Abramovich turns to Israel amid visa difficulties

Tuesday 29 May 2018

A billionaire Russian oligarch due to locate to Jersey under high value resident status has soared to the top of the Israeli rich list after being granted citizenship amid ongoing UK visa difficulties.

Chelsea FC owner Roman Abramovich had applied to have his UK visa renewed – a requirement to be able to take up an offer of residency in Jersey.

But that process was last week reported to have hit delays due to the heightened scrutiny of wealthy Russians following the poisoning of former Russian spy Sergei Skripal and his daughter, meaning that Abramovich was unable to celebrate with his team as they won the FA cup this month.

51-year-old Abramovich, who is Jewish, has since turned to Israel to resolve the issue.

He was able to secure citizenship under the country’s Law of Return, which allows Jews from anywhere in the world to secure an Israel passport – holders of which are able to enter the UK for short periods without a visa.

New citizens are also exempt from paying tax on income earned abroad for a decade after their move, and are not required to declare the source of that wealth.

The country’s Interior Ministry told the Times of Israel that Abramovich arrived in Israel on Monday and had emigrated to the country.

Chelsea owner Abramovich immigrates to Israel, becomes country’s richest citizen https://t.co/IuQxIcd6H9 pic.twitter.com/gv9OGZnyKb

— The Times of Israel (@TimesofIsrael) May 28, 2018

The newspaper reported that he will live in a Tel Aviv mansion bought from Hollywood actress Gal Gadot.

The move means that the football mogul, who is worth around £9.3billion according to the Sunday Times Rich List, is now Israel’s wealthiest citizen.