SECRET REAL ESTATE PURCHASES ARE A DRIVING FORCE BEHIND THE OFFSHORE ECONOMY

On 3 November, the International Consortium of Investigative Journalism says that the Pandora papers has shown that, no longer content with Miami condos and London townhouses, investors are pouring money into properties in all corners of the world, fuelling inequality and driving up prices.  It provides case studies showing that the Pandora Papers expose billions of dollars of property purchases by celebrities, politicians, oligarchs and other rich people through offshore shell companies, an avenue that supplies secrecy and tax savings.  As these case studies show, investors are not only putting money into luxury real estate, a traditional store of wealth, but also properties less associated with offshore purchases, from dairy farms in Tasmania to rental homes in American suburbs.

https://www.icij.org/investigations/pandora-papers/secret-real-estate-purchases-are-a-driving-force-behind-the-offshore-economy/

https://www.icij.org/investigations/pandora-papers/the-land-lords/

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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