Dr. Dre Opened Companies In Ireland To Avoid High Tax Bracket
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Legendary music producer Dr. Dre has been able to build an empire through his Beats By Dre headphones, which have become extremely popular among major Hip-Hop figures and fans of rap alike. With the amount of money he's been able to bring in from that endeavor, the West Coast producer opened a new business in Ireland to escape a higher tax bracket here in the United States.
Dre, who was named Forbes' highest paid musician of the year, is reported to have opened three companies in Clonkailty, County Cork. The Irish Examiner briefly commented on the situation.
"The three businesses each share their address with O'Mahony Donnelly accountants, run by husband and wife Michael O'Mahony and Ann Donnelly.
Mr O'Mahony said helping clients like Dr Dre has become one of their niche markets. 'Since I established O'Mahony Donnelly here in 2000 we've worked with a number of multinational corporations to get them set up in Ireland. This has become a great niche for our firm.'"
O'Mahony Donnelly says a number of companies have made business deals with him and his company over the years.
"We are active in a network of international business advisers that brings us clients looking to do business here. We like the challenges and diversity this niche brings to our firm."
Dr. Dre has a net worth of $200 million, so his decision to start companies elsewhere is understandable.
Source: hiphopwired.com
