Thread by @OCCRP

NEW: Leaked bank records from the Isle of Man, a known tax haven, detail how Russian billionaire Oleg Tinkov was able to save millions in taxes on his fleet of private jets through a scheme designed for the super-rich. #CaymanLeaks ✈️ 1/
occrp.org/en/investigati…

You can find several photos of Tinkov’s jets on his Instagram page, except for this one which was deleted.

It shows the billionaire and his family using the business jet for a birthday celebration shortly before he was arrested on US tax fraud charges. 2/

The scheme shows how the ultra-wealthy can avoid taxes by registering their jets in the British crown dependency.

12 other bank clients used similar structures. Hundreds of exemptions have been issued by IOM since 2011, saving the owners ~£1B. 3/

Tinkov used a circular financial agreement between two companies he ultimately owned. One company would import the planes, then lease them to the other, both qualifying for tax-saving exemptions. 4/

But why choose the Isle of Man? The tax haven is known for its pro-business regulations. Plus the 1000 jets registered there can travel throughout the EU without being subject to custom checks. 5/

Regulators in the Isle of Man also have a cozy relationship with the financial sector.

For example, the head of the island’s customs agency previously held a senior position at KPMG Islands Groups, a network of branches covering infamous tax havens and secrecy jurisdictions. 6/

Dodging VAT on luxury items, like aircrafts, in offshore jurisdictions is a reality that @pierremoscovici, a former European Commissioner for Economic and Financial Affairs, says is "simply not fair.” 7/

This investigation is based on documents from Cayman National Bank in the Isle of Man, which were obtained by the transparency collective, @DDoSecrets 8/