According to the Miami Hearld Magic Johnson is one of a cavalcade of rich and famous, including golfer Tiger Woods, actors Angelina Jolie and Brad Pitt, soccer star Cristiano Ronaldo, among them, listed as the owners of registered businesses in the Grand Duchy of Luxembourg.
There is nothing illegal about owning Luxembourg Companies and there are legitimate reasons for a company to hide the identify of its owners. But the benefits, as well as the secrecy, are being stripped away. Up until recently, it was a way to minimize taxes and maintain a high level of confidentiality.
Now, thanks to a law that took effect in 2019 requiring Luxembourg companies to list their beneficial owners, those who have an actual financial stake in the company, are now public.
The double whammy of the new transparency law and the 2020 expiration of the special tax perks documented in the 2014 Luxembourg Leaks investigation, appear to have made a dent on the country’s popularity as a destination for global wealth: 2020 was the first year in the registry’s history that more existing companies left Luxembourg than new companies entered.
Read more at: Tax Times blog