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Paradise Papers: Queen Elizabeth, Bono, world super rich avoid tax offshore

Huge leak of around 13.4 million confidential documents of several wealthy people in the world has revealed how they made they money, avoilded tax and invest in lucrative business with fake identities.

Queen Elizabeth, Bono among other world’s super rich invest offshore and avoided tax.

The HUGE document branded Paradise Papers, obtained by the International Consortium of Journalists and published by scores of publication outfits.

According to the leaked documents, Bono, the U2’s frontman, faked his identity by employing a Malta company to pay for a share in a shopping centre, located in Lithuania.

The rock star was reportedly an investor in the Maltese company Nude Estates, which bought the Aušra mall for €5.8 million shortly after it opened in 2007.

The shopping centre business was transferred to a company in Guernsey called Nude Estates 1, back in 2012.

Britain’s Monarch, Queen Elizabeth has also been linked to offshore investments, as the Paradise Papers, puts her investment at about 10 million pounds in Cayman Islands and Bermuda portfolios

The queen’s private manager, Duchy of Lancaster, was said to have made the investments back in 2004 and 2005.

The Duchy of Lancaster has also confirmed that the British monarch has investments oversees and that they were legitimate.

“We operate a number of investments and a few of these are with overseas funds. All of our investments are fully audited and legitimate,” it said.

The documents showed that the queen invested in BrightHouse, a household goods and electronics retailer that has been accused of exploiting customers by charging high interest rates.

The queen pays taxes on the income generated by her holdings in the Duchy of Lancaster.

She has vast financial assets, including luxury real estate, valuable artwork and jewellery.

The documents about Elizabeth’s financial holdings are part of a tranche of some 13.4 million records of offshore accounts leaked to German newspaper Süddeutsche Zeitung and shared with the International Consortium of Journalists and a network of more than 380 journalists in 67 countries.

British Labour leader Jeremy Corbyn said the widespread use of offshore havens by wealthy individuals in dozens of countries proves “there’s one rule for the super-rich and another for the rest when it comes to paying tax”.

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