Is it raining money? Are you rolling in the dough? Whether you know it as “making bank” or “bringing in the big bucks,” usually when any of us has a little extra money we like to put it into a savings account where it can accrue interest. Yet, what many of us forget until tax season rolls around is that Uncle Sam likes to take his fair share of what we earn, especially if we’ve made quite a bit of interest. And, while we gasp at paying taxes on an extra $1,000 here and there, celebrities making top dollar often have it even worse.
In hopes of avoiding high taxes on their hard-earned income, some celebrity millionaires move the majority of their net worth to offshore accounts in countries like Switzerland or the British Virgin Islands where taxes are notoriously low. While many assume that this is illegal, it actually isn’t; however, the stigma that comes from getting caught as someone who avoids paying taxes in their home country can be quite hard to overcome especially if you’re in the spotlight.
With the recent Panama Papers leak of 11.5 million records in addition to a long history of other financial fiascos, curiosity got the best of us. Which celebrities have offshore accounts and just how much are they worth? Join us we take a look at 20 celebrities with offshore accounts and uncover their reasoning behind moving their money abroad!