“87,000 properties worth an estimated £100bn are owned by anonymous overseas companies”
I was reading a recent news article on the Manx Radio website, national public service broadcaster of the Isle of Man, where they highlighted the problem of money laundering and quoting from a feature from Burnley Express stating that properties on Isle of Man have links to ‘offshore tax havens’.
It sounds like deeper investigations are required as they say that more than 200 property are owned by companies registered offshore, of which 27 can be traced to Manx registered offices.
“The Land Registry for England and Wales shows more than 87,000 properties worth an estimated £100bn are owned by ‘anonymous overseas companies’.”
This is an alarming stat and though maybe good for investors involved and what ever corruption and monies that are passed to enable this situation to occur, it is not good for genuine people looking to acquire property to live. It would be a simple thing to expose and rid of via the government, but of course this would be too obvious and not investigated because many of us know why…
It was quoted from Senior anti-corruption campaigner Ava Lee that: “UK property is one of the favourite tools of the criminal and corrupt for stashing and laundering stolen cash.”
Some people may be wanting a 2nd passport to stay in their overseas properties.
You May Also Enjoy
What does latent defects insurance cover?
Breaking Property News – 24/04/24
An average rate of 6% for the first time since November – Rightmove’s weekly mortgage tracker
Understanding Property Valuation: A Simple Guide
Aberdeen is cheapest city to be a first-time buyer