Greece, a country that stood on the brink of leaving the eurozone barely a decade ago, is now drawing some of the world's most sought-after hedge funds away from London and Dubai, according to an extensive Bloomberg investigation into the country's yearlong courtship of Wall Street.
The breakthrough came when billionaire investor Chris Rokos, ranked third on Britain's tax list last year with a £330 million bill, decided to move his tax residency from the UK to Greece rather than Abu Dhabi, where his firm had already announced plans for its first overseas office.
Days after that news broke, Millennium Management — the multistrategy giant led by Izzy Englander — confirmed it was opening its first Athens office, a move Bloomberg says has drawn sharp attention from London's financial establishment.
Vasilis Karatzas, a close adviser to Finance Minister Kyriakos Pierrakakis who helped lead the behind-the-scenes negotiations, told Bloomberg that Greece's fiscal health and post-bailout stability now give it something Britain increasingly cannot: tax predictability.
Mr. Karatzas said the government does not want Greece labeled a tax haven, stressing that relocating firms and their employees will still pay ordinary taxes, with the goal being quality jobs and repatriating Greek talent.
To seal the deal, Greek lawmakers passed new rules in June setting a 5% tax rate on carried interest and bonuses for fund managers who relocate their tax residency to Greece — while holding its flat €100,000 tax on foreign income unchanged since 2019, unlike Italy, which has raised its comparable rate to €300,000.
The timing coincided with declarations of war by the U.S. and Israel against Iran, which triggered instability in Gulf financial hubs and prompted some wealthy professionals to reconsider the Middle East, recruiter Jason Kennedy said.
Real estate executive Dimitrios Andriopoulos called the moment a unique opportunity for Athens, though he noted a shortage of suitable housing and private schools for new arrivals.
Investment banker Thanasis Drogosis said the real payoff will come as repatriated Greek talent eventually launches its own funds.
Smaller firms, including Renos Dimitriou's Elan Capital Management, are already weighing similar moves.