At Least 40,000 Properties in London Owned by Companies Based in Tax Havens

Offshore companies have become more popular to be used to buy property in London has risen by 9 percent over the last 10 months, local media reported Friday.

MOSCOW (Sputnik) — The use of offshore companies to buy property in London has risen by 9 percent over the last 10 months, which makes almost 40,000 buildings in London in total owned by secret companies based in tax havens, local media reported Friday.

According to Land Registry data analysis, carried out as part of investigation by The Guardian, 39,917 commercial and residential real estate in London belong to the companies based in tax havens, including Panama, Liechtenstein and the British Virgin Islands. Last year, the number of such properties stood at 36,500.

Entire apartment complexes, wine cellars, car parks, as well as hundreds of pubs are the buildings owned by offshore companies. The Admiralty Arch, a London landmark that used to be the Cabinet Office also belongs to an offshore company.

In addition, the London buildings, owned by companies based in tax havens, mostly in the British Virgin Islands, include 123 apartments from 199 Knightsbridge — luxurious residential and retail district in the center of London.

This phenomenon is not only recorded in London, 99,344 different kinds of properties in Wales and England, including homes and offices, belong to the companies, 90% of which registered in offshore tax havens.

The increasing tendency of buying property in London with the help of offshore companies comes amid anxiety over residencies, which are being purchased as a way of investment by foreigners (nearly 9,300 over Britain), The Guardian revealed.