DeVere chief defends offshore accounts in wake of Paradise Papers tax debate

The head of tax and finance consultant deVere rode to the defence of offshore funds today by labelling the idea that they break the law as “nonsense”.

Nigel Green, chief executive and founder of the firm, said offshore firms were a “legitimate” part of the global economy after the Paradise Papers put the spotlight on everyone from the Queen to BBC sitcom stars.

“The idea that everyone using offshore centres is not financially operating within the law is nonsense. Such claims are simply not showing the whole — and complex — picture of today’s wider international financial services industry, which has a legitimate and beneficial role to play in the global economy,” he said.

However, Green added that the papers made clear the need to improve some procedures.

DeVere works with big banks such as Goldman Sachs, JPMorgan, RBS and Morgan Stanley to offer financial products to customers and consultants. It advises on issues ranging from international retirement plans to inheritance tax planning for 60,000 clients served out of 60 offices worldwide .

The Paradise Papers leak, which made public 13.4 million documents from Bermuda firm Appleby, has sparked a global debate over low tax jurisdictions.

However, Green said offshore accounts were a “sensible choice” for globe-trotting individuals because “they offer centralised, safe, flexible and worldwide access to their funds no matter where they live and no matter to which country the person might relocate in the future”.

Disclosures from the Paradise Papers continued to drip out with Apple and Serco implicated. The Guardian reported that Appleby regarded Serco as a “high-risk client” and also said tech giant Apple shifted some operations to Jersey after criticism of its tax affairs.

The financial affairs of Nike were also under scrutiny.