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A new global investigation dubbed "the Paradise Papers" concerns 68 Ukrainians (55 men and 13 women), according to a YouControl press release published on Tuesday, December 5, as reported by Deutsche Welle's Ukrainian service.
Out of 57 offshore companies owned by Ukrainians, 27 are registered in the British Virgin Islands, 11 in Bermuda, seven in Malta, four in the Isle of Man, three in the Cayman Islands, another three in the Seychelles, one in the United Kingdom, and another one on the island of Jersey, Deutsche Welle reported.
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Groups of companies engaged in heavy industry and large-scale production, as well as small "start-ups" that develop software are using offshore foundations, according to YouControl analysts.
In general, offshore and "semi-offshore" companies are vital for some types of businesses, particularly engaged in the IT sector, as now access to a large number of international platforms for IT products distribution is possible only via foreign companies. They also handle income through foreign bank accounts, experts said.
As was reported, journalists of the International Consortium of Investigative Journalists (ICIJ) published the new Paradise Papers investigation on November 5. The media got data from an offshore company, which helped its customers minimize taxes. The world's richest people transferred nearly EUR 8 trillion to offshore accounts.