The UK’s third biggest tax payer is leaving for Greece

UK billionaire Chris Rokos is the UK's third biggest tax payer and he's leaving for Greece, because of UK tax law.

As someone who often helps startup companies raise capital through angel investors and venture capital, this feels relevant for me to talk about.

Why is he leaving for Greece? Greece has generous tax rules for wealthy foreigners earning overseas income.

Greece allows foreigners who meet certain criteria to pay a flat yearly tax of €100,000 (£86,000) on ALL overseas income.

Last year alone, Chris paid £330m of tax, which is enough to fund 4,500 teachers.

But how many wealthy individuals are actually leaving the UK? Recent press indicates that the numbers could be less scary than the headlines.

Surveys by financial groups like Wealth Club indicate that a high percentage of wealthy clients (around 61%) have considered leaving due to tax changes, though far fewer are actively moving.

Furthermore, actual tax records from HM Revenue & Customs (HMRC) in 2024 show that the number of registered non-domiciled taxpayers fell by just 0.5% (about 400 people) following initial tax reform announcements.

Rokos's decision comes ahead of UK Chancellor John Healey's first Budget on 28 October.