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Malta taxhaven: Russian billionaires prepare to flee to EU

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January 10, 2018 – FRN – 

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KtovKurse  – translated by Inessa Sinchougova 

More than 730 of Russia’s biggest businessmen have applied for Maltese citizenship, which can be purchased for € 900, 000. Among them are Arkady Volozh, Boris Mintz, Alexei Marey and other names of the Russian list of Forbes, RBC reports.

The list of citizens of Malta is available on the website of the government of the country, which has been a member of the European Union since 2004. Over the past three years, the number of representatives of large Russian business among new citizens of Malta has significantly increased. And the passports were not only for businessmen themselves, but also members of their families.

Since 2013, the program “Maltese Citizenship for Investments”, approved by the European Commission, is operating in the country. With its help, the state plans to attract 1,800 investors who will replenish the local treasury by € 1 billion. Under the terms of the program, the amount of investments should not be less than € 880,000 without commissions and fees, and a private investor can claim the citizenship of the country only after they make a contribution to the Maltese budget of € 650 thousand. 70% of this amount is selected for the National Development and Social Policy Fund of Malta, the rest falls into the state budget.

In addition, the applicant must purchase real estate on the island for at least € 350,000, or rent a house for five years for a total of not less than € 80,000 for the entire period. The new investor should also purchase Maltese bonds, approved by the government of the country, for at least € 150,000, with maturity no earlier than five years.

The applicant, in turn, can obtain a passport for himself and family members, including grandfathers, grandmothers and grandchildren, as well as the applicant’s wife-in-law and daughter-in-law. The passport will also be issued to children born or adopted by the applicant after receiving a passport of Malta.

New owners of ICT Holding Ltd Alexander Nesis and his family members, Yandex CEO Arkady Volozh and his family, Chairman of the Board of Directors of O1 Group Investment Company Boris Mintz and his family, founder of the largest Russian alcohol company Beluga Group Alexander Mechetin, a large Russian landowner Igor Khudokormov, chief managing director and deputy chairman of the board of Alfa-Bank Alexei Marey. The representatives of Mintz, Nesis, Mechetin, Khudokormov and Marey have not yet commented on the acquisition of the citizenship of Malta.

“Arkady Volozh travels a lot on business of the company, the presence of a European passport allows you to travel in a visa-free regime. As before, he remains a Russian citizen and fulfills all the requirements of Russian legislation, “explained the search-engine company “Yandex.”

The head of the Russian representative office of the Candy-Hoover Group and the former vice-president of Lenovo, Gleb Mishin, also confirmed the existence of the Maltese passport for himself and his family members, explaining this by convenience in obtaining “visas for free movement around the world”, which is especially relevant for his family as children are studying abroad. And in the future, he does not exclude the registration of his own business in the Maltese jurisdiction.

“In addition, Malta has loyal conditions for obtaining citizenship. Malta also provides soft tax conditions, which is relevant to us” Mishin said.

The list includes top managers of Kaspersky Lab Alexey de Monderik and Tatiana Mramornova; one of the most highly paid managers of Russia by Forbe, the general director of the gold mining company “Polyus” Pavel Grachev; the founders of the company “Sportmaster” Dmitry Doichan and Nikolay Fartushnyak; the brother of the former Minister of Transport of Russia Leonid Levitin and his family, as well as the general director of the Central House of Culture of Railway Workers.

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