TAX RULES FOR THE SUPER-RICH MAKE THE ISLE OF MAN A HAVEN FOR PRIVATE JETS

On 17 August, OCCRP carried an article, linked to the previous reports from Global Witness, about Oleg Tinkov, a self-made Russian billionaire and claims about an “opaque” jet leasing structure that enabled him to allegedly avoid tax payments on 3 private jets reportedly worth around $114 million. He effectively leased the jets to himself through anonymous offshore companies, thereby qualifying for tax exemptions that would not apply if he had simply purchased the planes.  This was previously disclosed through the so-called “Paradise Papers”, and a fresh leak of bank documents from a branch of the Cayman National bank on the Isle of Man which demonstrated weak compliance reviews and reveals exactly how these complex corporate structures worked.

https://www.occrp.org/en/investigations/tax-rules-for-super-rich-make-isle-of-man-haven-for-private-jets

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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