Skip to Main content Skip to Navigation
New interface
Preprints, Working Papers, ...

Will We Ever Be Able to Track Offshore Wealth? Evidence from the Offshore Real Estate Market in the UK

Abstract : This paper provides evidence of the growing importance of real estate assets in offshore portfolios. We study the implementation of the first multilateral automatic exchange of information norm, the Common Reporting Standard (CRS), which introduces cross-border reporting requirements for financial assets but not for real estate assets. Exploiting administrative data on property purchases made by foreign companies in the UK, we show that the implementation of the CRS led to a significant increase of real estate investments from companies incorporated in the tax havens that were the most exposed to the policy. We confirm that this increase comes from company owners of countries committing to the new standard by identifying the residence country of a sub-sample of buyers using the Panama Papers and other leaked datasets. We estimate that between £16 and £19 billion have been invested in the UK real estate market between 2013 and 2016 in reaction to the CRS, suggesting that at the global scale between 24% and 27% of the money that fled tax havens following this policy were ultimately invested in properties.
Document type :
Preprints, Working Papers, ...
Complete list of metadata

https://hal-sciencespo.archives-ouvertes.fr/hal-03811306
Contributor : Melissa Mundell Connect in order to contact the contributor
Submitted on : Tuesday, October 11, 2022 - 6:00:19 PM
Last modification on : Thursday, October 13, 2022 - 3:53:49 AM

File

2022_jeanne_bomare_et_segal_le...
Publisher files allowed on an open archive

Licence


Distributed under a Creative Commons Attribution - NonCommercial - NoDerivatives 4.0 International License

Identifiers

  • HAL Id : hal-03811306, version 1

Citation

Jeanne Bomare, Ségal Le Guern Herry. Will We Ever Be Able to Track Offshore Wealth? Evidence from the Offshore Real Estate Market in the UK. {date}. ⟨hal-03811306⟩

Share

Metrics

Record views

0

Files downloads

0