A flamboyant internet tycoon is among the foreigners using a trust in New Zealand, American broadcaster NBC is reporting.
Canadian Calvin Ayre runs online gambling company Bodog and an associated entertainment brand.
The Panama Papers don't show Mr Ayre has done anything illegal, but do show he moves money from tax havens in the Cayman and British Virgin Islands.
The NBC story calls Mr Ayre "one of America's most wanted fugitives" and says he uses a complex web of offshore companies to "stay one step ahead of authorities" while "flaunting his luxe lifestyle and hiding millions of dollars in illicit loot".
Mr Ayre has responded to the NBC story in a Facebook post, saying "This entire article of mostly fiction is all based on one company that my sister set up for me to hold a house in Thailand."