Shakira, Elton John and More Named in Pandora Leaks
2 Min Read
The Pandora Papers exposed some of the biggest celebrities' tax evasion maneuvers.
-
Pandora leaks expose icons in the arts and entertainment business
A performer, a singer, a model, and a drummer walk into a bar... They walk out without paying their bill.
This is a succinct joke that clarifies where many celebrities, notably the four referenced, are usually at when it comes to paying their taxes.
The Pandora Papers, the ICIJ-published exposé revealing massive financial secrets of some of the world’s wealthiest, disclosed multiple well-known names who use offshore accounts to accrue wealth.
With many celebrities on the list, four stood out due to their somehow iconic placement in the arts and entertainment business.
Columbian-born singer and performer Shakira owns three companies registered in the British Virgin Islands: Titanian Management Inc., Light Productions Limited, and Light Torus Limited. Titanian specifically has never been publicly revealed.
Shakira had previously gotten into trouble with Spanish authorities, as she refused to pay taxes while living in Barcelona from 2011 to 2014, after declaring herself as a resident of the Bahamas. Despite facing charges of tax evasion by a Spanish magistrate, the singer was incorporating new offshore entities while the investigation was underway.
Meanwhile, supermodel Claudia Schiffer created six companies in the Virgin Islands in 2017, with her being their sole beneficiary, allowing her to avoid taxes in the UK. The Victoria’s Secret model, through a statement made by her lawyer, claimed that she pays her taxes correctly as per relevant UK laws, without explaining the function of her offshore accounts.
And we remain in the UK, with singer Elton John, who turned out to be the owner of more than a dozen companies in the British Virgin Islands, with his partner David Furnish as their director.
Additionally, former Beatles drummer Ringo Star purchased real estate, one of which is in Los Angeles, US, through his Bahama-registered companies.
Financial maneuvers to avoid paying taxes are nothing new, but the scope of offshore wealth that has surfaced this time sounds the alarm regarding economic disparity, notably as the pandemic left many penniless and unemployed.
