What legal justifications are offered for offshore asset ownership by leaders?

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Legal Justifications for Offshore Asset Ownership by Leaders

Lawyers representing high-profile individuals have cited privacy and security as key justifications for purchasing properties through offshore companies. It is also stressed that in most countries, possessing offshore assets or utilising shell companies for international business is not inherently illegal.
Privacy and Security Concerns

The legal representatives for Jordan's King Abdullah II stated that all properties under his name were acquired using personal wealth. They further explained that the use of offshore companies for property acquisition is a common practice among prominent individuals seeking to maintain a degree of privacy and security regarding their assets. This approach allows for a level of discretion that direct ownership might not provide.
Legality of Offshore Holdings and Shell Companies

The International Consortium of Investigative Journalists (ICIJ) has highlighted that, within the legal frameworks of most nations, there is no prohibition against holding assets offshore or conducting cross-border business through shell companies. This indicates that such financial structures are, in principle, permissible under current international and national regulations.
Avoiding Specific Taxes

In some instances, offshore structures have been used to legally circumvent specific tax obligations. For example, former British prime minister Tony Blair and his wife Cherie reportedly avoided paying stamp duty on a London property by purchasing the offshore company that owned it, a transaction which was conducted within legal parameters. Similarly, representatives for figures like singer Shakira, supermodel Claudia Schiffer, and cricketer Sachin Tendulkar have asserted that their offshore investments were legitimate and denied any intent of tax evasion.

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What legal justifications are offered for offshore asset ownership by leaders?

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