Tax-friendly havens strike the right note
Files from Appleby law firm office on Jersey include a cache of music-publishing rights
Rummaging through the records of offshore havens turns up a fairly predictable list of assets — real estate, cash, multinational companies shifting earnings to low-tax jurisdictions, hidden masterpieces by Picasso and other artists, antique cars, yachts and aircraft. But musical memories? The songs that you danced to in your youth or at your son’s or daughter’s wedding? The summertime hit you sang driving down back roads or the reggae tune blasting at the beach? What are they doing offshore? They’re there for the same reason as other assets — tax advantages. Skipping taxes helps increase earnings from intellectual property — patents, copyrights, trademarks and trade secrets — as well as other holdings. Files from the Appleby law firm office on Jersey include a cache of music-publishing rights, a stream of royalties to be collected for music produced by artists that included John Denver of Country Roads fame, Duke Ellington, Chubby Checker and Sheryl Crow. It’s a music catalogue, hel...
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