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Tax haven property markets thrive as political scrutiny grows

Reuters
Tax haven property markets thrive as political scrutiny grows - property tax - London - property market


(Reuters) - A judicial crackdown and mounting political pressure on legal tax avoidance are failing to deter companies from setting up in European tax havens.



Growing numbers of accountants, banks and consultants are signing lengthy office leases in Luxembourg and the Channel Islands as they flock to serve customers seeking the legal ways to cut their tax bills offered by having a offshore base.

That is in stark contrast to the traditional financial districts of London and Paris, where letting markets are lacklustre.

"The tax avoidance business is alive and well," tax adviser turned campaigner Richard Murphy told Reuters. "The economic downturn is not having any impact on this type of banking."

More than seven percent of offices in London's financial district are vacant - more than double the rate in Luxembourg's three business districts. Jersey's has "close to no vacant prime office space," said consultant Montagu Evans.


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