"For decades the Channel Islands tax haven of Jersey has played a big role in moving fortunes made in some of the world's most despotic countries into the west, attracting overseas oligarchs with a mix of low tax and high levels of financial secrecy. It is a secrecy that extends to Jersey's relationship with the UK government. As a crown dependency, Jersey has its own parliament, but belongs to the king."
"On Monday, after a gagging order was lifted, the Jersey royal courts began publishing a series of previously undisclosed judgments. Fifteen have been released so far, running to 370 pages. They reveal for the first time how, in 2016 and 2017, Abramovich and four of his closest associates were given safe harbour by the tax haven, which granted them residency under a special scheme for ultra-high net worth individuals."
Jersey has functioned as a tax haven that moves wealth from authoritarian countries into the West by offering low taxes and strong financial secrecy. The island's relationship with the UK remains opaque despite crown dependency status and its own parliament. After a gagging order was lifted, Jersey's royal courts published judgments revealing that Roman Abramovich and four associates received residency under an ultra-high-net-worth scheme, with Abramovich approved in September 2017. Jersey authorized relocation of companies controlling much of his fortune, with asset transfers in 2017 and again in 2021 reportedly moving about $7bn. A company linked to him received a 2016 Jersey operating licence, with its name anonymised.
Read at www.theguardian.com
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