The decision by Chris Rokos, one of the world’s most successful hedge fund managers, to move his life and business base to Greece has sparked considerable debate in the UK.
The 55-year-old founder of Rokos Capital Management, who ranks among the country’s biggest taxpayers, is leaving Britain at a time when tax policy and the burden on high earners are at the centre of public debate.
The question posed by British journalist Robert Hardman is telling: “Who will be the last millionaire to leave Britain for sunny, low-tax Greece?”
The loss of a taxpayer contributing hundreds of millions
According to the Daily Mail report, Chris Rokos has consistently ranked among Britain’s biggest taxpayers, paying an estimated £330 million a year into the public purse.
His departure, the article argues, concerns more than just one individual and raises questions over whether Britain can retain people who make a significant contribution to public revenues.
The Daily Mail estimates that over a five-year period, the potential loss of tax revenue from someone such as Rokos could reach almost £2 billion. However, the issue goes beyond taxation.
Rokos also has a significant philanthropic presence, funding scholarships and research programmes at leading British universities, as well as initiatives supporting young people from less privileged backgrounds.
Greece is attracting wealth
What gives the case particular weight is the destination: Greece. A country that a decade ago was at the centre of the debt crisis, with its economy under severe strain and its international image badly damaged. Today, however, the article presents it as an economy that has turned the page.
Growth, investment attraction, the recovery of the property market and tax incentives for new foreign residents have created a different environment.
Greece now offers a package considered particularly attractive by many wealthy Britons: sunshine, sea, quality of life, a lower tax burden and easy access to Europe.
The Greek incentives attracting millionaires
One of the main reasons Greece is in the spotlight is its special tax regimes for foreign residents. Among the options being considered by investors and high earners are:
- the Golden Visa through property investment;
- the special tax regime for those transferring their tax residence to Greece;
- the flat tax burden on income originating abroad;
- arrangements for pensioners from other countries.
The result is that Greece is now competing with traditional destinations for the wealthy, such as Switzerland, Monaco, Italy and the United Arab Emirates.
Athens, the Riviera and Ellinikon: Greece’s new image
The article describes an Athens very different from the one the world came to know during the crisis.
The Athenian Riviera, marinas, luxury homes and major development projects have transformed the investment landscape.
Particular reference is made to Ellinikon, where the former airport is being transformed into a new area for residential, business and tourism development.
The project is presented as one of the symbols of the new Greece, with international investors seeking high-end properties.
At the same time, areas such as Vouliagmeni and Ekali are emerging as options for families seeking international schools and a high standard of living.
Will others follow?
The key question raised by the article is whether Rokos’s move is an isolated case or signals a broader trend. The answer is not that all of Britain’s wealthy will move to Greece.
However, according to market figures cited by the article, the decision of such a prominent investor sends a message to other people with substantial financial means.
Greece offers more than tax advantages. It offers a lifestyle combining business opportunities with the climate and everyday life of the Mediterranean.
The new battle for wealth
The Rokos case brings a broader international contest into focus: the competition to attract capital, investors and people with significant economic influence. For Britain, the question is how it will retain major taxpayers at home. For Greece, the challenge is whether it can turn increased interest into genuine investment, businesses and jobs. The country that just a few years ago was held up as an example of crisis is now being seen by a number of international investors as a new opportunity. And Chris Rokos is the most high-profile example to date of this change.
Independent: ‘Britain is in decline’ as Greece gains billionaires
A similar line is taken by a report in the Independent, which comments that Britain is in decline while Greece is attracting billionaires.
Billionaire Manchester United owner Jim Ratcliffe argues that Britain is on a downward trajectory, saying that the combination of high taxation and increased immigration is driving many wealthy citizens to seek countries with a more favourable tax environment.
Ratcliffe’s comments come at a time when a number of Britain’s ultra-wealthy are considering leaving the country, with billionaire hedge fund manager Chris Rokos a notable example. He is reportedly transferring his tax residence to Greece amid concerns over possible tax increases in the UK, the Independent reports.
Ratcliffe, who founded petrochemicals group Ineos and has a fortune of around £15 billion, had already left Britain in 2018, transferring his tax residence to Monaco. In an interview with the BBC, Ratcliffe said the country “was once a fantastic place”, but now believes it is facing serious challenges.
“Unfortunately, at the moment I believe Britain is in decline. It is difficult to see how this can be reversed,” he said.
The billionaire argued that politicians should make decisions based on the national interest rather than political cost, while criticising the country’s attitude towards wealth creation. “In the US, they applaud people who create wealth. Unfortunately, in the UK today there is a negative attitude towards wealth,” he said.
The case of Chris Rokos highlights the shift in interest among some very wealthy investors towards countries offering more competitive tax regimes, the report says. The founder of hedge fund Rokos Capital Management, one of Britain’s best-known fund managers, is reportedly choosing Greece as his new tax residence in a move linked to expectations of changes to the UK’s tax policy.
The development brings back into focus the international “battle” between countries to attract large fortunes, as tax incentives, stability and quality of life are key factors in the decisions of the ultra-wealthy.
Ratcliffe also referred to Britain’s energy policy, describing the failure to invest in oil and gas in the North Sea as “madness”.
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