Britain’s Unexplained Wealth Law Pushes Abramovich To Israel

Britain new law, Unexplained Wealth seems to have trapped the owner of Chelsea Football owner, Roman Abramovich’s pushing him to seek Israeli’s citizenship following Britain’s refusal to renew his visa.

Newspapers in Israel reported that the Russian Businessman, Abramovich will arrive Israel today where he may apply for Israeli citizenship owing to his inability to renew his papers in the UK. Abramovich’s visa expired more than three weeks ago and the British authorities is citing the new rules to extend the businessman’s investor visa.

Unexplained Wealth is Britain;s latest efforts at curbing illicit financial inflow and it took effect January 31, 2018

The law gives the UK government the powers to query ‘Unexplained Wealth’ and seize assets whose funding source cannot be explained. UK Courts can grant Unexplained Wealth Orders (UWOs) and forfeit property for which the owners are unable to prove the source of fund. The properties will be transferred to the UK Government and sold to fund their law enforcement efforts.

The new policy allegedly tackling Russian Oligarchs prevented Abramovich from attending the final of the Football Association Challenge Cup where his Chelsea club defeated Manchester United 1-0.

On Tuesday, Russian president’s press secretary Dmitry Peskov said it was outside the Kremlin’s competences to tackle issues related to the British visa.“This issue is outside our competences,” he said. “Once certain requirements are advanced (to disclose the origin of his assets to extend his British visa), it is, probably,up to him to make conclusions as to their legitimacy, not us,” Peskov said.

Abramovich, the owner of the Chelsea Football Club, is currently building a manor in Tel-Aviv’s prestigious Neve Tsedek neighborhood.

Another Israeli newspaper, Globes, said in April 2015 that Abramovich had shelled out 25 million dollars for the Varsano Hotel in Neve Tsedek. So far, this has been his first real estate purchase in Israel.

According to the newspaper, the tycoon also snapped up a 1,500-square meter plot of land adjacent to the hotel.

During the same period, Globes says, Abramovich purchased four Israeli startup companies. One of them working on an ultra-fast charging smartphone battery.

The Guardian newspaper based in London said the Russian billionaire could be required to disclose the source of his financial assets to extend his visa.