According to the Pandora Papers leak, 1997 F1 world champion Jacques Villeneuve avoids tax in Canada by declaring income worth just $6,431.
Millionaires and tax evasion is a classic love story! No one likes losing their hard-earned wealth by paying taxes to the government. And Jacques Villeneuve is just another such example.
F1 drivers earn a considerable amount of money throughout their racing career. And are known to relocate to tax havens like Monaco and reside in places with no income tax.
Former world champion Jacques Villeneuve has been accused of hiding his income and avoiding taxes worth $1.7 million in his native Canada. He was a resident of the State of Quebec from 1993 to 1996 and from 2007 to 2013.
Formula 1 champion Jacques Villeneuve claimed a poverty level income in Canada while his fortune was stashed in tax shelters.
Centrist social-democratic governments have always been aware of the existence of these refuges, but have done nothing about them.https://t.co/YKzMMdBwrv
—ReeferMadness (@ReeferMadness) October 31, 2021
The former racer’s name was revealed in the infamous Pandora Papers leak. Canadian tax authorities are investigating him for failing to declare his full income and assets, including a Swiss bank account and multiple offshore assets.
According to reports, they declared only $6,431 in personal income in 2010 and claimed a tax benefit for low-income families. He reported earnings of $3,224 and $5,782 for the next two years.
Villeneuve has offshore trust beneficiaries in the British Virgin Islands. Villeneuve also created several offshore companies in the Bahamas to evade taxes with his longtime manager Craig Pollock.
He has since left Canada and moved to various tax havens like Monaco, Andorra and Switzerland. He eventually settled in Italy, paying only $100,000 in taxes, a fraction of his income.
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What was Jacques Villeneuve’s income?
Jacques Villeneuve is the son of former Ferrari F1 driver Gilles Villeneuve. Prior to his F1 stint, Jacques had already been crowned the 1995 Indianapolis 500 Winner.
He signed with Williams in 1996 for three years. The Canadian is estimated to have earned $15 million per season during his time with the British team.
The Canadian shot to fame after winning the F1 driver’s title in 1997. He held off Ferrari’s Michael Schumacher with seven wins that season and taking the win in the final race of the season.
Michael Schumacher edged Jacques Villeneuve by just one point going into the last race of 1997…
— Formula 1 (@F1) December 7, 2021
And then would make a blockbuster move for $100 million to the British American racing team. But he would never win another F1 race and eventually quit F1 in 2006.
He has also made millions in revenue from image rights, such as commercials, sponsorships and video games. And these were routed to his offshore company Goldstar Holdings.
He spent his fortune on Monaco’s 40-meter yacht, the Bliss. He also owns a chalet in Switzerland and a two-story penthouse in downtown Montreal worth $7 million. All of these were traced to one of his offshore accounts.
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