Emma Watson has an offshore account. The “Harry Potter” star is one of the many wealthy personalities who were exposed in the Panama Papers to owning private accounts out of the country.
The Panama Papers is a collection of over 11 million confidential documents from a Panama law firm that was leaked and published online in April 2016. The scandal erupted after it was revealed that several politicians, businesspeople and celebrities were hiding their wealth in offshore accounts.
Why Watson has an Offshore Account
The Spectator, a British publication, went through the data on over 300,000 entities posted on the website of the International Consortium of Investigative Journalists. They discovered that the actress, listed as Emma Charlotte Duerre Watson, is a beneficiary in an offshore company based in the British Virgin Islands.
Some claim that the actress set up the offshore company to purchase a property in London. Watson’s spokesperson declined to comment on the issue.
The leaked information showed that the company, called Falling Leaves Ltd, was established in 2013. The U.K. overseas territory in the Caribbean was categorized by the European Commission as a tax haven.
"Emma (like many high-profile individuals) set up an offshore company for the sole purpose of protecting her anonymity and safety. Emma receives absolutely no tax or monetary advantages from this offshore company whatsoever — only privacy,” stated Watson’s representatives, in a report by USA Today.
CNN noted that according to Watson, having an offshore company is not unethical or illegal. However, it is supposed to be private.
She stated that offshore companies do not publish shareholder details, unlike in the United Kingdom. The actress was mainly seeking anonymity to maintain her personal safety, since it has been jeopardized before due to the information being made publicly available.
Other Big Names Exposed in the Panama Papers
The Panama Papers has caused huge embarrassment after it names like British Prime Minister David Cameron, the Duchess of York Sarah Ferguson, producer Simon Cowell, director Pedro Almodovar, and actors Jackie Chan and Amitabh Bachchan, among others. Some were compelled to explain why they own offshore accounts and whether they violated any tax laws in their country.
There are several legal reasons why entities open offshore bank accounts. Primarily, assets are protected particularly due to the confidentiality provided.
Investment portfolios are also better managed overseas. These are also a legitimate way to pay less tax.
