Abramovich's Secret Superyacht Scheme Exposed for Tax Evasion

Sun Nov 02 2025 18:55:08 GMT+0200 (Eastern European Standard Time)

An investigation reveals Roman Abramovich's elaborate scheme to evade VAT using his luxury yachts, substantially impacting millions in taxes.

Roman Abramovich utilized a decade-long sham leasing operation for his superyachts, resulting in significant tax evasion through false pretenses. This discovery, unveiled by a collaborative investigation involving over 400,000 leaked files, highlights how Abramovich's complex network of companies misled tax authorities while attempting to appear legitimate.

Roman Abramovich, the Russian oligarch, has been implicated in a massive tax evasion scheme involving his luxury superyachts. An investigation by the BBC and the Bureau of Investigative Journalism revealed that since 2011, Abramovich leveraged a network of companies in the British Virgin Islands and Cyprus to misrepresent his yacht operations as a legitimate commercial venture. This deceitful practice allowed him to sidestep millions in VAT payments on his fleet, including the notable 162.5m yacht, Eclipse, and the 115m Pelorus.

Evidence suggests that Abramovich's advisors went to great lengths to ensure the appearance of independence from one another. However, all parties involved were aware that this setup was an "artificial structure" meant to evade taxes—a criminal offense as noted by tax expert Tommaso Di Tanno. The investigation highlighted leaked records, showcasing a calculated effort to conceal the true beneficiaries behind the yachts: Abramovich himself.

Notably, the operation included backdated documents and a complete lack of substantial income, forcing Blue Ocean Yacht Management to show almost equivalent expenses and income between 2005 and 2012. The setup ultimately drew scrutiny from tax officials in Cyprus, following claims of unpaid VAT. They asserted that Abramovich's leasing operations had failed to present any legitimate commercial activity, leading to demands for £14.3 million in unpaid taxes.

This unfolding saga is part of the larger "Cyprus Confidential" investigation into financial practices linked to associates of President Vladimir Putin, demonstrating the complex web of wealth and shady business practices at play. As the world watches, questions linger about the future impacts of this discovery on Abramovich and his financial empire.