It has become clear today that the third-largest individual taxpayer in the UK - billionaire Chris Rokos - is officially leaving the country. The founder of the large-scale asset management company Rokos Capital Management has decided to change its tax residency and move to Greece (source: Bloomberg).
The news comes at a time of heightened concerns among the super-rich on the island due to the expected tightening of fiscal policy. In the last year alone, Chris Rokos has contributed to the British treasury an impressive £330m in taxes (source: The Sunday Times Rich List).
The industry has been rocked by a massive capital flight from the UK, triggered by the removal of the historic “non-dom“ tax status for foreigners, as well as rumours of new heavy taxes on wealth planned for the autumn budget. Experts predict that the loss of fiscal revenue from the departure of a figure of Rokos's stature will open a serious hole in the state budget (source: This is Money). The wave of migration of super-rich managers and entrepreneurs is already redirecting billions to destinations in Europe and the Middle East with a more favorable business climate.