Following Bloomberg’s report on Greece’s ambition to become an international hub for hedge funds — offering a stable tax environment, fiscal credibility, and a high quality of life, with Athens at the center — other major international media outlets are now recognizing and confirming this momentum. Germany’s Handelsblatt has also highlighted the tax advantage Greece offers for attracting hedge funds compared to London, noting that the country’s plan is now taking concrete shape — something that would have been difficult to imagine as a realistic prospect just a few years ago.
At the same time, Millennium Management, one of the world’s largest hedge funds, is preparing to open an office in Athens, while American firm Verition Fund Management is also reported to be considering a similar move.
The government of Kyriakos Mitsotakis, the report notes, is seeking to build a broader financial center that — beyond fund managers — could attract banks, law firms, auditing companies, tax advisors, IT specialists, and other financial service providers.
Handelsblatt: Chris Rokos relocates his tax base
The move was pioneered by billionaire Chris Rokos, the report notes. The founder of Rokos Capital Management — one of Europe’s best-known hedge funds — transferred his tax residence from the United Kingdom to Greece. The firm he founded manages approximately $22 billion in assets.
For Athens, however, the critical challenge is to ensure that the relocation doesn’t stop at the private tax residency of individual fund managers. The government is pushing for the companies themselves, their investment teams, and related business activities to follow suit.
A move by Millennium would therefore carry far greater significance, as the firm led by Izzy Englander manages more than $97 billion in assets.
According to Bloomberg, Millennium is in discussions with Greek authorities about establishing its first office in Athens. Among the executives reportedly considering a relocation is Rahul Chopra, a portfolio manager currently based in London.
Millennium operates on the so-called multi-manager model, in which capital is allocated across largely autonomous investment teams. The firm employs approximately 7,000 people — meaning that establishing a presence in Athens could send a powerful signal to the entire industry.
The advantage of Athens’ tax regime
Greece’s tax framework plays a pivotal role in the country’s strategy. For certain categories of income earned by fund managers — primarily bonuses and carried interest — a tax rate of just 5% applies under specific conditions.
For top-tier fund executives, this treatment is particularly attractive, as a significant portion of their total compensation comes from performance-linked fees that can — in strong years — run into the tens of millions.
That said, the government does not want to build its strategy solely on tax incentives for managers. Funds establishing a presence in Greece must demonstrate genuine economic activity within the country.
At the same time, companies are required to show at least €3 million in annual operating expenditure in Greece, in order to prevent the creation of shell companies that exist only on paper.
Greece’s economic recovery: a key factor
The government’s efforts to attract international capital are also supported by Greece’s economic recovery following years of crisis, the newspaper notes, highlighting that all major credit rating agencies have restored the country to investment grade — boosting its credibility among international investors.
The Greek economy has been growing at a rate of approximately 2% per year for the past four years, while the government has maintained a relatively strict fiscal policy and is reducing public debt faster than originally projected.
In addition, the imminent inclusion of the Greek stock exchange in international developed market indices is expected to further enhance Athens’ appeal as a financial center.
London’s pressures create opportunities for Athens
The Greek initiative comes at a time when London’s position as Europe’s hedge fund capital is under pressure. The British capital remains by far the most important hedge fund hub in Europe.
However, following the abolition of the long-standing non-dom tax regime and increased tax burdens on wealthy residents, a growing number of high earners are exploring alternative destinations.
Dubai and Abu Dhabi have already attracted a significant number of traders and fund managers. Meanwhile, Geneva, Singapore, and Milan are all competing for internationally mobile capital — with the ongoing conflict in the Middle East having at least partially dampened the appeal of Gulf states.
Greece is now seeking to capitalize on this moment, Handelsblatt underlines.
Since 2020, more than 240 wealthy foreign nationals have transferred their tax residence to Greece, according to data from Athens.
The more difficult phase for the government is only just beginning: the goal is to gradually convert private tax relocations by fund managers into genuine corporate establishments and active business operations.
Three funds managing $134 billion are eyeing Athens
In addition to Millennium and Rokos Capital Management, Verition Fund Management — which manages approximately $15 billion in assets — is also considering Athens, Handelsblatt notes. Combined, the three funds manage around $134 billion, a figure that underscores the scale of the firms Greece is seeking to attract.
Nevertheless, the report emphasizes that Athens is still far from earning the title of “Mediterranean London,” as it lacks both the depth of the British capital’s capital markets and the decades-old network of brokers, banks, fund managers, and specialized financial service providers that London has built over generations.
Yet it is precisely this ecosystem that the Greek government now aspires to build — step by step — aiming to transform the tax relocation of high-profile hedge fund managers into a broader transfer of financial activity to the Greek capital.
