Hedge fund founder who paid hundreds of millions in tax leaves UK for Greece

Billionaire hedge fund founder Chris Rokos has left the UK for Greece, the Independent and the Mail report. The Mail states he paid hundreds of millions in tax last year and frames the departure as part of an exodus of wealthy individuals under Labour.

The timing is material. The government has signalled tax rises on high earners and non-domiciled residents. Greece, by contrast, has been competing for mobile capital: it offers a flat-rate regime for new residents and has been courting financiers and entrepreneurs since its fiscal crisis. The country amended its tax rates and solidarity contributions as of January, making it a viable alternative for those with portable income.

The question is not whether one departure matters - it is whether the pattern does. If the exchequer loses more in foregone revenue than it gains from higher rates on those who remain, the policy fails on its own terms. The argument for taxing wealth harder assumes the wealthy will stay put. The counterargument is that they are the most able to leave, and increasingly willing to do so.

Watch the next quarterly revenue figures. If high-earner income tax receipts fall while rates rise, the arithmetic is answering the question. Greece is not the only destination - Monaco, Switzerland, Dubai and several others are in the same business. The UK is now competing for its own tax base.