Foreign firms owning land property are registered in tax havens
The vast majority of overseas companies that own property in London, including many used by individuals to help disguise their ownership, are registered in tax havens, according to a report by Transparency International UK and Thomson Reuters. London's mix of top-end apartments, luxury penthouses and gleaming skyscrapers have long attracted foreign investors and major corporations who use the city as global hub which sits between Asia and America. But the release of the "Panama Papers" earlier this year shone a light on firms and individuals who use complex structures to base themselves abroad, putting the issue of tax avoidance at the top of the global agenda. "The real surprise was how little information was available, and how difficult it is to find out who exactly owns some of London's prime land and property," Managing Director at Thomson Reuters' Risk and Supply Chain Phil Cotter said.
Tags : INTERNATIONAL