Shakira's Net Worth Not Affected After Paying $27 Million Tax Bill In Fraud Case
Shakira has settled her tax evasion case with Spanish authorities, avoiding a trial that was scheduled to start Monday.
The Colombian superstar, 46, admitted the charges and agreed to pay €17.5 million ($19 million) in taxes owed, along with an additional fine of €7.3 million ($8 million), according to a statement from the Barcelona prosecutor's office obtained by CNN.
Daily Mail reported that it is understood that Shakira had already repaid the full amount.
The Grammy winner faced a sentence of more than eight years in prison if she were convicted on all six counts of tax fraud. But according to the settlement, she will pay about $437 a day for a three-year sentence, or just over $470,000, to avoid jail time.
While this settlement spares Shakira from a potential prison sentence, the total amount she either has paid or will pay Spanish authorities, approximately €25 million ($27.47 million), remains a fraction of her reported net worth of $300 million.
With over 125 million albums sold worldwide, Shakira is the second most successful Latin singer ever, after Gloria Estefan, and the most successful Colombian artist of all time.
Shakira, born Shakira Isabel Mebarak Ripoli, rose to fame in the 90s and has become one of the most commercially successful pop stars globally.
Her first bilingual album, 2001's "Laundry Service," which included hits such as "Whenever, Wherever" and "Underneath Your Clothes," sold 20 million copies.
She continued to release more chart-topping tracks such as "Hips Don't Lie," "Loca," "Can't Remember to Forget You," and the 2010 World Cup song "Waka Waka."
Her Spanish albums "Fijacion Oral, Vol. 1" (2005), "Sale el Sol" (2010), and "El Dorado" (2017) all topped Billboard Top Latin Albums charts and were certified diamond.
Her English-language albums "Oral Fixation Vol. 2" (2005), "She Wolf" (2009), and "Shakira" (2014) were all certified either gold, platinum or multi-platinum.
Throughout her career, Shakira has diversified her income streams, signing lucrative deals and engaging in various ventures.
She served as a coach on the reality singing competition show "The Voice" and reportedly earned $12 million for her two-season stint.
She reportedly also signed a 10-year deal with Live Nation worth $300 million and earned millions from touring, with her "Oral Fixation" world tour alone said to have grossed $175 million.
In 2021, Shakira made a strategic move by selling the publishing rights to her catalog to the Hipgnosis Songs Fund, further boosting her financial portfolio.
The deal, estimated to be worth at least $100 million, covered approximately 145 of her songs.
Beyond music, Shakira has ventured into beauty with her own line, S by Shakira, and collaborated with Fisher-Price for a toy collection. She also launched her lingerie line, Parade Underwear.
As for her real estate portfolio, Shakira reportedly owns several homes, including a property in the Bahamas and a Barcelona mansion she shared with ex Gerard Pique that was listed for sale for $16 million after their split in June 2022.
In a statement released by her team following Monday's court proceedings and obtained by CNN, Shakira expressed her readiness to face trial but emphasized the importance of moving forward.
"I had two options: keep fighting until the end, taking my peace of mind and that of my children, stop making songs, albums and tours, without being able to enjoy my career and the things I like; or agree, close and leave this chapter of my life behind, looking forward (to the future)," she said.
Spanish prosecutors accused Shakira of failing to pay personal income and wealth tax from 2012 to 2014.
A judge ruled in 2021 that Shakira had resided in Spain for more than 200 days in each of those three years, making her legally obligated to pay taxes according to Spain's tax code, which mandates tax liability for individuals residing in the country for at least 183 days in a given year.
Disputing these claims, Shakira called them "false" in a September 2022 interview with Elle magazine.
"First of all, I didn't spend 183 days per year at that time at all," she insisted. "I was busy fulfilling my professional commitments around the world. Second, I've paid everything they claimed I owed, even before they filed a lawsuit. So as of today, I owe zero to them."
