THE $35 MILLION CHALET A RUSSIAN TYCOON CAN’T PROVE HE OWNS

On 19 June, Bloomberg reported that Vitaly Malkin, 67, cannot prove he owns a luxury ski chalet in France’s Courchevel region. But the Russian businessman still has to pay the taxes on it. After a 4-year court battle the former Russian senator was ordered by a French court to pay a $1.7 million tax bill on the chalet, which has been valued at €31.7 million. Malkin had used a Luxembourg vehicle to buy the chalet designed to prevent the wealthy from getting out of paying France’s traditional wealth tax. He made his fortune as the co-founder of a bank in the early 90s, briefly one of Russia’s biggest.

https://www.bloomberg.com/news/articles/2020-06-19/the-35-million-ski-chalet-a-russian-tycoon-can-t-prove-he-owns?sref=ldCf194q

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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