Athens is no longer competing only for tourists, retirees, or luxury property buyers. Greece is actively positioning itself as Europe’s new refuge for British billionaires, fund managers, and international investors seeking more favorable taxation, a better climate, and a higher quality of life. The relocation of top British trader Chris Rokos’ tax base to Greece, and the plans of major investment firms to establish a presence in Athens — as Bloomberg notes — signal that the country is now entering into serious competition with traditional wealth destinations such as Switzerland, Monaco, and Italy.
Read also: Chris Rokos: The “king” of hedge funds moves his tax base to Greece — Why he is leaving Britain
Britain is losing its appeal — The number of rival cities is growing
Recent political and economic changes are gradually eroding the United Kingdom’s position as a global wealth hub, affecting everything from London’s luxury property market to tax revenues, Bloomberg reports. At the same time, a growing number of rival cities — often just a few hours away by plane and frequently offering better weather and lifestyle — are attracting an increasing number of disgruntled high-income individuals.
In some cases, governments are directly approaching wealthy individuals or adopting policies similar to those that helped establish the UK’s reputation. In the past, the conversation about London’s rivals focused on places like Geneva, Monaco, and Milan.
Now, however, capital is flowing toward destinations that until recently some considered more peripheral. “This week it emerged that hedge fund trader Chris Rokos is preparing to leave the UK for Greece — a country that in the past had seen many members of its own financial elite move to London,” Bloomberg notes, adding: “The Greek regime exempts foreign-sourced income from domestic taxation for 15 years, following a model similar to Italy’s. Turkey has also recently introduced a system that extends this tax benefit to 20 years, while also offering very low inheritance tax.”
This issue is a particular source of frustration for many wealthy UK residents, where inheritance tax reaches 40% and begins to apply at relatively modest wealth levels.
High-profile departures from Britain are multiplying
The movement of well-known figures has accelerated in recent years. Switzerland has attracted British financial figures Alan Howard and Jeremy Coller — known as the “godfather” of the secondary private equity market — while property tycoons the Livingstone brothers left Britain for Monaco.
“There are a significant number of countries to which interested parties can relocate and which are extremely tax-efficient, with very low or effectively zero taxation,” said Dominic Lawrence, partner at law firm Charles Russell Speechlys.
He noted that those making such a major lifestyle change must also consider non-tax factors such as inheritance law, schools, nightlife, and cultural activities — all of which must be weighed when choosing a new place to settle.
According to Bloomberg’s report, Greece and Turkey are also working to attract investors and entrepreneurs from Dubai and Abu Dhabi, following the war in the Middle East that rendered both cities uncertain and unstable destinations.
Developments in the Middle East following the declaration of war by the US and Israel against Iran have upended the landscape and are having a significant impact on the hedge fund sector. For example, billionaire investor Ray Dalio has established a family office in Abu Dhabi, while well-known oil trader Pierre Andurand relocated to Dubai earlier this year, before the outbreak of the war with Iran, according to a person familiar with the matter.
Millennium Management is also moving from Britain to Athens — The role of Kyriakos Pierrakakis
Millennium Management is now preparing to follow Rokos, opening its first office in Athens. Meanwhile, according to Bloomberg, Greek Finance Minister Kyriakos Pierrakakis’ upcoming visit to London is expected to include meetings with financial sector executives to discuss potential relocations to Greece, according to people familiar with the trip’s agenda.
These moves — the report notes — suggest that Athens is not simply seeking to attract individual wealthy tax residents. It aspires to build a broader community of international investors and financial firms, leveraging both its tax framework and the advantages of the Greek way of life.
