‘Most offshore tax havens obscure British territory'
The UK’s Queen Elizabeth II is one of the key figures involved in the Paradise Papers scandal - a leak of millions of documents opening a window into the hidden wealth of international elite in offshore tax havens. An analyst has told Press TV that ironically, most of these tax havens are obscure British territory.
Senior analyst with the Foreign Policy in Focus, Ian Williams, said these patches of British territory have some degree of autonomy and “this provides a virtual quantum universe of money where money can disappear and not touch the ground anywhere where it can be taxed.”
The analyst noted that “the queen could almost argue that Cayman Isles is not offshore for her because it is one of a few patches of territory where she is still the queen,” adding the monarch’s head continues to appear on the stamps in the British colony.
He said the queen pays taxes on a “voluntary” basis, because technically she cannot tax herself as the head of state.
Many of the leaked documents reveal how politicians, multinationals, celebrities and high-net-worth individuals use complex structures of trusts, foundations and shell companies to protect their cash from tax officials or hide their dealings behind a veil of secrecy.
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