We’ve all got an image in our minds of who uses offshore tax havens to host their business — but most are not the crooked billionaires we have in mind. In fact, Paul David Hewson, dubbed “Bono” for his good voice, was linked to some fraudulent tax avoidance through sharing ownership of an offshore company — but there are two sides to every story.
[:24] The sort of people who use offshore tax havens to host their business may not be the crooked billionaires we all have in mind.
[1:20] The Paradise Papers exposed how the global 1% use international entities to structure their wealth through the release of 13.4 million electronic documents.
[1:49] Paul David Hewson “Bono” was discovered in the documents, revealing his share in a Lithuanian mall via his stake in a company called Nude Estates.
[2:45] The company’s ownership was transferred to Guernsey where foreign investors pay no tax.
[4:20] Call Financial Gravity when you desire to save, and let’s see if we can rescue enough wasted tax dollars to send you someplace where the streets have no name.