Billionaire who paid £330 million in UK tax reportedly plans Greece move after Nassef Sawiris exit

• Hedge-fund billionaire Chris Rokos is reportedly preparing to move his tax residency from Britain to Greece and open an Athens office.
• Greece permits qualifying wealthy foreign residents to pay €100,000 annually on foreign income for up to 15 years.
• Rokos would join wealthy individuals who have changed residency following Britain’s abolition of its non-domiciled tax regime.
• They include Egyptian billionaire Nassef Sawiris, although tax has not been established as the sole reason for either man’s decision.

British hedge-fund billionaire Chris Rokos is preparing to move his tax residency to Greece, joining an exodus of wealthy residents that has already included Egypt’s richest man, Nassef Sawiris.

Read Also

The Financial Times reported the planned move on Monday, citing people familiar with the matter. Rokos Capital Management declined to comment.

Rokos is also expected to establish an office in Athens. Until either Rokos or his company confirms the arrangement, it should be described as a reported plan rather than a completed relocation.

The decision comes as European and Middle Eastern countries compete for wealthy residents following Britain’s abolition of its non-domiciled tax regime.

    **The attraction of Greece**

Greece allows qualifying foreign residents to pay a flat annual tax of €100,000 on income earned outside the country.

The arrangement can continue for up to 15 years and generally requires an investment of at least €500,000 in Greek property, businesses or securities.

That €100,000 payment does not eliminate every tax liability. Income generated inside Greece and other applicable obligations remain subject to local rules.

The regime has nevertheless made the country an increasingly attractive base for wealthy people who can move their residency, companies and investments across borders.

    **DON'T MISS THIS: ****A top Goldman Sachs banker is moving to Milan as London struggles to maintain its stature**


    Rokos Capital manages approximately $22 billion and employs more than 370 people internationally. The *FT *reported that Rokos received £477 million from the business in its most recent financial year.


    The *Sunday Times* Tax List estimated that he and his firm generated a UK tax bill of approximately £330 million. That number is an external estimate, not a personal tax return disclosed by Rokos.


    **The Nassef Sawiris connection**

Sawiris changed his tax residency from Britain to Italy and the United Arab Emirates as the UK prepared to abolish preferential treatment for non-domiciled residents.

The Egyptian businessman has interests spanning fertiliser, construction, sports and investment. His departure was among the most prominent examples of internationally mobile billionaires reconsidering Britain as a base.

    **DON'T MISS THIS: ****Inside the private jets of Africa’s billionaires**

Sawiris’s move should not be presented as proof that tax was his only motivation. Residence decisions can also reflect family circumstances, business interests, lifestyle, investment opportunities and access to international markets.

Nor is there evidence that Rokos consulted or followed Sawiris. Their relevance to each other is that both belong to a broader migration of wealthy residents after a major change in British taxation.

    **Countries compete for mobile fortunes**

Britain abolished its non-domiciled regime because critics argued that it allowed wealthy long-term residents to avoid UK tax on income earned abroad.

Supporters of the change said people living in Britain should pay tax on worldwide income under rules comparable with those applied to other residents.

Opponents warned that highly mobile investors would simply move to competing jurisdictions, potentially taking investment, spending and tax revenue with them.

Italy, Greece, Switzerland and the United Arab Emirates have all used different combinations of tax rules and residency programmes to attract wealthy foreign nationals.