Billionaire Chris Rokos Sets Up Greek Subsidiary

The revelation a few weeks ago that billionaire hedge fund manager Chris Rokos had moved his tax residence from London to Athens caused quite a stir. It was soon followed by reports of other foreign funds, including Millennium and Verition Fund, looking to establish a presence in Greece and take advantage of the country’s “non-dom” regime, a tax framework offering significant incentives to entrepreneurs and investors relocating to Greece.

Yesterday, Rokos Capital Management (Greece) was registered with the General Commercial Registry (GEMI). The company appears to be a subsidiary of Rokos Capital Management, the investment firm founded by Chris Rokos, which manages approximately £22 billion in assets.

The new company is headquartered at 55 Plataion Street in Athens, has a share capital of €100, and its sole shareholder is Rokos Capital Management LLP. The company is managed by Christos Nifadopoulos, Rokos Capital Management’s Head of Legal.

The company’s stated purposes include the provision of investment and non-investment services, as well as related activities, transactions and operations, exclusively to its parent company, its subsidiaries, or other subsidiaries and affiliated companies of its parent company.

To achieve its objectives, the company may: (a) cooperate in any manner with any individual or legal entity; (b) participate in any company or business of any corporate form with an identical or similar purpose; and (c) participate in associations or other forms of partnerships in Greece and abroad.

According to the company’s incorporation document, Rokos Capital Management LLP is based at 25 Centralis, Western Avenue, Milton Park, Oxfordshire, and is the entity that contributed the company’s share capital.

The establishment of the Greek subsidiary appears to be necessary for billionaire Chris Rokos to obtain a Greek tax identification number and benefit from the favorable tax treatment provided for under Greek law.

The legal framework and the effort to attract major foreign funds represent a significant achievement for Kyriakos Pierrakakis, who, together with his adviser Vasilis Karatzas, developed the legislation.

Chris Rokos appears to be the most high-profile case to date.

With a net worth of approximately $4 billion, according to the Bloomberg Billionaires Index, and Rokos Capital Management managing around $22 billion in assets, his decision to move his tax residence to Greece is more than simply a personal tax choice.

Rokos himself received £477 million from his company last year. The fund employs more than 370 people across offices in London, New York, Abu Dhabi and Singapore.