Chris Rokos, a hedge fund billionaire who paid one of the largest individual tax bills in the United Kingdom last year, is reportedly relocating to Greece amid speculation of potential tax increases proposed by the Labour Party. Rokos, 55, is estimated to be worth approximately £2.3 billion and manages over £22 billion through his firm, Rokos Capital Management.

Reports indicate that Rokos plans to open an office in Athens, attracted by Greece’s more favorable tax regime for high-net-worth individuals. Under Greek law, new residents classified as high-net-worth can opt for a flat annual tax payment of €100,000 (£86,000) on foreign income, a significant reduction compared to the UK’s tax rates.

The move comes as Labour’s Chancellor, John Healey, has signaled a focus on economic growth but has declined to rule out further tax rises on the wealthiest ahead of the upcoming Budget. Healey cautioned against speculation on tax policy, saying that responding to rumors only exacerbates uncertainty. His predecessor, Rachel Reeves, had already overseen increases in several taxes, including employers’ national insurance contributions, despite pre-election commitments not to raise income tax, value-added tax, or national insurance.

Shadow Chancellor Andrew Griffith expressed concern over Rokos’s departure, emphasizing the tycoon’s contributions to philanthropic causes and the economy. Griffith noted that the loss of a significant wealth creator and job provider represents a setback for Britain, potentially reducing opportunities for young people and increasing financial burdens on others. He attributed such departures to government decisions to raise taxes.

Originally from London, Rokos has been known for his philanthropy, including a record £190 million gift to the University of Cambridge that funded the establishment of the Rokos School of Government. His representatives have not commented on the reports of his move to Greece.