07 August 2007, 17:32 Business

Abramovich emerges from the shadows

"Gazeta.Ru"

Abramovich withdraws his real estate from offshore companies

Russian billionaire Roman Abramovich plans to become a law-abiding taxpayer. According to The Telegraph newspaper, the governor of Chukotka and the owner of 19.8 billion dollars transferred part of his foreign real estate from offshore companies to his name. According to the newspaper, the Russian oligarch's apartment in the prestigious Knightsbridge area and an estate in Sussex, the total value of which is estimated at 30 million pounds ($60 million), will now officially belong not to Caribbean offshore companies, but directly to the oligarch.
However, most of Abramovich's property assets are still owned by offshore companies. According to unofficial data, Abramovich owns: a 12-room penthouse in Kensington, Chateau de la Croix in France, a five-story mansion in Belgravia, a house in Saint-Tropez and the French Eden Rock hotel. Last year, the businessman bought three luxury apartments in London for a total of £7.8 million. Abramovich now has six apartments in the prestigious British capital worth £17.4 million and a house worth £3.9 million. At the end of 2006, it was also reported that Abramovich was planning to purchase a castle in Austria.

Real estate experts believe that the oligarch may continue to re-register real estate to himself: in a similar way, the governor of Chukotka may be resolving tax issues. Experts also note that the transfer of real estate to private ownership is unlikely to be connected with Abramovich’s desire to obtain British citizenship. The fact is that, according to Russian laws, a person holding the position of governor does not have the right to have the citizenship of any foreign state.