Paradise Papers expose offshore tax secrecy of Middle East elite

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  • Paradise Papers expose offshore tax secrecy of Middle East elite | Middle East Eye

    A Saudi Prince, a Queen of Jordan and sons of the Turkish prime minister have all been mentioned in one of the largest data leaks in history

    http://www.middleeasteye.net/news/paradise-papers-expose-offshore-tax-secrecy-middle-east-elite-2878216

    Sons of the Turkish prime minister, a Jordanian dowager Queen and a Saudi prince who owns a superyacht longer than a football pitch, are just a few Middle Eastern figures whose offshore dealings have been laid bare by one of the largest ever data leaks.

    Published by the International Consortium of Investigative Journalists (ICIJ), the Paradise Papers exposes the secret dealings and offshore interests of the global elite and shows how companies use offshore company structures to slash tax bills and even hide questionable business practices.

    Leaked from the Bermudan branch of offshore law firm Appleby, the release comes a year after the ICIJ published a tranche of similar material called the Panama Papers. Like them, the Paradise Papers reveal some of the undercover dealings of some of the biggest names in world politics - including Queen Elizabeth of Britain, members of Donald Trump’s entourage, and members of the Middle East’s political and business elite.

    Prince Khaled bin Sultan, Saudi Arabia 

    Prince Khaled bin Sultan bin Abdulaziz, Saudi Arabia’s former deputy minister of defence and dubbed “Father of Saudi Arabia’s missile” for his work in procuring weapons for the kingdom, also had offshore dealings revealed by the leak.

    According to Appleby’s files, Prince Khaled is a beneficiary of two trusts and registered at least eight companies in Bermuda between 1989 and 2014, some of which were used to own yachts and aircraft.

    Registering yachts and aircraft in this way can save tax.

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