Greece’s non-dom tax regime: why is the €100,000 flat tax regime attracting UK high-net-worth individuals?

Recent news confirmed that hedge fund billionaire Chris Rokos is leaving the UK to relocate to Greece. Greece’s non-dom tax regime has been widely spoken about for the benefits it can give. The move comes at an interesting time given he leaves before the next government budget due in October, which perhaps tells its own story in terms of the reasons why he is leaving. He also paid an estimated £330M in UK tax last year. So why would he consider a move to Greece?

Greece’s Non-Dom Tax Regime

Greece introduced its High-Net-Worth Individual non-dom tax regime in 2019 through Article 5A of the Greek Income Tax Code. The regime was designed to attract wealthy foreign investors, entrepreneurs and internationally mobile families by offering a simple and predictable tax system for foreign-source income. It is widely regarded as Greece’s answer to similar regimes that have existed in countries such as Italy and, historically, Portugal.

How the €100,000 flat tax regime works

Under the regime, qualifying individuals who transfer their tax residence to Greece can elect to pay a fixed annual tax of €100,000 on their foreign-source income, regardless of the amount earned. The regime is available for up to 15 years and can be extended to certain family members for an additional annual charge. Applicants are generally required to make a qualifying investment of at least €500,000 in Greece and must not have been a Greek tax resident for the required look-back period.

Why is Greece’s Non-Dom Tax Regime Attractive to UK High-Net-Worth Individuals?

The regime has become increasingly attractive to UK high-net-worth individuals, particularly following a period of significant change in the UK tax landscape. Wealthy entrepreneurs and investors may consider establishing tax residence outside the UK in order to access a more favourable tax environment, particularly where substantial investment income, dividends, capital gains or overseas business profits are generated. While careful planning is required to ensure UK non-resident status is achieved and maintained, the potential tax savings can be considerable for those with significant international wealth.

Could it be more than just tax?

However, tax is perhaps not the only factor driving a relocation decision. Greece offers an attractive lifestyle, combining a Mediterranean climate, high-quality real estate, established international communities, excellent travel connections and a relatively low cost of living compared with many other European destinations. For many families, the opportunity to enjoy a better quality of life while benefiting from a favourable tax regime is a compelling combination.

An option for internationally mobile families

As international mobility becomes increasingly important for affluent families, Greece’s €100,000 flat tax regime has established itself as a credible option for those seeking long-term tax certainty within the European Union. Nevertheless, anyone considering a move should obtain specialist UK and Greek tax advice to ensure all residency, investment and compliance requirements are properly addressed before relocating.

How can AAB help?

Moving your tax residence overseas is a significant decision, and understanding the tax implications before you move is essential. Our specialist International Private Client Team has extensive experience advising internationally mobile high-net-worth individuals on residence, domicile, UK and overseas tax obligations, and longer-term tax planning. From assessing your UK tax position and residence status to considering the impact of overseas investments, property and income, our team will provide clear, practical advice tailored to your circumstances. We also work with a trusted global network of partners to support clients with their tax affairs across multiple jurisdictions.

If you are considering a move overseas, our Private Client International tax team are perfectly placed to help. Please contact Lynn Gracie or your usual AAB contact.