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Tax Haven Jersey Royal Court Freezes $7 Billion of Russian Billionaire Roman Abramovich Assets
15th April 2022 | Hong Kong
The Royal Court of popular tax haven Jersey has frozen around $7 billion of Russian Billionaire Roman Abramovich assets on 12th April 2022, who has been sanctioned by the European Union and the United Kingdom for close relations to Russia President Vladimir Putin. Russian Billionaire Roman Abramovich has an estimated net worth of $14 billion. Another tax haven Cayman Islands authorities had also announced freezing $7 billion to $8 billion of assets linked to Russian individuals & companies.
“ Tax Haven Jersey Royal Court Freezes $7 Billion of Russian Billionaire Roman Abramovich Assets “
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Jersey, Offshore Financial Centre
Jersey, an offshore financial centre, is a self-governing Crown Dependency with its own fiscal and legal system, and is defended & internationally represented by the UK government. Jersey, Guernsey and the Isle of Man are part of the British Isles. There is no capital gains or inheritance tax, with taxes on income, goods and service.
The standard rate of corporate income tax is 0% with exceptions for financial service companies (10% tax rate), utility companies (20% tax rate) and large corporate retailers (varies depending on the profits, maximum 20%). Company income from property or property development is also taxed at 20%. Any dividend or distribution from the company is taxable in the hands of the shareholder.
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