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Russian Tycoons With Billions in Cyprus

Russians TycoonsUntil last week when Eurozone officials began demanding the Cypriot government confiscate up to 9.9 percent of bank deposits to secure a 10 billion euros ($13 billion) Cyprus was a favorite tax and money-laundering haven for foreigners, especially Russians, critics complained.
It’s been a favorite place for Russian tycoons to park their billions and take advantage of a low corporate tax rate of 10%, and then reinvest in Russia to avoid double taxation. In 2012, some $60 billion was then reportedly transferred from Russia, much of that to Cyprus, the German news magazine Spiegel reported, publishing a list of some of the richest Russians who prefer Cypriot banks. They include:

  • Roman Abramovich, owner of the Chelsea soccer team in England. His fortune is estimated at $14.6 billion. He runs the investment company Evraz through the Cyprus brand Lanebrook
  • Michael Prochorof, former presidential candidate. His property worth is $13 billion. In 2008 he stated Cyprus as the head office of the company Intergeo Management
  • Vladimir Lisin is a steel tycoon with a fortune of $15.9 billion, and who has the largest amount of his business in Novolipetsk through the Cypriot company Fletcher Holding
  • Alexei also Morntasof, also a steel  baron, $15.3 billion
  • Vladimir Potanin, $14.5 billion
  • Vagkit Alekperof, an oil company owner, $13.5 billion
  • Suleiman Kerimof, a mining tycoon with a fortune estimated at $6.5 billion
  • Aliser Ousmanof, an internet businessman and Prime Minister Dimitri Medvedev’s friend with an $18.1 billion
  • Batourina Elena, wife of the former Moscow Mayor Yury Louskof, whose property worth is $1 billion
  • Dmitry Rimpolovlef, the biggest shareholder of Cyprus Bank, also the owner of the Monaco football team. His property is more than $9 billion

Last year, more than 3,000 Learjets landed and took off from Cyprus, 375 of which were going  in Russia and 245 to Great Britain, while 108 went to Ukraine.

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