International soccer star Cristiano Ronaldo has reached a deal with Spanish tax authorities in his tax evasion case, where he will pay an €18.8 million ($21.8m) fine and serve a two-year suspended sentence.
According to Efe and El Mundo, he has agreed to plead guilty to four counts of tax fraud at six months per count for a total of two years of prison term, although he is not likely to serve it. Furthermore, his reps say the prison term will be likely negotiated for a second fine.
The 33-year-old is accused of evading around €14.7m in taxes between 2011 and 2014, using a shell company in the Virgin Islands to “create a screen in order to hide his total income from Spain’s tax office”, says Spanish prosecutors.
Through his agents, Ronaldo has denied the allegations.
Despite the two-year sentence, Ronaldo is unlikely to serve any time in jail under the plea deal, because Spanish law states that a sentence of under two years for a first offence can be served on probation.
Ronaldo earns an estimated $93 million a year, according to Forbes.