Elton John Is Among Artists Named In Pandora Papers Exposing Tax-Avoidance Schemes
The world was shaken by the recent leak in private financial documents of well-known and wealthy people. Pandora Papers exposed many prominent business people, politicians, and musicians that might be involved in tax-avoidance schemes, sending tax money offshore and keeping their fortune there. Among those names was the world-famous musician Sir Elton John.
Elton John is known for being the fourth wealthiest musician globally with a Net Worth of $500 Million. He sold over 300 million albums worldwide and was successful in every project he was involved in. He also has vast investments in art and car collections and real estate. When a celebrity of this much fortune gets involved in a tax-avoidance scheme, it makes one question the origins of this money.
It is not illegal to move money to other countries to avoid high taxes, which is what names like Elton John, Shakira, and Ringo Starr did. However, the International Consortium of Investigative Journalists, otherwise known as ICIJ, claimed that these well-known names established Post Office Box companies in Panama, the Bahamas, and the British Virgin Islands. This usually is something you would do if you were trying to hide illegal money.
Elton John didn’t make a public statement about this leak, and he hasn’t been accused of anything yet. However, if the investigations prove tax evasion, the consequences could cause the decline of his Net Worth.
Among the people whose names got exposed was Shakira. Unlike John, Shakira’s lawyers denied all the claims made by the media and the ICIJ. They stated that the singer provided the necessary evidence to show that she declared all her companies in the Bahamas and she is currently paying her taxes in the UK, where she lives.