Paradise Papers: Bono, Madonna Linked to Offshore Tax Havens

Bono and Madonna were among the many celebrities whose names were revealed by the Paradise Papers.

U2 frontman bono and popular singer Madonna are among those whose names have been linked to offshore tax havens, according to the recently released Paradise Papers. As a result of the investigation which was carried out by the International Consortium of Investigative Journalists (ICIJ), a lot of celebrities, politicians, sportsmen and even the queen have been placed under the spotlight.

While the documents revealed that Madonna has a share in a medical supplies company, Bono reportedly used a company based in Malta to pay for a share in a shopping centre in a small town in Lithuania, as reported by The Guardian.

According to the information derived from the Paradise Papers, Bono was an investor in the Maltese company Nude Estates, which bought the Aušra mall in 2007. Nude Estates then went on to incorporate a Lithuanian company of the same name to hold the property in Utena, which is about 60 miles north of the capital, Vilnius.

However, in 2012, the shopping centre business was transferred to a company in Guernsey called Nude Estates 1.

Bono had reportedly used his real name, Paul Newson, to showcase his interest in the shopping centre whose bid he made through a Malta-based company. The fact that he could have easily paid more tax to help both the local and overseas population, hasn’t gone unnoticed by many. He had also once made a statement saying U2 ‘paid a fortune in tax’.

Bono was a passive, minority investor in Nude Estates Malta Ltd, a company that was legally registered in Malta until it was voluntarily wound up in 2015. Malta is a well-established holding company jurisdiction within the EU.

Bono’s spokesperson told The Guardian. 

She also went on to add that he was a ‘passive, minority investor’ in the Guernsey company which was linked to the shopping complex as well.

Bono has not yet commented on his offshore accounts after the revelations of the Paradise Papers.

(With inputs from The Guardian.)

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