'Paradise Papers' reveal tax haven secrets of the rich

'Paradise Papers' reveal tax haven secrets of the rich
By Euronews
Share this articleComments
Share this articleClose Button
Copy/paste the article video embed link below:Copy to clipboardCopied

A huge leak of financial documents reveal how the world's super-rich protect their wealth


The financial secrets of the world’s elite have been revealed in a huge leak of documents.

The material, which has come from two offshore service providers and the company registries of 19 tax havens, was obtained by the German newspaper Süddeutsche Zeitung and shared by the International Consortium of Investigative Journalists with partners including the Guardian BBC and the New York Times.

The so-called “Paradise Papers” show that many global figures including Britain’s Queen Elizabeth have invested private money in offshore funds in Caribbean tax havens.

A spokesperson for the Duchy of Lancaster which provides the Queen with an income said: “We operate a number of investments and a few of these are with overseas funds. All of our investments are fully audited and legitimate.”

“The Queen voluntarily pays tax on any income she receives from the Duchy.”

The leaked documents also show substantial payments made from a firm co-owned by Vladimir Putin’s son-in-law to the shipping group of the US commerce secretary Wilber Ross.

Some of the biggest names in the world of entertainment and sport are also shown to be protecting their wealth with an array of offshore schemes.

The fact that its not illegal isn’t the point according to investigative journalist Bastian Obermayer, for Sueddeutsche Zeitung newspaper

“Just because something is legal doesnt make it legitimate, or morally correct. Were taking a look at it. We see the disappearance of billions that actually should be going to taxes.”

The details come from a leak of more than 13.4 million files going back 70 years which expose the global environments in which tax abuses can thrive.

At the centre of the leak is the law firm Appleby which has out posts in Bermuda, the Cayman Islands and the British Virgin Islands.

The firm says it advises its clients on legitimate and lawful ways to reduce their tax bills, denies any wrongdoing and says it does not tolerate illegal behaviour.

“Everybody knows the fight was fixed
The poor stay poor,the rich get rich
That’s how it goes
Everybody knows”
-Leonard Cohen#ParadisePapers

— Dr Lauren Gavaghan (@DancingTheMind) November 5, 2017

When you read about the #paradisepapers is there anyone left who honestly believes that “austerity” is anything but a con ?

— Steve Scott (@scott_steve) November 5, 2017

Share this articleComments

You might also like

EU removes 8 countries from controversital tax blacklist

Memorial to Britain's late Queen Elizabeth II announced

Crowns, sceptres and carriages: New details of Charles and Camilla's coronation revealed