Abramovich's Scheme: How the Billionaire Saved Millions Through a Cypriot Company

BBC journalists and the Bureau of Investigative Journalism have uncovered a shell business operated by Roman Abramovich for yacht leasing through a company in Cyprus, which allowed the billionaire to evade taxes, reports NewsBox.

Roman Abramovich utilized the Cypriot company Blue Ocean Yacht Management for a sham yacht leasing business, as discovered by journalists from BBC News and the Bureau of Investigative Journalism. Documents obtained through the "Cyprus Papers" leak indicate that from 2005 to 2012, the billionaire employed a scheme to dodge taxes on yacht purchases and maintenance.

According to the investigation, during this period, Abramovich managed to save tens of millions of euros using this strategy. Furthermore, Cypriot authorities have attempted to reclaim funds through legal action, but the outcome remains uncertain.

The exposed scheme is one of many strategies used by major businessmen to minimize tax expenses through offshore jurisdictions.