DUBAI UNCOVERED: WHO OWNS OFFSHORE REAL ESTATE? EVIDENCE FROM DUBAI

The C4ADS website includes the paper “Who Owns Offshore Real Estate? Evidence from Dubai”, an EU Tax Observatory Working Paper which analyses a dataset capturing the ownership of about 800,000 properties in Dubai.  It finds that at least $146 billion in foreign wealth is invested in the Dubai property market; about 20% of offshore Dubai real estate is owned by investors from India and 10% by investors from the UK (other large investing countries include Pakistan, Gulf countries, Iran, Canada, Russia, and the US); a number of conflict-ridden countries and autocracies have large holdings in Dubai relative to the size of their economy, equivalent to 5%–10% of their GDP; and in the case of Norway, 70% of Dubai properties owned by Norwegian taxpayers were not reported for tax purposes in 2019.

https://www.taxobservatory.eu/wp-content/uploads/2022/05/APZO2022-2.pdf

https://c4ads.org/dubai-property-database

For a Norwegian perspective, see the article from E24 –

https://e24.no/internasjonal-oekonomi/i/Bj97B0/dubai-uncovered-data-leak-exposes-how-criminals-officials-and-sanctioned-politicians-poured-money-into-dubai-real-estate

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

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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