Main points
- After the death of Leonid Radvinsky, his wife Kateryna Chudnovskaya became the new beneficiary of OnlyFans.
- Before his death, Radvinsky was negotiating the sale of a controlling stake in OnlyFans and expanding the platform's audience through new content creators.
Kateryna Chudnovskaya took control of OnlyFans / rarecancer.org
After the death of OnlyFans owner Leonid Radvinsky, control of the business passed to his wife, Kateryna Chudnovskaya. She became the new beneficiary of the company behind one of the most famous adult content platforms.
To whom and how did the OnlyFans empire pass?
As follows from British documents, Chudnovskaya officially replaced her husband in the holding's control structure back in March – the same month that Radvinsky died of cancer at the age of 43, writes Bloomberg.
Kateryna Chudnovskaya, 42, is a lawyer and venture capitalist. She has now also been given the power to appoint and dismiss directors of the London-based company Fenix International, through which OnlyFans operates.
Before Radvinsky's death, his fortune was estimated at at least $3.8 billion. After the change of ownership, the OnlyFans story became another example of so-called “transverse inheritance,” in which huge business assets pass to wives after the death of billionaire husbands.
Notable examples include Renata Kellner, who inherited an empire after the death of her husband Peter Kellner, and Laurene Powell Jobs after the death of Apple co-founder Steve Jobs.
- Bloomberg analysts note that women now control about 15% of the world's wealthiest people.
- A significant portion of this wealth was obtained through inheritance.
What is known about Radvinsky?
The businessman was originally from Odessa. Leonid Radvinsky moved to Chicago with his family as a child. He has recently lived in Florida. The OnlyFans company reported that, despite his privacy, he supported a number of charitable initiatives in different countries.
It is with deep sadness that we announce the passing of Leo Radvinsky. He passed away peacefully after a long battle with cancer.
– the official statement says.
Leonid Radvinsky acquired a controlling stake in the OnlyFans platform in 2018 and turned it into a true cultural phenomenon that changed the adult content industry by allowing authors to directly earn money from their materials.
Leonid Radvinsky / photo from the businessman's Facebook
He also owned the service's parent company, Fenix International Ltd. Before his death, Radvinsky was negotiating the sale of a 60% stake in OnlyFans.
By the way, before his death, Radvinsky was also in talks to sell a controlling stake in OnlyFans. The platform was also trying to expand its audience and attract new content creators – not only adult models, but also athletes, chefs, and other media personalities.
Additionally, Architect Capital was in talks to buy a minority stake in the service. The potential deal could help OnlyFans develop financial services and new products for content creators.
How is income from OnlyFans taxed in Ukraine?
The State Tax Service has paid special attention to the popular platform OnlyFans in Ukraine. Fenix International Ltd, which owns it, was forced to share information about the income of Ukrainians. Ivan Mudrachenko, a lawyer and managing partner of the law firm Mudri Partners, spoke about how the work of creators is legally regulated and whether it is legal in a comment to Channel 24 .
In accordance with the Convention between the Government of Ukraine and the Government of the United Kingdom of Great Britain and Northern Ireland for the Elimination of Double Taxation, income of Ukrainians from OnlyFans for creating content is paid at the place of residence of the person
Ivan Mudrachenko
Managing Partner of the law firm “Mudri Partners”
Fenix International Ltd acts as a platform that makes payments to content creators based on a service provision agreement. These services are provided by non-residents and are not subject to UK taxation as they do not constitute a permanent establishment and the activities are not considered to be carried out in the UK. Therefore, the income received from the platform should be taxed exclusively in Ukraine.
Therefore, OnlyFans models pay personal income tax and military levy. For Ukrainians without individual entrepreneurs, the tax is 18% of income , and military levy is 5%. But if users register as individual entrepreneurs of the third group under the simplified taxation system, the tax burden will be lower.
As Ivan Mudrachenko noted, liability for non-payment of taxes involves fines. The amounts can reach significant percentages of the unpaid tax amount – from 25 to 50%. Another penalty may be a fine for each day of delay. The lawyer noted that this is 100 – 120% of the annual NBU discount rate.
Other sanctions include blocking accounts, seizure of property, and restrictions on traveling abroad. Criminal liability under Article 212 of the Criminal Code of Ukraine arises if the amount of tax evasion exceeds UAH 4.542 million. The freezing of the offender's bank accounts or cards may occur as a result of financial monitoring of suspicious transactions.
OnlyFans news in Ukraine
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In Ukraine, OnlyFans models have won 27 court cases, overturning millions in fines from the State Tax Service. Courts have often sided with plaintiffs over tax violations, such as using outdated addresses for messages.
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In general, Ukrainian models on OnlyFans earn about $10,000 per month, but net income is reduced due to taxes and expenses.