Roman Abramovich is a Russian tax resident, writes the Russian edition of magazine Forbes. As told to a friend of the businessman, in Russia it spends more than 183 days in a year. Information was confirmed by the representative of billionaire John Mann.
Some Russian businessmen because of the law on controlled foreign companies (CFC) and the need to report the income and pay taxes in Russia have become so called tax non-residents.
Last year, Forbes counted in the list of richest Russians, 17 people who are not tax residents of Russia. Recently one of them officially added Alisher Usmanov.
However, Abramovich, according to the newspaper, prepare for a possible tightening of legislation in advance, complicating the scheme and the ownership of assets.
So, the real estate, yachts, and equities, as it turned out in the period of the divorce of the entrepreneur with his first wife, was recorded on several irrevocable trusts in Cyprus, which hold assets in the interests of the five children from his marriage to Irina Abramovich. They were managed by the head of the London office of the company Millhouse, owned by Abramovich, Eugene Tenenbaum and chief financial officer of the organization Irina Panchenko.
Under this scheme, writes Forbes, it turned out that the formal beneficiaries were children of a businessman.
In the list of the richest businessmen of Russia according to Forbes, Abramovich is a 13-place with a fortune of 7.6 billion dollars.
However, as reminds RBC, Roman Abramovich, who owns London football club “Chelsea, is also included in the list of the richest people in the UK, published annually by the newspaper The Sunday Times. In 2016, the publication evaluated the condition of Abramovich 6.4 billion pounds (9.2 billion dollars), putting it at 13th place in the list.
Tax residents of RF pay taxes on income earned worldwide, while non-residents only on income from sources in Russia. According to the law on taxation of controlled foreign companies (CFC), which is valid from 2015, the Russians must notify the tax authorities about the presence of a company share of more than 10%. Non-residents also cannot benefit from the exemptions avoidance of double taxation.
If the share in a CFC exceeds 50%, and the company’s profit more than 50 million rubles (from January 1, 2016 if more than 25% or 30 million) are required to pay additional taxes: 20% for companies and 13% for individuals.