Jersey, a tax haven in the Channel Islands, has been involved in facilitating the movement of wealth from various countries, particularly those with authoritarian regimes, to the West. Its financial secrecy has attracted many overseas individuals, including oligarchs, drawn by the promise of low taxes and high levels of confidentiality. Jersey operates as a crown dependency, possessing its own parliament but ultimately under the authority of the British monarchy, raising questions regarding the transparency of its governance and decision-making processes.
Recent developments have shed light on this relationship, particularly a legal case involving Roman Abramovich, the Russian billionaire. A two-year legal battle culminated in Jersey courts releasing hundreds of pages of previous judgments after a gagging order was lifted. These documents detail how Abramovich and several associates were granted residency in Jersey under a special scheme for ultra-high net worth individuals in 2017, following his approach to the jurisdiction the previous summer. Additionally, the approved move of companies associated with Abramovich to Jersey occurred during a time of geopolitical tension, specifically prior to the Russian invasion of Ukraine.
The judgments reveal the extent of consultations between Jersey officials and the UK government regarding Abramovich’s residency, including multiple background checks and discussions about the implications of allowing him to relocate significant assets to the island. While concerns about potential reputational risks related to Abramovich’s connections to the Kremlin were documented, UK officials reportedly raised no objections to his residency at the time, even amidst the heightening scrutiny of Russian figures after events such as the annexation of Crimea.
In April 2022, following Russia’s actions in Ukraine, Jersey authorities froze significant assets linked to Abramovich and began investigating alleged money laundering. The investigation has focused on whether his wealth was acquired through corrupt practices during the privatization of Russia’s economy in the 1990s. Abramovich has denied any involvement in corruption and claimed the investigation is politically motivated. As of now, he seeks to overturn the asset freeze and challenges the ongoing inquiry into his dealings.
Source: https://www.theguardian.com/world/2025/nov/23/jersey-london-safe-haven-sanctions-roman-abramovich-billions