Chris Rokos, a prominent hedge fund tycoon and Britain's third-largest taxpayer in the previous fiscal year, is relocating his residency to Greece and establishing a new office in Athens. Rokos, founder of Rokos Capital Management, paid approximately £330 million in taxes last year, according to reports.
The move occurs as the Labour government, led by Prime Minister Andy Burnham, seeks to boost wealth creation and fund public spending commitments. Chancellor John Healey stated his ambition to foster a "country of wealth creation," yet Rokos's departure, alongside other wealthy individuals, raises questions about the impact of potential tax policies.
Rokos, who has an estimated net worth of around $4 billion (£3 billion), is reportedly switching his tax residency to Greece. This development comes as Labour has already targeted taxes related to non-domiciled residents, inheritance, high-value properties, and private school fees. There are growing concerns that further wealth taxes may be introduced to finance Burnham's agenda, which includes expanding council housing, overhauling social care, managing the cost of living, and increasing defense spending.
The UK's borrowing costs have recently surged, nearing 28-year highs due to a bond market sell-off, which critics argue complicates the government's fiscal balancing act. Opponents suggest that cuts to the welfare bill, rather than increased taxation, would be a more prudent approach. The UK's tax burden is already at its highest level since the 1940s, with previous increases by former Chancellor Rachel Reeves totaling £75 billion.
Rokos is not the only high-profile figure to leave the UK. Billionaires such as Guillaume Pousaz, founder of Checkout.com, and Nassef Sawiris have also reportedly relocated. Rokos, 55, previously made a significant donation of £190 million to Cambridge University, described as the largest single donation to a British university in modern times. He attended state primary school before receiving a scholarship to Eton College and studied mathematics at Pembroke College, Oxford.
His firm experienced a strong financial year, with profits nearly tripling to £940 million, leading to his personal earnings of £477 million last year. Rokos owns Tottenham House, a Grade I listed mansion in Wiltshire. He has historically made donations to the Conservative Party. Last year, he also sold his Florida mansion for £110 million, having purchased it for a record £30 million in 2017.
A spokesperson for Mr. Rokos declined to comment on the reports.