Queen Elizabeth Has Invested Millions in Offshore Tax Haven Funds, Leaked Documents Claim
Queen Elizabeth's financial affairs were recently leaked to the public.
The queen has invested $13.2 million (£10 million) in offshore tax haven funds, according to a series of leaked documents. Also known as the "Paradise Papers," the documents (via PEOPLE) indicate how the 91-year-old royal's private income fund — the Duchy of Lancaster — transferred money into accounts held in Bermuda and the Cayman Islands.
It's worth noting that the Queen has not been accused of any wrongdoing. However, the said investments may be an embarrassing revelation for a royal family known for closely guarding its reputation.
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"We operate a number of investments and a few of these are with overseas funds. All of our investments are fully audited and legitimate," the Duchy of Lancaster said in a press statement.
Representatives for the queen's estate clarified that all investments made on her name were legal, noting less than one percent of the funds were held in the Cayman Islands. They also mentioned that although the queen does not personally manage the portfolio, she voluntarily pays taxes on income earned from the estate.
Through the $680 million (£519 million) Duchy, the Queen generates income to cover her official expenses. The estate claims it primarily invests in residential, agricultural and commercial properties. For its latest fiscal year, the Duchy earned a net income of $25 million (£19.2 million).
An anti-monarchist group, which seeks to abolish the monarchy and elect a head of state, has responded to the news by putting the blame on the British monarch herself.
"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 CEO of The Republic Campaign, Graham Smith.
Labour Party leader Jeremy Corbyn also slammed the Queen's offshore funds and said aside from apologizing, people who put money in tax havens also need to "recognize what it does to our society."
