€25 Million VAT Case in Cyprus Over Abramovich-Linked Luxury Yacht

The issue of Russian oligarch Roman Abramovich allegedly transferring assets held through a company in the Republic of Cyprus illegally to avoid tax liabilities has once again featured in the Greek Cypriot press.

In a report headlined “The Abramovich Affair and €25 Million in VAT… Criminal Proceedings Over His Luxury Yacht”, Politis newspaper wrote that the Greek Cypriot Tax Department had launched criminal proceedings against two executives of a company linked to Abramovich over an alleged €25 million VAT debt.

The newspaper reported that the trial would begin on November 26. It added that the Tax Department was making intensive efforts to locate a third executive of the company, who is a British citizen.

According to the report, the company, named Blue Ocean Yacht Management Ltd, was struck off the Companies Register in 2024 but was re-registered in 2025 following interventions in Parliament by former MP Alexandra Attalides.

Recalling reports that emerged last week alleging that Abramovich had transferred billions of dollars’ worth of assets through Cypriot companies, the newspaper noted that the case had once again raised questions about oversight and accountability in the Republic of Cyprus.

The report also stated that the €25 million in VAT related to Abramovich’s luxury yachts. Greek Cypriot tax authorities reportedly concluded that the yachts had not been used for commercial purposes that would justify exemption from VAT.