Paradise Papers: Queen's private estate invests in offshore tax havens

Newly leaked papers reveal Queen Elizabeth II has some of her private money in offshore tax havens

In fact, British media sources said the Queen herself will be "shocked" to learn that £10million of her fortune has been invested in offshore tax havens.

The investigation, undertaken by the International Consortium of Investigative Journalists (ICIJ) and called the "Paradise Papers", was performed by 382 reporters at nearly 100 media outlets who analyzed more than 13 million tax haven documents covering the period 1950-2016, Efe news reported.

The Paradise Papers reporting is similar to the Panama Papers, which in 2016 exposed cases involving celebrities and business executives who reportedly moved large chunks of their wealth into offshore tax havens.

The Duchy of Lancaster, which has its headquarters in London, manages the monarch's private estate to generate the Queen's income.

The £519 million ($680 million) Duchy, which provides the Queen with an income to cover official expenses, says it invests primarily in commercial, agricultural and residential properties.

The Queen's private estate has been revealed to have invested millions of pounds in BrightHouse the retail chain criticised for exploiting financially vulnerable people, alongside the collapsed off-license retailer Threshers.

"We all have the responsibility to pay for it".

Masood Azhar's nephew, top JeM terrorist killed in Pulwama encounter
Waseem and his two acomplices Talha and Mehmood were killed in a gunfight at Aglar village of the district on Monday evening. Meanwhile, Army chief Bipin Rawat said Jaish's acknowledgement is proof of terror emanating from Pakistan.

It said that all its investments were legitimate.

Though the investment still stands, and according to the Duchy is worth only a few thousands pounds, the initial investment remains undisclosed.

One of the Duchy's offshore investments has generated some controversy.

Queen Elizabeth's estate reportedly invested at least $13.1 million into offshore tax-sheltered funds located in the Cayman Islands and Bermuda, prompting Labour party leaders and anti-monarchists to demand an investigation into Her Royal Highness's finances. Per the documents, some of the money was invested in a fund that ended up contributing to BrightHouse, a chain with an alleged history of irresponsible lending, and liquor store chain Threshers, which went belly-up in 2010 after owing £17.5 million in United Kingdom taxes.

"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, CEO of The Republic Campaign, which seeks to replace the monarchy with an elected head of state.

The Queen doesn't directly oversee the Duchy's investments, and most of its income, while private, goes toward covering the expenses for her and other royals that aren't covered by public funds through the sovereign grant.

Related news:

Hot News

isis-killer-beheading-video-story-top Priti Patel discussed giving United Kingdom aid to Israel, Downing Street admits
Nov 08, 2017 - 00:15
The Telegraph also reported that Patel had suggested to Netanyahu that the United Kingdom should give aid to the Israeli army. Great to meet with Priti Patel , UK Secretary of State for International Development, today.

Doctors Want The Public To Get Vaccinated For This Years Flu Season
Nov 08, 2017 - 00:12
Second, because flu viruses are constantly changing, vaccines are updated annually to keep up with the changing viruses. The current strain of H3N2 emerged during the 2014-15 flue season and remains prevalent today.

isis-killer-beheading-video-story-top DHS ends protections for thousands of Central Americans
Nov 07, 2017 - 21:22
Both Honduras and Nicaragua received initial TPS designations in 1999 after Hurricane Mitch devastated the two countries. Congress is the only body with the authority to create a path to permanent legal status for TPS holders.

isis-killer-beheading-video-story-top Waymo announces driverless test program in Phoenix, accepting ride hails soon
Nov 07, 2017 - 21:17
The service marks a major step forward in the development and roll-out of fully autonomous vehicles. Watch the driverless cars in action below.