What the Pandora Papers Reveal About Offshore Wealth

The trove of leaked financial documents known as the Pandora Papers is the latest in a decade-long series of revelations illustrating how the world’s ultra-rich and powerful shield their fortunes from prying eyes, high taxes and law enforcement. Using avenues not available to most people, they park money in trusts, shell companies and holding companies established in jurisdictions that typically offer low taxes and a high level of anonymity.

The leak of 11.9 million confidential documents names heads of state, billionaires and celebrities who use offshore companies to acquire mansions, private jets and stakes in companies, with little or no transparency. The International Consortium of Investigative Journalists, the U.S. nonprofit that partnered with media organizations on the investigation, said it “lays bare the global entanglement of political power and secretive offshore finance.” Moving money through foreign accounts is legal in most countries, and many of the people named in the data release aren’t accused of any wrongdoing, but the Pandora Papers gives a rare insight into the wealth planning of the world’s rich and powerful.