UK's third-biggest taxpayer to leave for Greece
Chris Rokos plans to open an office in Athens, reports say, and was ranked third in the Sunday Times's list of the UK's top taxpayers.
UK's third-biggest taxpayer to leave for Greece
A hedge-fund billionaire and one of the UK's wealthiest taxpayers has chosen to move from the UK to Greece, the BBC understands.
According to reports, Chris Rokos intends to open an office in Athens. Greece offers favourable tax arrangements for wealthy foreigners with income earned overseas.
Rokos was placed third on The Sunday Times list of Britain's biggest taxpayers after paying £330m last year, and in March he said he would give £190m to Cambridge University.
Representatives for Rokos declined to comment. A government spokesperson said: "The UK remains an attractive destination for talent and investment".
"The chancellor has made wealth creation one of his top priorities," the spokesperson 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 publicly known why Rokos made the decision, which was first reported by Bloomberg, but Greece's tax rules are regarded as appealing to the ultra-wealthy.
They permit foreigners who satisfy certain criteria to pay a flat annual tax of €100,000 (£86,000) on all overseas income.
Rokos's move comes before UK Chancellor John Healey's first Budget on 28 October.
In an interview with the BBC on Monday, Healey did not rule out tax rises in the Budget, as a recent rise in government borrowing costs has added pressure to the public finances.
He declined to comment on any tax decisions, saying only that he would "balance the books" and "control public spending".
In March, Cambridge University said Rokos's donation would be "the largest single donation made to a British university in modern times".
The funds will be used to establish a school of government in Cambridge bearing his name, with the goal of training future leaders. It is due to open this autumn.
Despite his gift to Cambridge, Rokos is an Oxford graduate, having studied mathematics at Pembroke College.
He went to a state primary school before earning a scholarship to Eton College.