Spanish singer Julio Iglesias has used five companies located in the British Virgin Islands, which is a tax haven, to acquire a number of properties in Indian Creek, the sought-after island on Miami known as “Billionaire Bunker.” The current value of the homes is as much as $112 million, according to data from Miami-Dade county’s public records. The 78-year-old, who was born in Madrid, is linked to another 15 firms, all of them managed by Trident Trust, one of the administrators at the center of the Pandora Papers, an investigation coordinated by the International Consortium of Investigative Journalists (ICIJ).
Over a two-year period, more than 600 journalists from 117 countries have analyzed 11.9 million files from the offices of 14 different law firms specializing in creating offshore companies in tax havens. This type of company, based in different countries than the tax residence of their administrators, are legal provided that the owner declare them in their place of residence. Problems for the authorities start when anonymity and zero taxation is what is being sought.
In Spain, EL PAÍS and television network La Sexta have analyzed these leaked documents to search for people of public interest who have taken advantage of some of the most opaque jurisdictions in the world. The result is more than 700 companies linked to our country, among which there are dozens of relevant personalities.
As well as the five properties on the island, Iglesias has used another six companies to acquire six more modest properties in the Surfside neighborhood, all of them close to the entrance to Indian Creek, for a total value of $4 million. Via one of these, G-450 Holding Limited, he is the owner of a private plane. Another eight companies that appear do not have a clear function. In total, he is the beneficiary of 20 companies – 16 of them, with his wife, Dutch national Miranda Rijnsburger, and another four that are just in his name. All of them are controlled by a trust – the most opaque vehicle for controlling assets held abroad – called the Julio Iglesias de la Cueva Revocable Trust. It was created in 1995 in the British Virgin Islands with the aim of managing Iglesias’s assets “for inheritance purposes.”
The crooner made this tiny private island just north of Miami Beach fashionable among the elite, with its access to the Atlantic and Biscayne Bay, views of the Miami skyline and total security provided by a private police squad that patrols the perimeter by land and sea to keep out those with prying eyes. Scarcely more than a kilometer square and crowned by a 1930s golf club, the island now has 31 mansions all built with a sea view and surrounded by huge palm trees that shield the owners from view as they cool off in luxurious pools or lie on artificial beaches of pink sand shipped in from the Bahamas. And while the enclave has no stores, hotels or supermarkets, the mansions have private piers for the mooring of luxury yachts. In short, this is among the most expensive expanses of real estate in the United States.
With a fortune estimated by Forbes at €800 million, Iglesias is one of the few millionaires to be linked to so many offshore companies, some of which were founded in the late 1990s and beyond. The singer of hits such as La vida sigue igual or Me va, me va, who is widely considered to be the biggest-selling Spanish-speaking artist of all time with around 350 million records sold, has not been a tax resident in Spain since 1978, according to his representative Juan Velasco, who divulged the information during an interview with EL PAÍS. Until at least 2018 he lived in Dominican Republic, but his lawyers, who declined to comment on this story, have not confirmed where his current residency is.
Iglesia blazed the trail to Miami, followed by other Spanish musicians such as balladeer Alejandro Sanz in the 2000s and, more recently, flamenco-pop artist Rosalia. “I have never stopped paying a single damn tax anywhere in the world; where I sing, I pay my taxes,” Iglesias snapped during an interview with television journalist Jordi Évole in 2015.
The way the land in Indian Creek is purchased appears to follow a pattern: a limited company is founded in a tax haven and the land, valued at up to $25 million for an undeveloped lot of about 7,400 square meters, is then bought through that company.
In December 2020, Indian Creek Island made headlines. While Donald Trump clung to the US presidency, and half the world wrestled with the coronavirus pandemic, Trump’s daughter Ivanka and his son-in-law, Jared Kushner, were busy reorganizing their assets. The outcome was that one of Iglesias’s vacant plots was sold to the couple for $32,179,000, the official amount registered by Miami-Dade County, according to the US media, although the property records have not yet published the identity of the plot’s latest owner.
The land coincides with the four undeveloped plots Iglesias owns on the most-privileged area of the island, which boasts the best views of downtown Miami. In 2008, he bought the mansion at number 30 and, in 2017, he was asking an eye-watering $150 million for the lot of four empty plots close to his property that, together, gave access to almost 250 meters of seafront. One of those plots is the one that local media, such as the South Florida Business Journal, claim the former president’s daughter has bought.
“It’s the most exclusive and private corner of Miami,” says luxury real estate expert Kevin Kavanaugh from his Miami Beach office. “While the luxury market for new buildings fluctuates every year, according to which penthouses are fashionable, the mansion market is a stable business that grows every year. A secure asset.”
On Wednesday of last week, a construction truck was waiting at the gates of the bridge for access to the island. Neighbors speculate that Ivanka is currently living nearby in Surfside while her mansion on the other side of the bay is being built.
In 2020, another couple of well-known faces acquired a similar piece of land: supermodel Gisele Bündchen and her husband, American soccer star Tom Brady, snapped up number 26, which already has a mansion on it, though the couple stated an intention to demolish it to make way for another ecological and sustainable house, as announced by several American media outlets last December. This piece of land was sold to them for $17 million last October.
English version by Heather Galloway.
European Commission recommends travel ban on southern Africa amid fears over new Covid variant
The EU is expected to announce an immediate travel ban to southern Africa because of the discovery of a new Covid-19 variant.
The B.1.1.529 variant, which is more transmissible than the dominant Delta variant and could evade vaccines, has been discovered in South Africa’s most populous province Gauteng.
The EU Commission president Ursula von der Leyen tweeted: “The @EU_Commission will propose, in close coordination with Member States, to activate the emergency brake to stop air travel from the southern African region due to the variant of concern B.1.1.529.”
The future of this year’s United Rugby Championship (URC) could be in jeopardy as it has four South African teams in it.
Northern Ireland’s chief medical officer, Michael McBride, said the emergence of the new variant was “undoubtedly a matter of concern”.
Recent arrivals to Northern Ireland from the six countries on the UK list will be contacted by the Public Health Agency (PHA) and asked to self-isolate and take a PCR test, which will be prioritised for genomic sequencing.
Further assessments will be made concerning other countries with strong travel links to South Africa, the North’s Department of Health said.
Dr McBride said the introduction of travel restrictions was on a “precautionary basis, while we await further evidence on the spread of this variant in South Africa and understand more about it.”
The official Munster rugby Twitter account stated: “We all are safe & well in Pretoria. We are working with URC on the ongoing situation relating to Covid-19 & will provide an update once we know more #MunsterInSA.”
The Covid adviser for the Irish College of General Practitioners (ICGP), Mary Favier has warned that if the new South African variant of the virus manages to “out run” Delta, then “we will have a problem”.
It was still unknown if vaccines would work against the new variant which was why so much attention was being paid to it, she told Newstalk Breakfast.
Dr Favier also welcomed plans to extend the vaccine programme to children aged 5-11. GPs knew the difference that vaccines could make, however, she pointed out that it would be a parental decision and GPs would be willing to discuss the issue with parents.
On RTÉ Radio 1’s Morning Ireland programme immunology expert, Professor Christine Loscher said she expected the World Health Organisation (WHO) to move the status of the new variant from one of interest to one of concern in the near future.
The new variant was of concern because of the number of mutations in the spike proteins and it was still unclear how this variant would respond to vaccines. It was a case of wait and see the impact, she said.
Within the coming weeks it would be known how good current vaccines were at neutralising antibodies in the variant, added Prof Loscher. But she pointed out that vaccine manufacturers have been able to “tweak” vaccines as the virus changed.
“That’s a positive thing to know, that they have the technology to vary the vaccine as variants arrive.”
Minister for Health Stephen Donnelly said he is “deeply concerned” about the new Covid variant.
The World Health Organisation (WHO) will meet on Friday to to further assess the significance of this variant.
The Department of Foreign Affairs has not updated its travel advice to South Africa on its website. It no longer advises against non-essential travel.
Italy tightens Covid restrictions as some regions face return to ‘yellow’ zone
A government decree that comes into force from December 6th will require a ‘super green pass’ health certificate to access most venues and services across the country, in a bid to contain Italy’s rising infection rate and ensure Christmas celebrations can go ahead as planned.
The ‘super green pass’ can be obtained only by those who are vaccinated against or have recovered from Covid-19.
It supersedes the basic ‘green pass’, which was also available to those who had recently tested negative for the virus; though the basic green pass will still be valid for use on public transport and to access workplaces.
Speaking at a televised press conference on Monday evening, Italy’s Prime Minister Mario Draghi said the restrictions would mean a “normal” Christmas this year for those who are vaccinated, and would “give certainty to the tourist season”.
The announcement comes amid media reports that some Italian regions will be placed under increased restrictions starting next week.
People wearing a face mask do some window shopping on Piazza di Spagna in central Rome on December 13, 2020. Vincenzo PINTO / AFP
The northerneastern region of Friuli Venezia Giulia will be returned to the more restricted ‘yellow’ zone from Monday, after it met all of the Italian government’s criteria for tightened restrictions.
Italy operates under a four-tier colour coded system for coronavirus restrictions, with ‘white’ zone areas under the most relaxed rules, and ‘yellow’, ‘orange’ and ‘red’ zones under increasingly strict restrictions.
Since October, the entire country has been in the least-restricted white zone – but this week, Friuli Venezia Giulia’s hospital ward occupancy and Covid infection rates exceeded the limits put in place by the government last summer.
The region’s figures stood at 15 percent Covid patient ICU occupancy and 18 percent general hospital ward occupancy as of November 24th, according to data provided by Agenas, Italy’s National Agency for Health Services.
Under a law introduced by Italy’s government in July, any region above the threshold of 10 percent ICU and 15 percent general ward Covid patient occupancy and with a new weekly incident rate of 50 cases per 100,000 inhabitants should automatically be placed in the yellow zone.
It’s thought that mass demonstrations held in the region’s capital of Trieste last month to protest the introduction of a Covid health certificate requirement for Italy’s workers are partly behind its deteriorating health situation.
A Santa Claus puppet wearing a face mask is displayed in the window of a food store at Rome’s Trevi fountain square on December 23, 2020. Vincenzo PINTO / AFP
According to Italian media, Friuli Venezia Giulia’s governor Massimiliano Fedriga has agreed to enforce the government’s ‘super green pass’ rules from Monday, allowing the region’s vaccinated population to bypass restrictions they would otherwise be subject to.
Currently, ‘yellow zone’ restrictions require an area’s inhabitants to wear a mask both outdoors and in indoor public spaces, and restaurants can seat a maximum of four diners to a table.
While those in a yellow zone will still be required to mask up outdoors, under the new rules, people who hold the ‘super green pass’ will be able to access “indoor catering”, shows (such as theatre performances), parties, nightclubs, sporting events, and “public ceremonies”, as normal.
Other parts of the country currently expected to join Friuli Venezia Giulia in the yellow zone within the next couple of weeks are the autonomous province of Bolzano, which had 10 percent ICU and 15 percent general ward Covid patient occupancy rates as of November 24th; as well as Marche, Liguria, Lazio, Calabria, which all have figures approaching the threshold.
Some of Italy’s larger cities are putting into place their own preemptive strategies to try to contain their infection rates.
On Thursday, Milan’s mayor Giuseppe Sala said he was preparing to sign a measure making facemasks mandatory outdoors across the city center from the coming weekend, reports news agency Ansa.
And in Venice, mayor Luigi Brugnaro has already signed an order requiring the use of masks at Christmas markets and other large outdoor gatherings in the city, reports Sky TG 24.
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