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Queen Elizabeth Has Investments In Offshore Havens

Queen Elizabeth Has Investments In Offshore Havens

Queen Elizabeth Has Investments In Offshore Havens

At the time of initial investment, June 2004, the fund was based in Bermuda - by 2006, it had hopped to Guernsey, another tax haven.

The investigation, undertaken by the International Consortium of Investigative Journalists (ICIJ) and called the "Paradise Papers", was performed by 382 reporters at nearly 100 media outlets who analyzed more than 13 million tax haven documents covering the period 1950-2016, Efe news reported.

The investments by the Duchy of Lancaster emerged after the leak of a massive cache of documents being dubbed the Paradise Papers.

The documents about Elizabeth's financial holdings are part of a tranche of some 13.4 million records of offshore accounts leaked to German newspaper Suddeutsche Zeitung and shared with the International Consortium of Journalists and a network of more than 380 journalists in 67 countries.

"The Queen voluntarily pays tax on any income she receives from the Duchy".

Suddeutsche Zeitung also alleged that Dover Street further invested in a subsidiary company called Vision Capital Partners VI B LP to buy into two United Kingdom retail chains, one of which was BrightHouse.

A spokesman for the estate said: "We operate a number of investments and a few of these are with overseas funds". But just two weeks ago, the British Financial Conduct Authority ruled BrightHouse had not acted as a "responsible lender" and ordered it to pay millions of pounds to thousands of customers. It said that all its investments were legitimate.

Opposition Labor MP Margaret Hodge, the former chair of the House of Commons Public Accounts Committee, said she was "pretty furious" with the Queen's investment advisers for endangering her reputation.

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The BBC reported that the Duchy invested $7.5 million in Dover Street VI Cayman Fund LP in 2005.

"The Dover Street investment was bought in 2005 and forms only 0.3% of the total value of the Duchy".

The Duchy of Lancastar, who handles the Queen's estates, has reportedly invested in retailers including BrightHouse, which has recently been criticised for "exploitation" of vulnerable customers.

One of the Duchy's offshore investments has generated some controversy.

The documents show the Duchy also invested five million pounds ($8.6 million Cdn in today's dollars) in the Jubilee Absolute Return Fund limited, a hedge fund based in Bermuda, and later moved to Guernsey.

The Duchy says there are no tax advantages to investing offshore.

"The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants", he said.

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