New research by Stripe Property Group has revealed that offshore tax haven firms own £40 billion worth of property in the UK. These overseas companies are not subject to domestic tax laws. The study highlights the number and value of properties owned by companies registered in offshore tax havens between August 2022 and August 2023.

The Scale of Offshore Ownership

According to the data, there are approximately 80,460 homes across England and Wales registered to companies located in offshore tax havens. The British Virgin Islands hold the largest share of the housing stock alone, with a value of £13.23 billion. However, in terms of volume, Jersey leads the way with 21,602 properties registered through offshore companies. Other significant tax havens owning property in the UK include Guernsey (£5.5 billion), the Isle of Man (£4.49 billion), Luxembourg (£1.07 billion), Singapore (£908 million), and Hong Kong (£851 million).

Trends in Offshore Ownership

The research also highlights trends in offshore ownership. The Cayman Islands tops the list of tax havens where companies are actively purchasing UK property, with a 4.8% increase in the number of properties between August 2022 and August 2023. Ireland follows closely behind with a 4.4% increase, and France with a 4.2% increase. On the other hand, Bermuda experienced a decline in overseas ownership by 19.5%, while Luxembourg and Malta saw decreases of 10.5% and 9.7%, respectively.

Conclusion

The research conducted by Stripe Property Group reveals the significant amount of UK property owned by offshore tax haven companies.