Rokos to leave UK for Greece
Rokos Capital Management founder Chris Rokos is preparing to move his tax residency from the UK to Greece, highlighting the growing competition between European jurisdictions for wealthy hedge fund executives, according to a report by Bloomberg.
Chris Rokos, the founder of Rokos Capital Management, is set to relocate his tax residency from the UK to Greece, according to Bloomberg. The hedge fund manager, who oversees a $22 billion fund, is also planning to open an office in Athens as part of the move. Bloomberg cites unnamed sources close to the plans. The move represents a significant gain for Greece, which has implemented various tax incentives to attract high-net-worth individuals and financial professionals.
Under one of these schemes, foreign residents can pay a flat annual tax of €100,000 on overseas income. In contrast, the UK recently abolished its non-domiciled tax regime, leading to concerns among some wealthy investors about the country's attractiveness as a tax residence. The UK's new Foreign Income and Gains regime offers relief from UK tax on qualifying overseas income and gains for a four-year period.
However, Greece offers a 15-year incentive for high-net-worth individuals, while Italy provides a similar 15-year program with an annual flat tax on foreign-source income, which recently increased to €300,000.
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