Wealth migration from UK to Greece

High-net-worth individuals and financial firms are increasingly migrating from the United Kingdom to Greece due to shifts in the British tax landscape. This movement follows the UK government’s decision to abolish the “non-domiciled” tax regime and implement changes to capital gains and inheritance taxes.

Billionaire hedge fund manager Chris Rokos, a significant UK taxpayer, announced plans to move his tax residency to Greece and establish an office in Athens. This individual relocation is part of a broader trend involving major firms such as Millennium Management and Verition, which are reportedly preparing to open offices in the Greek capital.

Greece has incentivized this migration by offering a special tax regime where qualifying residents can pay a flat annual tax of €100,000 on foreign-earned income for up to 15 years, provided they meet minimum investment requirements. To further support this sector, Greece has also lowered the tax rate on carried interest for fund managers to 5%. Greek Finance Minister Kyriakos Pierrakakis is expected to engage with hedge funds in London to discuss further investment opportunities as Greece competes with other financial hubs like Switzerland, Monaco, and Milan.