Queen Elizabeth Stashed Millions in Offshore Tax Havens: Paradise Papers

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

BrightHouse is the trading name for Caversham Finance and is owned by private equity company Vision Capital, which according to the Paradise Papers - a leaked cache of 13.4 million documents from a bank in Bermuda - had been backed by the Dover Street VI Cayman Fund LP, in which the Duchy of Lancaster, the private estate of the Queen, had reportedly invested £5.73 million in 2005.

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.

TJN is calling on Britain's head of state to use her weekly meeting with the Prime Minister to "push for three specific measures", to wit; all British territories make their company ownership registers fully available to public online search at no cost; all British territories require registration and publication of information concerning trusts; the Prime Minister accepts full responsibility for the activities of British secrecy jurisdictions and requires them to automatically share information on offshore trusts with the relevant authorities of all countries across the world.

"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.

As per the Paradise Papers leak, The Duchy of Lancaster, which is the Queen's private estate and a chief source of income, held funds in the Cayman Islands and previously held another investment till 2010 in Bermuda - the two known tax havens.

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. It said that all its investments were legitimate.

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They show that around £10million of the Queen's private money was invested offshore, a BBC Panorama team has revealed.

Last month, it was ordered to pay 14.8 million pounds in compensation to 249,000 customers.

A spokesman for the estate said: "We operate a number of investments and a few of these are with overseas funds".

The Duchy said its investment in the company is worth £3,208 ($4,200).

The Duchy said in a statement that the investment in BrightHouse was made "through a third party", and equates to just 0.0006% of the Duchy's value. The royal household is subject to taxation.

"The Queen now needs to come clean, to set the highest standards of transparency and probity in her financial affairs".

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