ECLIPSE

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Abramovich accused of dodging millions in tax through yacht scheme

The Russian billionaire Roman Abramovich is said to have evaded millions in taxes in Germany and other EU countries, according to leaked documents that are available to the International Consortium of Investigative Journalists (ICIJ) and have now been analyzed by the "Standard" together with media such as "Spiegel", ZDF, "Guardian" and BBC. The focus is on the "Eclipse" owned by Abramovich and allegedly part of a complex tax avoidance model. The ship is said to have been officially handled through various letterbox companies. Offshore companies were used to conceal the real owner and avoid paying taxes. Abramovich's advisors designed a network of companies that was supposed to simulate the commercial use of Abramovich's yacht fleet. The "Eclipse" was probably part of the structure until at least 2012. According to this, the yacht was officially rented to a company in the British Virgin Islands in order to avoid VAT obligations - although Abramovich demonstrably used the "Eclipse" privately, for example for an exclusive New Year's Eve party in the Caribbean in 2012. There is also said to have been a trick when refueling the yacht. Commercially used ships are exempt from fuel tax in the EU. Internal emails show that those responsible were trying to obtain the necessary evidence. When a rental agreement was not submitted on time, an employee warned that this would jeopardize a tax saving of 44,000 US dollars for filling up the tank once. A particularly lucrative tax loophole arose during the construction of the "Eclipse" in Hamburg. Since the ship was built in what was then the free port, the location was not considered to be German territory for tax purposes. Therefore, no VAT was apparently due on the purchase. The costs are estimated at around 300 to 800 million euros. For a long time, Abramovich and his advisors managed to fend off official inquiries. In Italy, tax proceedings threatened in 2014 after the yacht had been refueled in Trieste, but the investigation was discontinued. There were also disagreements in Cyprus: in 2012, the authorities there demanded around 14 million euros in taxes on chartering. Abramovich's lawyer later withdrew his appeals, but it remains unclear whether the sum was paid. Since the imposition of Western sanctions against Russian oligarchs, Abramovich has avoided the EU in order to protect his assets from being accessed. The "Eclipse" is now off the Turkish coast, beyond the reach of European authorities. In Germany, the alleged tax offenses may now be time-barred. The statute of limitations in Germany is usually only five years, but in particularly serious cases it can be 15 years.

Russian oligarch yachts idling off Muğla

The 'Eclipse' and 'My Solaris' of the Russian billionaire Roman Abramovic have been idling off the coast of Muğla for one year Rnow in the waters of the Bodrum district and in Göcek. Both came to Turkey due to the sanctions imposed by European countries against Russia following Russia’s war against Ukraine. The ‘My Solaris’, which arrived in Bodrum on March 21, 2022, was first taken to Marmaris and then to Göcek and anchored after about nine months of waiting. The ‘Eclipse’ was brought to Bodrum from Marmaris and Göcek months later and anchored off the coast of İçmeler. It is not known how long it will stay in Bodrum. The 'Eclipse' has a market value of approximately 1.2 billion dollars. On March 21, 2022, Ukrainian sailing athletes, who could not return to their country due to the war and were in Bodrum when the 'My Solaris' was going to dock at the pier, came to the Kumbahçe offshore in a boat and protested. Waving Ukrainian flags, the athletes chanted “No to war”. Report with photos: https://expatguideturkey.com/russian-billionaire-roman-abramovics-yachts-have-been-off-the-coast-of-mugla-for-1-year/

Abramovich yachts in focus of lawsuit

The 'Eclipse' and 'My Solaris', both anchored in two Turkish waters and owned by the Russian oligarch Roman Abramovich who was sanctioned by the EU following the start of the Russian war against the Ukraine on Feb. 24, have become a matter of an international lawsuit. The 55-year-old oligarch brought the “Eclipse” to the waters of the southwestern province of Muğla’s Marmaris district. The “My Solaris” dropped anchor in Cruise Port, a port in Muğla’s world-renowned tourism hub Bodrum. British lawyers, following the lawsuit about the wealth of the businessman, realized that Cruise Port belonged to Global Ports Holding, a company listed on the London stock market. The lawyers insisted that accepting Ambramovich to anchor his yacht in Cruise Port would mean the violation of sanctions. In the light of the allegations, the yachts left the two ports. The “Eclipse” has arrived at the Göcek Bay, waiting at some distance off the shore and will probably dock at a port owned by STFA, a Turkish holding. The “My Solaris” is now anchored off the Yalıkavak Marina in the Bodrum district. Abramovich has three months to think about the future of “My Solaris,” as the $500 million yacht will need to leave the region with the start of fall.