Millions of pounds from the private estate of Britain’s Queen Elizabeth II have been invested in offshore tax haven funds, a huge new leak of financial documents revealed.
Around £10 million ($13 million, €11.3 million) of the Queen’s private money was placed in funds held in the Cayman Islands and Bermuda, according to the leaked papers, which were first reported in Britain by the BBC and the Guardian newspaper.
They said the funds reinvested the money in an array of businesses, including controversial rent-to-own retailer, BrightHouse, which has been accused of exploiting the poor, and a chain of alcohol stores which later went bankrupt.
The investments, which were entirely legal, were made through the Duchy of Lancaster, which provides the monarch with an income and handles investments of her vast estate and remain current, the media outlets said.
There is no suggestion that the Queen’s private estate acted illegally or failed to pay any taxes due. But the leaks may raise questions over whether it is appropriate for the British head of state to invest in offshore tax havens.