Just as Russian President Vladimir Putin signed a new tax code on Monday in an effort to stamp out the tax evasion which is so rampant (and some may say blatant) in Russia, one of the oligarchs who clashed with Putin and the so-called "tax police" has claimed the ultimate victory - he has fled abroad, securing for himself residency rights in sunny Gibraltar under a new scheme to attract multimillionaires.
Vladimir Gusinsky has been granted residency on the rock by the administration of Chief Minister Peter Caruana. His Media Most company, which owns the NTV television channel and other media concerns, has established offices in Gibraltar and Mr Gusinsky is buying a luxury appartment there. However, Mr Gusinky is not unique. Up to 200 millionaires have residency status in Gibraltar, taking advantage of the High Net Worth Individual legislation which allows them to live tax-free by paying a maximum of £20,000 a year. One condition is that they buy a property in Gibraltar.
The Gibraltar administration has defended the decision to allow Mr Gusinsky residency and says that all so-called High Net Worth Individuals are scrutinised, or more precisely, the origins of their wealth are closely examined. In an interview with the Times, Mr Caruana refuted any claims of money laundering and said it would be inappropriate to comment on any accusations levelled at Mr Gusinsky, who has spent time in prison for alleged embezzlement. Mr Caruana did say, however: 'He has business in Gibraltar. As far as Gibraltar is concerned, he has done nothing that makes him disreputable or undesirable.' He added that Russian politics 'is not a matter in which we get involved.'
The Foreign Office is said to be keeping a close eye on the comings and goings of the mega-rich, who are being encouraged to re-locate to Gibraltar by the Caruana administration, which has made a grand effort in fighting off accusations that it was becoming a haven for money laundering and tax evasion. A Foreign Office official said: 'It is their call, but it is Her Majesty's Government which accepts the contingent liabilities. One has to assume they are not taking in the bad guys.'
Russian President Putin will no doubt be dismayed to hear that Mr Gusinksy has passed the requisite checks by the Gibraltar authorities, but it seems that Putin cannot distance himself from the likes of Mr Gusinsky by as much as he probably would like. As a so-called High Net Worth Individual himself, he is reported to have entered Spain illegally on a private yacht after landing in Gibraltar on a private jet (before his rise to the Kremlin, that is). It is interesting to speculate that if the boot was on the other foot, and he hadn't become one of the world's key political figures, whether he might himself be queuing up alongside Gusinsky to join the Gibraltar millionaires.
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