A hedge fund billionaire and one of Britain’s richest taxpayers has decided to leave the UK for Greece, the BBC understands.
Chris Rokos is reportedly planning to open an office in Athens. Greece has generous tax rules for wealthy foreigners earning income abroad.
Rokos was ranked third on The Sunday Times list of Britain’s biggest taxpayers, paying £330 million last year, and in March said he would donate £190 million to Cambridge University.
Rokos representatives declined to comment. A government spokesman said: “The UK remains an attractive destination for talent and investment.”
“The Chancellor has made wealth creation one of his top priorities,” the spokesman said, adding that the UK has a “competitive and stable tax system, deep capital markets, world-class universities and a highly skilled workforce.”
It is not known why Rokos made the decision, first reported by Bloomberg, but Greece’s tax rules are considered attractive to the ultra-wealthy.
They allow foreigners who meet certain criteria to pay a flat annual tax of €100,000 (£86,000) on all overseas earnings.
Rokos’ decision comes ahead of UK Chancellor John Healey’s first budget unveiling on October 28.
In an interview with the BBC on Monday, Healey did not rule out tax rises in the Budget as recent increases in government borrowing costs put pressure on public finances.
He declined to comment on any tax decisions, promising only to “balance the books” and “control government spending.”