It is no secret by now that many properties in the UK are owned by places considered to be Tax Havens.
A recent article on the BBC has claimed to have found that around 97,000 of properties within England and Wales are held by overseas firms, as of January 2018. Nearly half of these are properties which are in London. This really shows the scale of how many properties within England and Wales are being leased to companies that are registered in places with great tax evasion abilities and strong bank secrecy laws.
Most of the properties being leased are originally registered in places such as the British Virgin Islands, Jersey, and Guernsey which are slightly more local havens. At the same time, there are tax havens in places such as Hong Kong and Singapore, which still have a significant percentage in ownership of UK properties.
Ultimately, the most significant place is the British Virgin Islands, which one in four properties are currently registered in.
So, do they dominate UK properties?
Essentially, they do.
What many people do not know is that many companies and properties have their headquarters or leases registered in places far from where they operate. This way they can maximise their finances through ways such as loose tax regulations and economic policies.
This is a major problem. Companies are essentially getting away with paying as much tax as someone on an average income in the UK. The government and tax authorities must push for more information from the company Tax Haven locations. Its well and good knowing how many are registered there, but how many give full access to their financial reports? And are they always accurate?
Those are the questions that really need answering.
International Political Economy student & Cryptocurrency enthusiast.
Founder of OurEconomy.