Why millionaires are quitting Britain for Greece over tax and lifestyle

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A new pattern has emerged among the world's super-rich in recent years. Several big billionaires from Britain, the United States and Europe are leaving their countries to shift to beautiful, tax-friendly nations such as Greece. In the latest such move, British billionaire Chris Rokos, founder of Rokos Capital Management, has left London and shifted his tax residency to Athens, sparking discussion worldwide. Rokos alone paid the British government around 330 million pounds, roughly Rs 4,235 crore, in tax last year. His departure has stirred Europe's economy given the scale of tax he contributed.

According to a report by Henley and Partners, an international organisation that tracks wealth and migration, more than 1,200 millionaires are expected to settle in Greece during 2025-2026 alone. The biggest reason is Greece's non-domicile tax residency programme. Under this special scheme, wealthy people earning income abroad only have to pay a flat annual tax of 100,000 euros, about Rs 95 lakh, on their foreign income while living in Greece. This benefit is available for 15 consecutive years. Compared to taxes in their home countries, this amount is negligible for billionaires, which is why Greece is becoming their top choice.

Major recent changes to Britain's tax system are seen as the main reason for this migration. The British government has scrapped its decades-old non-dom status, under which foreign nationals living in Britain got tax exemption on their foreign income. Besides this, higher taxes on capital gains, inheritance and private equity have led major businessmen, including Chris Rokos, Lakshmi Mittal and Naguib Sawiris, to leave Britain for other countries.

Greece, on the other hand, has not only offered tax relief but has also brought in a new rule taxing carried interest and bonuses for financial firms, hedge funds and private equity managers at just 5 percent. This is why businessmen like Rokos are opening new corporate offices in Athens, which is also boosting employment there.

It is not just the tax breaks drawing the wealthy. Greece's lifestyle is also a pull factor. Its Mediterranean coastline, year-round sunshine, low pollution and calm European way of life are drawing rich people tired of crowded cities such as London and New York. Greece's Golden Visa programme also lets foreign investors easily obtain citizenship and residency status by investing in property. Once known mainly as a tourist destination, Greece is now positioning itself as a global hub for investment, hedge funds and business. As a result, wealthy people are choosing Greece not just to earn money but to live comfortably and safeguard their assets.