Roman Abramovich becomes richest Israeli after making Aliyah

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Russian billionaire Roman Abramovich has been granted Israeli citizenship after he was unable to renew his visa to Britain, according to Israeli media reports.

An Israeli passport will allow Abramovich to enter Britain for up to six months, but he won't be able to work there without first receiving a work visa. Not only is Israel the Jewish homeland, it provides a safe backup residence, as well as rights afforded to Israeli-passport holders, including tax benefits, some protection against extradition and the convenience of visa-free travel across the European Union.

Abramovich's previous tier-1 visa, which allows anyone who invests more than two million pounds the British economy to stay for 40 months, was granted before tighter regulations were introduced in April 2015.

"The Kremlin doesn't think anything about this", government spokesman Dmitry Peskov said.

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Israel's interior ministry confirmed the offer of citizenship on a local television station on Monday.

It has been reported that Mr Abramovich would have to explain the source of his wealth to receive a new British visa.

While becoming an Israeli citizen would then make Abramovich that nation's wealthiest man, it still would not grant him access to to work in the United Kingdom, where his extremely valuable football club is located.

Gaining Israeli citizenship seemingly represents quite a few challenges for the Russian tycoon when doing business on British soil.

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Also, Abramovich is of Jewish faith and the Israel government is quite welcoming of Jewish people in general.

The spokesman added that the Home Office would judge what constitutes work.

Reportedly worth $12.5bn (£9.4bn), he has become the richest person in Israel.

The Russian bought Chelsea Football Club in 2003.

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He has previously served as Governor of Russia's Chukotka region. Putin repeatedly urged Abramovich to stay on as governor while he was already living between Russian Federation and Britain.