A portion of Queen Elizabeth II's private estate was invested in offshore funds in the Cayman Islands and Bermuda and used to fund a small interest in the takeover of two British retail chains, per the BBC. The revelation was contained in the Paradise Papers, a trove of leaked documents from offshore law firms detailing the tax avoidance strategies of the global elite.
Why it matters: The disclosure shows just how high up some of the information in the Paradise Papers might go. And while the Queen is legally in the clear — she's exempt from paying tax in the United Kingdom, but does so anyway — her estate's investment comes across as poor judgment given the weight of her reputation.