British Crown Dependency Jersey Apologies to Russian Billionaire Roman Abramovich for Unlawful Search on Properties, Agreed to Pay Damages & Costs for Search & to Destroy Documents

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British Crown Dependency Jersey Apologies to Russian Billionaire Roman Abramovich for Unlawful Search on Properties, Agreed to Pay Damages & Costs for Search & to Destroy Documents

11th November 2022 | Hong Kong

British crown dependency & tax haven Jersey has apologised to Russian billionaire Roman Abramovich for conducting unlawful search on his properties in Jersey in April 2022 following imposed sanctions on him (after Russia military operations in Ukraine), and has agreed to pay damages & costs for the unlawful search and to destroy documents.  In April 2022, search warrants were granted to search properties belonging to Russian Billionaire Roman Abramovich, and documents & devices were seized by the Jersey Economic Crime & Confiscation Unit (ECCUU).  Russian billionaire Roman Abramovich filed a complaint and challenged the searches by Jersey Police, citing the police force had insufficient level of evidence to warrant the search.  After the sanction was imposed, Roman Abramovich was forced to sell English premier league football club Chelsea for around £4.25 billion.  In total, Jersey is reported to have frozen around $7 billion (£6 billion) of assets belonging to Russian billionaire Roman Abramovich.  More info below.

“ British Crown Dependency Jersey Apologies to Russian Billionaire Roman Abramovich for Unlawful Search on Properties, Agreed to Pay Damages & Costs for Search & to Destroy Documents “

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Jersey is a small island in the English Channel located in the Bay of St Malo, between United Kingdom & France.  Jersey is a British crown dependency.  The United Kingdom is Jersey’s closest international partner.  Constitutionally, Jersey is classified as a Crown Dependency, since the Island’s relationship stems from the sovereignty of the British Crown, as opposed to the UK Parliament or HM Government. In practice, this gives the Island constitutional rights of self government and judicial independence.   Jersey is not part of the UK and is not represented in the UK Parliament. By charter and convention, the UK Parliament does not legislate for the Island without consent. However, the UK Government, on behalf of the Crown, does retain formal responsibility for the Island’s defence and, to some extent, its foreign affairs. 

Tax Haven Jersey Royal Court Freezes $7 Billion of Russian Billionaire Roman Abramovich Assets 

15th April 2022 – 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.

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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