Celebrities’ offshore millions revealed in new Paradise Papers leak: Harvey Weinstein, Nicole Kidman, Justin Timberlake, Madonna and Shakira used controversial tax havens

Wednesday, November 8, 2017
By Paul Martin

Shakira transferred £30million in musical rights to an offshore firm in Malta
Madonna and Harvey Weinstein bought shares in Bermuda-based companies
Timberlake and Kidman registered companies to buy property in the Bahamas
Paradise Papers on tax havens were leaked from law firm Appleby on Monday

By CHARLIE MOORE
DAILYMAIL.COM
8 November 2017

More celebrities were today dragged into the Paradise Papers row.

Nicole Kidman, Justin Timberlake, Harvey Weinstein and Madonna have been linked to the leaked documents which on Monday dramatically exposed a widespread use of tax havens by public figures.

It follows yesterday’s revelation that pop star Shakira transferred £30million in musical rights to an offshore firm in Malta.

Madonna and Weinstein bought shares in Bermuda-based companies, while Timberlake and Kidman set up and registered companies to buy property in the Bahamas.

There is no suggestion that any of these celebrities acted illegally.

Disgraced pervert Harvey Weinstein bought 2,000 shares of medical venture capital firm Scientia Health Group Ltd in 2001, the documents leaked from law firm Appleby show.

American TV personality Martha Stewart also invested in Scientia and also in another Bermuda-based firm, biopharmaceutical company ImColone. She sold $230,000 worth of shares in that company in December 2001.

Similarly, Madonna purchased 2,000 shares in the Bermuda-based company SafeGard Medical Ltd in 1998.

The singer is named in the small print of the papers as ‘Ciccone, Madonna’ (Ciccone being her last name). The company, which produced syringes, was dissolved in 2013.

There is no capital duty on the issue of shares in Bermuda and no tax on dividend income.

Justin Timberlake created a limited company in August 2015 with his accountant Michael Dreyer as manager.

Four months later he moved to register it in the Bahamas to ‘engage in the purchase of real estate,’ according to the papers.

Meanwhile, Nicole Kidman registered her and her husband Keith Urban’s limited liability company in the Bahamas in March 2015, to secure ‘ownership of interests in real property,’ the papers say.

The tax on the increased value of properties bought through a US-based limited liability company registered in the Bahamas can be treated as capital gains, resulting in an effective rate of 23.8 per cent.

Properties bought by a Bahamian entity face individual levels of US tax on the value increase which can be up to 39.6 per cent.

A spokesman for Kidman and Urban told The Guardian that tax was irrelevant to the way they structured their affairs. The other celebrities have been contacted by MailOnline and are yet to comment.

MailOnline yesterday reported that Shakira transferred £30million in musical rights to an offshore firm in Malta.

The Rest…HERE

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