December 10, 2023

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Pandora Documents: Famous celebrities took advantage of tax havens

Pandora Documents: Famous celebrities took advantage of tax havens

The names of many celebrities appear Draining Pandora PapersA survey by the International Consortium of Journalists’ Investigation (ICIJ), including the CBC, revealed how they benefited from business structures in tax-exempt jurisdictions such as the British Virgin Islands and the Bahamas. Partner

The Sunday Pandora Papers unveiled is a massive flight of nearly 12 million documents from 14 companies by foreign companies. Names Billionaires, politicians and criminals In it. Many of them Asked to reject the first reports on Monday Partner Media questioned them from ICIJ.

These offshore companies are often located in countries or territories where the tax rate is low or zero. It costs a few hundred dollars to register such a company by a specialized agency, and the privacy provided by the tax havens sometimes obscures the identity of their true owner, thus allowing their holders to hide their assets from the public and effectively from the authorities.

These stunts allow celebrities or other wealthy individuals to avoid paying taxes in the countries where they live, often legally.

In many cases, the documents show that major shareholders were able to save hundreds of thousands or millions of dollars in taxes. Taxes that can be used financially for public services for health or infrastructure.

Here are some of the richest celebrities to appear in this massive leak of confidential financial documents:

  • The Beatles drummer, ringo star, Are the two companies registered in the Bahamas? They were used to buy property, including a house in Los Angeles, ICIJ reported. He also created five trusts in Panama. Three of them have life insurance policies, their children are star beneficiaries, and another has his show royalties and fees. The Fortune Star is valued at approximately $ 503 million. Ringo Star representatives are reluctant to answer questions from ICIJ.

Beatles drummer Ringo Star has registered two companies in the Bahamas.

Photo: Reuters / Mario Anzuoni

  • British singer Elton John There are more than a dozen companies registered in the British Virgin Islands. They earn income from many commercial activities. One for income from the UK and the other for income: one In many cases, John has created dual associations. Companies receiving revenue from the UK are registered David Set, Elton John’s husband.

    In this country, celebrities can declare income from touring, royalty or record sales as business income. This allows employees to benefit from a lower tax rate. Elton John’s personal wealth is worth $ 667 million. His executives told ICIJ that John Corporations pay corporate taxes in the UK and did not use it to reduce taxes or to avoid paying them.

  • Forms to create three companies abroad under the name Colombian singer Shakira Appear in the Pandora Papers. While she is on trial in Spain for tax evasion in connection with the use of such companies, they date from 2019. In July, a judge ruled that the trial could go ahead because there was sufficient evidence that he failed to pay more than $ 20 million in taxes between 2012 and 2014. At the time, its representatives promised to pay her arrears as soon as she learned that she owed money to the tax authorities.

    Shakira representatives said Sixth, ICIJ’s media partner, said the forms belong to companies registered many years before the trial before residing in Spain. They explain that these documents were used to transfer the companies to the attorney’s office so that they could be dissolved. They ensure that these companies have no earnings and do not conduct business. Representatives of the singer told the media Country, Partner ICIJ, Shakira uses foreign companies because its revenues came from outside Spain and the authorities of this country know all about its companies.

  • Spanish singer Julio Iglesias Owns more than 20 companies registered in the British Virgin Islands. Eight of these have acquired assets in the Miami area since 2008. ICIJ identified two other companies related to the singer that were not mentioned in the Pandora Papers and were homeowners in the area. Mr. Iglesias’ other companies have five courses on Indian Creek Island in Florida, a specialized community called “Bunker Billionaires”. In 2020, two lands were sold.

    According to ICIJ, some singer-songwriters are entitled to a tax deduction on the property tax they own. Mr. Iglesias’ personal wealth is approximately $ 1.2 billion. He did not respond to several requests for interviews from ICIJ.

Julio Iglesias Chante Sir Screen‌.

Julio Iglesias is the owner of more than 20 companies registered in the British Virgin Islands.

Photo: Getty Images / Miquel Benitez

  • Supermodel and actress Claudia Schiffer is German She is the owner of six companies registered in the British Virgin Islands, where she also established a trust for the benefit of her family members. 90s fashion icon told partner ICIJ South German newspaper This is in line with applicable tax laws in the UK where she lives with her husband.
  • Argentine soccer player Angel Di Maria He was sentenced in 2017 to one year in prison for tax evasion, and was accused by Spanish tax authorities of embezzling 1.3 million euros from a Panamanian shell company. The Paris Saint-Germain star, then playing for Manchester United, was fined more than $ 2 million and failed to complete his sentence. This company receives payments associated with image rights, especially in relation to sponsorship contracts or advertising.

    The Pandora Papers revealed that Mr Di Maria continued his company-screen Panamanian fundraising after paying the fine, including signing a deal with Adidas. Mr Di Maria’s spokesman told ICIJ that the player had created his Panamanian shell company on the recommendation of a “tax professional” and that many other Spanish athletes playing abroad had been invited to create offshore companies to raise revenue related to film rights. The Angel de Maria deal, which connects Paris Saint-Germain, is worth more than $ 20 million a year.

  • British billionaire Bernie Eslestone In 2007, the British soccer club acquired Queen’s Park Rangers for $ 35.4 million from a company registered in the British Virgin Islands. Renault, the former treasurer of Formula 1 and former owner of the Formula 1 team, bought it with Flavio Briator. The club was eventually sold by the Malaysian company to Air Asia founder Tony Fernandez.

    Documents show that Pandora Papers bought QPR, and Fernandez also bought Messer’s loans. The team is made up of four offshore companies in Ecclesstone and Briator and the British Virgin Islands, Cyprus and Delaware. The club was already in debt when MM was there. Ecclestone and Briator bought it in 2007 and recorded losses each year until it was sold.

    Tax experts explained to ICIJ that such losses could be deducted from personal income MM. Ecclestone and Briator, reducing their tax bill. In an interview with ICIJ, Mr Ecclestone said his involvement in the club acquisition was a “favor” to Mr Briator, saying his name would be used primarily to attract other investors and managers. Mr. Briator did not respond to interview requests from ICIJ. In 2018, a company called Tax Justice Network found that significant holdings in the English Soccer Club or the Scottish Quartet came from outside the UK.

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