ENTERTAINMENT

Paradise Papers: Nicole Kidman And Madonna Implicated In Latest Tax Haven Leak

A breakdown of the latest stars to have been identified.

09/11/2017 6:59 AM AEDT | Updated 18 hours ago

Some of the biggest stars in the entertainment industry have been named in the latest Paradise Papers leak.

Madonna, Justin Timberlake and Nicole Kidman, as well as disgraced Hollywood producer Harvey Weinstein, have been identified in the latest leak, The Guardian reported on Wednesday.

Millions of documents have been released as part of the so-called Paradise Papers, which reveals how the wealthy have secretly invested large sums in offshore tax havens.

On Tuesday, heir to the throne Prince Charles was identified as the latest high profile person to have allegedly invested millions of pounds in offshore funds and companies.

Lewis Hamilton and the Queen have also been named in the mass leak.

Here's a breakdown of the latest stars to have been identified:

Madonna:

EMPICS Entertainment
Madonna allegedly bought shares in a Bermuda-incorporated company.

The American singer and actress is allegedly listed as having bought 2,000 shares in SafeGard Medical Ltd, a Bermuda-incorporated company in 1998.

The company, which produced medical equipment, dissolved in 2013.

Nicole Kidman:

Axelle/Bauer-Griffin via Getty Images
Nicole Kidman and Keith Urban allegedly registered their joint US-based limited liability company as a foreign entity in the Bahamas in March 2015

The Oscar-winning actress and her husband, Keith Urban, allegedly registered their joint US-based limited liability company as a foreign entity in the Bahamas in March 2015.

The Guardian reports that the documents show their aim was to secure "ownership of interests in real property" in the tax haven using a portion of their wealth.

Setting up a US-based limited liability company and registering it in the Bahamas meant they would pay a tax rate of 23.8%, compared to potentially 39.6%.

A spokesperson for the pair reportedly said the registering of the US company in the Bahamas was solely to comply with local laws and "to hold Bahamian property and protect their family's privacy. The company is taxed under US law and no special tax advantages accrue to them or the company. They are taxed as if they owned the property directly."

Justin Timberlake:

Doug Peters/EMPICS Entertainment
Justin Timberlake set up a company to purchase real estate in the Bahamas

Singer and actor Justin Timberlake set up a company in August 2015 with the purpose to "engage in the purchase of real estate" in the Bahamas, according to reports.

Four months after setting it up, Timberlake moved to register the entity as a foreign company in the Bahamas.

The Guardian reports that documents show that a month before the holding was set up, a separate entity called Nexus Luxury Collection Ltd was incorporated in the Bahamas as an "international business company".

According to Nexus Luxury Collection website, Timberlake is is backed by Timberlake, Tiger Woods and financier Joe Lewis.

Harvey Weinstein:

Mike Blake / Reuters
Harvey Weinstein has allegedly been identified in the Paradise Papers leak

Harvey Weinstein, who is facing a raft of allegations of sexual harassment, reportedly invested in a now-defunct Bermuda-based medical venture capital firm more than a decade ago.

In November 2001, Weinstein allegedly took out 2,000 shares in Scientia Health Group Ltd.

Scientia has since gone out of business, but it is not known whether Weinstein sold his stake before this happened.

Shakira:

Ruben Sprich / Reuters
Shakira allegedly holds a substantial portion of her earnings offshore. 

Colombian singer, Shakira, allegedly features in the Paradise Papers and is listed as a resident of the Bahamas, despite living in Barcelona.

It is also believed that she is the sole shareholder of Tournesol Ltd, a Malta company with €3 million in share capital.

The smallest member state in the EU, Malta has faced accusations that it operates as a tax haven.

The Paradise Papers leak allegedly reveal that in 2009 Shakira's "musical assets, intellectual property rights and trademarks" were moved to Tournesol.

A lawyer representing the singer told the consortium of journalists working on the Paradise Papers that Tournesol Ltd "fulfils all legal requirements. All of the corresponding information relative to this entity is public and transparent."

Responding to the accusation that Shakira's listed residence is in the Bahamas, her lawyer said that as an international artist Shakira had lived in a variety of places "throughout her professional career and, in every case, has fully met the laws of all the jurisdictions where she has resided".

Martha Stewart:

Danny Moloshok / Reuters
Martha Stewart was allegedly an investor in Bermuda-based company Scientia

The American lifestyle guru was also allegedly an investor in Scientia, along with Weinstein.

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