Cameron investment fund sought legal advice on best tax havens, Panama Papers reveal
The directors of Blairmore Holdings commisioned a report on the best tax havens before transferring the company to Ireland in 2014
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The investment fund where David Cameron’s father was a director sought comprehensive legal analysis on different tax havens before it was transferred to Ireland, documents among the leaked Panama Papers have revealed.
London solicitors Simmons & Simmons produced a five page bulletin on the advantages and disadvantages of moving Blairmore Holdings Inc to a number of Caribbean Islands, explaining how much it would cost to do so, The Guardian reported.
It was written in 2008 for the directors of the company which included Ian Cameron, the prime minister’s father who passed away two years later.
“Both the Cayman Islands and Bermuda are considered market-leading offshore financial centres with sophisticated investment fund infrastructures,” a lawyer at the firm wrote. “Both offer political stability, an abundance of professional service providers and responsive regulatory bodies.”
But the analysis noted that regulatory intervention in Bermuda was “considered slightly heavier than in some other offshore jurisdictions,” and “the Cayman Islands is by far the jurisdiction of choice for hedge funds and hedge-fund managers.”
“By June 2007, over 8,300 registered mutual funds were operating in the Cayman Islands,” it said.
The law firm also explained how much it would cost to transfer the fund which was registered in Panama by Mossack Fonseca, the firm at the centre of the leak.
Simmons & Simmons said it would charge £40,000-£50,000 for a transfer to either jurisdiction. Thousands more would have been required for work carried out in the Caribbean. Mossack Fonseca would have charged around £3000 for either move.
Blairmore was eventually moved to Ireland two years after Mr Cameron’s death in June 2012 – the same year that his son became prime minister. The country has many of the advantages of other offshore jurisdictions.
After insisting it was a “private matter” David Cameron admitted that he and his wife owned shares in the trust before selling them for around £30,000 in 2010.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments