World: Pandora Papers reveal use of offshore heavens for real estate purchases in tourism destinationsAdd to Favourites
The Pandora Papers, 11.9 m documents published by the International Consortium of Investigative Journalists (ICIJ) reveal that evading taxes by purchasing real estate in famous destinations like the French Riviera and Malibu, via offshore heavens is a common practice for heads of states! Most of this real estate then enters the high end hospitality industry. An associated practice is that of golden passports, whereby shady investors purchase a new passport via investments, but these are minor details: As the ICIJ points out, "The key players in the system include elite institutions – multinational banks, law firms and accounting practices – headquartered in the U.S. and Europe." No one is really surprised and no one expects the end of the USD 11 trillion offshore system any time soon and as long as it serves the purposes of global financial and military-industrial complex that set it up in the first place. Ironically, one also gets the suspicion that some of the named politicians are being punished for something they did, such as promising to crack down on tax evasion, or for some other promise to the status quo which they failed to keep... Or worse, that the leak itself is part of geopolitical games.