Newly-leaked documents reveal the private estate of Britain’s Queen Elizabeth has invested millions of pounds in the British Caribbean tax havens of the Cayman Islands and Bermuda.
According to documents obtained by the International Consortium of Journalists, around 10 million pounds (13 million dollars) of the queen’s private cash is said to have been tied up in offshore portfolios.
The leak, dubbed the Paradise Papers, contains 13.4 million documents, mostly from one leading firm in offshore finance. Nearly 100 media groups are investigating the leaked papers.
The core of the leak, totaling more than 13.4 million documents, focuses on the Bermudan law firm Appleby, a 119-year old company, whose clients are corporations and very wealthy people. Appleby helps clients reduce their tax burden; obscure their ownership of assets like companies, private aircraft, real estate and yachts; and set up huge offshore trusts that in some cases…