Frank Timis, a billionaire bitcoin mining investor ranking among Romania’s wealthiest citizens and Britain’s richest residents, following a blockbuster investigation into his personal finances has revealed that, despite his life of staggering luxury, he paid less than $50 in income tax in 2017.
A BBC report exposed Frank Timis’s personal tax return from 2017, revealing that he had paid just £35.20 (around $44) in income tax, despite renting a £14,000-a-month penthouse and spending “thousands” dining in London’s finest restaurants.
The billionaire, who has made a name in the crypto community by investing in bitcoin mining firm Argo Blockchain, claimed to have made “hardly any income” from his sprawling business empire.
According to leaked documents, Timis received £670,000 in payments during 2017 from his offshore trust. The payments were originally designated as “distributions,” making them taxable under the law. However, just prior to submitting his return, Timis allegedly asked his trust to re-classify the distributions into untaxable loans.
The plot thickened when the news organization contacted the man who ran the trust and helped Timis change the loans from distribution.
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