The British Virgin Islands, a volcanic archipelago in the Caribbean, were named “Santa Úrsula y las Once Mil Vírgenes” by Christopher Columbus in 1493 after the legend of Saint Ursula and the 11,000 virgins. Today, the jurisdiction is best known for its reef-lined beaches, and its role as a facilitator of global finance, opaque tax structures and secretive corporate shells. And it was here, on a string of islands with a combined population of less than 32,000, that 32 Irish high net worth individuals sought to pull off one of the most daring tax plays in a generation. Claiming to…

Want to read the full story?

Unlock this article – and everything else on The Currency – with an annual membership and receive a free Samsonite Upscape suitcase, retailing at €235, delivered to your door.

Subscribe Log in

Cancel at any time.

Are you already a member? Log in here.

The collective: How 32 high rollers planned to make millions from contrived tax losses in the British Virgin Islands

The paperwork said you were not entitled to get your money back. But it did not matter as investors were poised to benefit from huge tax losses. Today, we reveal how one of the most audacious Irish tax schemes worked – and how it came unstuck.

3rd Mar, 2020 - 18 min read

Ian Kehoe

Executive Editor

Want to read the full story?

Unlock this article – and everything else on The Currency – with an annual membership and receive a free Samsonite Upscape suitcase, retailing at €235, delivered to your door.

Want to read the full story?

Unlock this article – and everything else on The Currency – with an annual membership and receive a free Samsonite Upscape suitcase, retailing at €235, delivered to your door.

Sign In

Forgot your password?

Not a subscriber yet?

Create an account