Hedge fund billionaire Chris Rokos, reportedly Britain's third-highest taxpayer, is planning to shift his residency from the United Kingdom to Greece. Rokos, who leads Rokos Capital Management, intends to establish an office in Athens. This move comes as the UK Treasury faces pressure on public finances, with potential tax hikes, including a wealth tax, not ruled out by Chancellor John Healey in his upcoming budget.
Greece has been actively seeking to attract wealthy individuals, particularly from the UK, Switzerland, and the UAE, with a suite of tax incentives and a competitive business environment. In June, Greece introduced new tax breaks for venture capital firms and hedge funds, cutting the tax on bonuses and dividends in the financial sector to 5%, down from 15%. This measure requires companies to have operating expenses of at least €3 million annually in Greece.
Furthermore, Greece's non-domicile tax regime, established in 2019, allows qualifying individuals who transfer their tax residence to the country to opt for a fixed annual tax of €100,000 on their foreign-source income, regardless of the amount earned. This regime is available for up to 15 years and can be extended to family members for an additional fee. This system mirrors, in part, older UK non-domicile rules, which have since been abolished, removing a pathway for equivalent investors to move to the UK.
For those considering a similar relocation, Greece offers various considerations. Property prices in Greece have seen an average annual increase of about 7% since the COVID-19 pandemic, according to Knight Frank. Popular areas for affluent buyers include Athens and its Riviera, Porto Heli, Corfu, and Mykonos. The Ellinikon, a large-scale urban regeneration project on the site of the former Athens International Airport, is attracting international interest, with British buyers representing 9% of overseas interest, second only to the US. Prices at The Ellinikon start from €500,000 and can reach €4 million.
Residency requirements in Greece involve registering an address and applying for a temporary residence permit within 90 days of arrival. Permanent residency can be applied for after five years of living in Greece with a temporary permit, requiring renewal every 10 years. Greece recognizes dual citizenship, meaning British citizens would not need to relinquish their UK citizenship.
Greece's Golden Visa Programme, launched in 2013, offers permanent residence permits to non-EU nationals investing in the Greek economy, typically through property purchases or financial investments. Options include a flat tax of €100,000 on all foreign-source savings and investment income for individuals not resident in Greece for at least seven of the past eight years, or a preferential 7% tax rate for pensioners relocating to Greece, provided they haven't been resident for at least five of the past six years. Both programs require an investment ranging from €250,000 to €800,000, depending on the investment type.
While Greece generally enjoys a Mediterranean climate with hot summers, winters can be cool, though typically milder than in Britain. The best period for visiting or considering a move is between April and October.
Potential buyers should be aware of the 90-day rule for British citizens concerning cumulative stays across Europe within a 180-day period. Those looking to rent out properties must obtain a license and meet specific safety standards. Engaging an English-speaking solicitor is advised for property transactions.