Israels richest man emigrates to Britain, buys 35-million-pound bullet-proof mansion

Israels richest man, Lev Leviev, has emigrated to Britain, where wealthy foreigners are not asked to pay tax on income earned overseas.

London, Jan.8 : Israel's richest man, Lev Leviev, has emigrated to Britain, where wealthy foreigners are not asked to pay tax on income earned overseas.

Leviev officially moved into a 35-million-pound bullet-proof house in Hampstead this month, and his neighbours include several other mega-rich Israeli tycoons who prefer UK tax rates.

His wife, Olga, and his two youngest children, aged 15 and 13, have also moved to London. Their other seven children have stayed in Israel, where their daughter Tzvia Leviev-Alazarov, will take charge of the family's Israeli interests.

Just before he left, Leviev sold his private jet and is reported to have bought a bigger one.

According to The Independent, Leviev is famous in international circles as the man who broke the cartel controlled by the multinational diamond company, De Beers, by buying up diamond mines in Russia, Angola and Namibia. It is said that one third of all the diamonds sold anywhere in the world are cut and polished by his company.

Recently, he also went on a worldwide property buying spree, and opened a jewellery shop in New York's Madison Avenue. His acquisitions included the former New York Times building, for which he paid almost 300-million pounds.

The Israeli business community has expressed its shock over Leviev's decision to emigrate, saying the drain of wealth from Tel Aviv to London will be enormous. Leviev's departure knocked 11 per cent off the stock market value of his company, Africa-Israel Investments.

Among those who have made their homes in London are Zvi Meitar, the founder of one of Israel's biggest law firms; Benny Steinmitz, a diamond dealer and property tycoon; Yigal Zilka, head of Queenco Leisure International; and the real estate developer, Sammy Shimon.

ANI