Elizabeth II has transferred about $ 13 million. offshore

Lucy Bush
November 9, 2017

The comments came after the treasure trove of Paradise Papers laid bare the hidden wealth of financial giants including the Queen and several worldwide political players.

The 91-year-old monarch's investments appear among a series of high-profile names to feature in the Paradise Papers, a leak of 13.4 million files from two offshore service providers and the company registries of 19 tax havens.

"The Queen is responsible for her investments, she should have instructed her advisers to ensure her money was invested ethically, and that there was no tax dodging involved", said Graham Smith.

While it claims to have received no tax advantages from investing offshore, offshore private equity funds are explicitly created to shield United Kingdom investors from paying USA taxes on their holdings.

Newly leaked papers revealed Sunday that Britain's Queen Elizabeth II has invested some of her private money in offshore tax havens.

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It is alleged that the Duchy of Lancaster, which handles the Queen's investments, has held funds in the Cayman Islands and Bermuda.

It is not suggested that those named in the documents have done anything illegal.

According to the documents obtained by the International Consortium of Journalists, the investments were made in 2004 and 2005 by the Duchy of Lancaster, the queen's private financial manager. U.S. Commerce Secretary Wilbur Ross was snared by the papers for doing business with a close relative of Russian President Vladimir Putin.

The papers also list that the Canadian Prime Minister Justin Trudeau's top fundraiser and senior advisor Stephen Bronfman, heir to the Seagram fortune, moved almost $60 million to offshore tax havens with ex-senator Leo Kolber.

A small exposure of the Queen discovered in the leasing company, BrightHouse, which was accused of the acquisition on the poor and Threshers - British chain of stores went bankrupt, owing £ 17.5 million of taxes and having left without work of 6 thousand people.

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Around £10 million of the Queen's private funds have been invested in overseas accounts in Bermuda and the Cayman Islands, the "Paradise Papers" have revealed. The queen does not personally manage the portfolio and voluntarily pays taxes on income she earns from the estate.

But it said it fully complied with global and New Zealand tax laws.

"We operate a number of investments and a few of these are with overseas funds".

It said that all its investments were legitimate.

A Duchy spokesperson told The Guardian, one of the newspapers involved in the investigation, that the Dover Street fund investment represented a mere 0.3 percent of the estate's US$655 million total value. "The queen's personal wealth and investments mean she has a direct interest in government decisions about tax".

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