Superyachts don’t automatically mean super-villains

The disclosure of the Paradise Papers last year resulted in an onslaught of misguided moral righteousness villainising the wealthy for using perfectly legal means of investing in offshore corporations to achieve tax efficiency. In the process, many august journals blurred the lines between entirely legal tax avoidance and illegal tax evasion.

The British Overseas Territories (BOTs) are a success for, but not limited to, the local economies of the territories concerned. Apart from yacht registration, many BOTs offer a wide range of corporate and financial services. It was regrettable that we saw yacht owners who choose to flag their vessel with an offshore flag state being pulled into the debate in the ever popular pantomime of the evil superyacht owner who hides his wealth and…

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