Paradise papers sheds light on the use of offshore schemes for minimising tax liabilities by High Ranking Officials

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The recent leak of documents from the Bermuda-based Appleby Law Firm has exposed information related to the use of offshore schemes by High Ranking Officials or closely related parties from different governments around the world, including the United States, Canada, and the United Kingdom.

According to the documents; some of the schemes involve Cyprus; however regardless of the intention of the negative twists by media, it should be noted at all times that the offshore schemes used have not been proven to be illegal and countries such as Cyprus are among the most compliant countries in the world in terms of information exchange willingness, transparency, and internationally accepted KYC and the compliance regulations currently in place.