The BBC and Bureau of Investigative Journalism have uncovered details of Roman Abramovich's tax evasion scheme involving multiple yachts and misleading leasing practices aimed at avoiding millions in VAT, highlighting possible criminal conduct and financial deception.
Abramovich's Superyacht Tax Evasion Scheme Revealed in BBC Investigation
Abramovich's Superyacht Tax Evasion Scheme Revealed in BBC Investigation
A decade-long scheme used by Roman Abramovich to dodge millions in VAT on his luxury yachts has been exposed, revealing questionable corporate structures and potential criminal activities.
In a bombshell revelation, a joint investigation by the BBC and the Bureau of Investigative Journalism has unveiled a sophisticated scheme employed by Russian oligarch Roman Abramovich to evade taxes linked to his lavish fleet of superyachts. The findings, which scrutinize financial records pertaining to Abramovich’s yachts, specifically Eclipse and Pelorus, expose a network of companies purportedly disguising the oligarch’s ownership to mislead tax authorities.
The investigation reveals that while Abramovich was publicly seen aboard his flagship yacht Eclipse during Christmas 2011 in the Caribbean, tax documents show it was falsely chartered to a British Virgin Islands entity, masking the reality of their private use. Legal experts, including Italian tax lawyer Tommaso Di Tanno, have classified the operation as blatant evasion, warning of the serious legal ramifications involved.
Abramovich's luxurious acquisitions, made over the last two decades, allegedly benefitted from a web of deceitful corporate maneuvers orchestrated through a Cypriot firm, MeritServus. Leaked documents detail how Abramovich structured these companies to create the facade of a legitimate commercial leasing operation for tax benefits—a move he had reportedly sought expert legal counsel on.
Evidence suggests the leasing agreements allowed Abramovich to reduce VAT liabilities related to yacht purchases and operations. One memo emphasized strategies for minimizing tax obligations while ensuring that intertwined company ownerships appeared legitimate to evade scrutiny.
Amidst the scandal, Abramovich’s lawyers maintain that he followed professional advice and deny any personal wrongdoing. They called into question the motives behind such allegations, citing the complexity and legality of international yacht management practices.
This investigation forms part of a larger project known as the Cyprus Confidential, aimed at tracing financial relationships between Russian elites and their offshore interests amidst increasing scrutiny of tax havens. Investigative reports continue to question the legitimacy of such business practices, raising alarms about broader implications for tax compliance in luxury industries.
