By Kerin Hope in Athens

The Greek shipping industry is preparing to desert London in response to the planned tax crackdown on non-domiciled foreigners living in the UK.

About 100 Greek family-owned shipping companies who run global businesses from a London headquarters together control about 20 per cent of the Greek-backed commercial shipping fleet, the world’s biggest, according to brokers. They are estimated to contribute about $10bn (£5.12bn) yearly to the UK financial services industry.

While few members of a community famous for shunning the limelight are prepared to comment publicly, insiders are convinced that a decisive shift is now under way that will see the industry disappear from the capital and relocate to Greece, lured by generous tax arrangements, improved telecommunications and a more relaxed lifestyle.

"Owners have made contingency plans. In three to five years they will almost all be gone," said a Greek banker with clients at the highest levels of the industry.

Most of those planning to leave are second-generation shipping families who until now have bucked a trend led by younger London-based owners to relocate to Athens.

Pointing out that about 30 companies had moved to Athens from London since 2000 because of concerns they would become liable for income tax on foreign earnings, Nikos Tsakos, a board member of the Greek Shipping Co-operation Committee, which represents London-based owners, said that rate of departure would now accelerate. "It’s a pity because London will lose a lot of expertise to Greece in the field of shipping-related services."

Both Athens and London-based shipowners rely on services provided by UK brokerage, insurance and legal firms. A large percentage of this business, estimated to be worth about $30bn last year, could be moved to ­Athens.

"Over the past decade we’ve seen a steady flow of brokers and shipping lawyers moving to Greece as more owners re-based here and opportunities expanded," said a Piraeus-based lawyer. "We’re expecting another wave of arrivals."