“Safes” hidden in tax havens: five years after the Panama Papers, a new journalistic investigation coordinated byInternational Consortium of Investigative Journalists (Icij), reveals the Pandora Papers, more than 11.9 million documents on over 29 thousand powerful from all over the world (politicians, managers, industrialists, bankers, VIPs, heads of state) who have kept their enormous wealth secret, hidden under the veil of offshore companies. The investigation lasted almost two years and involved more than 600 journalists from 150 international newspapers (for Italy, theEspresso).
Among the 300 politicians involved, from over 90 countries, are the Prime Minister of the Czech Republic, the Dutch Minister of Economy, former British head of government Tony Blair, the king of Jordan and the presidents in office of Ukraine, Kenya, Chile, Ecuador. There are also many sportsmen, fashion and entertainment figures, but also criminals, mobsters, terrorists, drug traffickers.
Among the celebrities who turned to “offshore providers”, the German model Claudia Schiffer, registered with the mother’s surname, but also musicians like Shakira, Elton John, Julio Iglesias (beneficiary of at least twenty British Virgin Islands companies).
Through personal offshore, the King of Jordan Abdullah II bought villas and land in the US and England for more than 100 million euros. To the questions of the journalists who conducted the investigation he replied, through a spokesman, that, as a sovereign, he does not pay taxes, and that his foreign investments have not been declared for security and privacy.
Czech Prime Minister Andrej Babis, thanks to an offshore company in the British Virgin Islands, bought a 22 million-dollar villa on the French Riviera. In 2017 he won the elections with the promise to fight corruption and privileges of the elite.
Among them, these powerful have nothing in common, except the fact that they have huge assets to invest and be customers of one of the 14 studies confidential internationals they create “Offshore”, ie companies in foreign jurisdictions where there is no tax and whose holders have the right to remain anonymous, concealing their actual wealth to the tax authorities, the voters, the citizens. That they have to bear the costs of essential services paid for with tax revenues, infrastructure, schools, health and safety of all these “Scroogers” from the hidden treasure. In short, zero taxes for many billionaires of all nations. It is a big game for society, especially now that, due to the pandemic, state spending on health has increased exponentially.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
