Bono and Madonna named in Paradise Papers investigation

Celebrities including Madonna and Bono are among the dozens of high-profile names in the leaked 'Paradise Papers' – financial documents that have revealed how some of the rich and famous invest in offshore tax havens.

The papers were released Sunday by the International Consortium of Investigative Journalists after being sent to a German newspaper, and include 13.4 million documents relating to the financials of the world's elite.

Legendary pop star Madonna has a share in a medical supplies company.

U2 frontman Bono meanwhile, referenced by his real name Paul Hewson, invested in a company registered in Malta which in turn invested in a shopping centre situated in a small town in north-eastern Lithuania.

The Malta-based company, called Nude Estates, bought the shopping centre for €5.8m (£5.1m) after it opened in 2007 before it was transferred to a company in Guernsey called Nude Estates 1.

In Malta, foreign investors are taxed just 5% on profits earned by companies based there. In Guernsey, no tax is paid on company profits.

A spokesperson for Bono told The Guardian: "Bono was a passive, minority investor in Nude Estates Malta Ltd, a company that was legally registered in Malta until it was voluntarily wound up in 2015. Malta is a well-established holding company jurisdiction within the EU."

The spokesperson also confirmed he was a "passive, minority investor" in the Guernsey company as well.

Madonna has not currently replied to requests for comments.

The Paradise Papers have implicated numerous high-profile names, most notably the Queen, who has been found to have £10m of her private wealth invested offshore by the Duchy of Lancaster, which handles the Queen's investments.

A spokesperson told the BBC: "Our investment strategy is based on advice and recommendation from our investment consultants and appropriate asset allocation... The Duchy has only invested in highly regarded private equity funds following a strong recommendation from our investment consultants."

The papers also reveal ties between President Donald Trump's administration and Russia, with his son-in-law Jared Kushner and Commerce Secretary Wilbur Ross named in the huge investigation.