Avoiding Transparency through Offshore Real Estate: Evidence from the United Kingdom

Jeanne Bomare and Ségal Le Guern Herry ()
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Jeanne Bomare: Centre for the Analysis of Taxation, London School of Economics
Ségal Le Guern Herry: Aix-Marseille Univ., CNRS, AMSE, Marseille, France, https://www.amse-aixmarseille.fr/en/members/le-guern-herry

No 2523, AMSE Working Papers from Aix-Marseille School of Economics, France

Abstract: The 2014 Automatic Exchange of Information (AEoI) represents the most comprehensive global effort to combat tax evasion by enabling cross-border information exchange on financial assets. We examine how this policy shifted offshore investment behavior. While the AEoI mandates reporting of financial assets, it excludes real estate holdings. Using administrative data on UK real estate purchases by foreign companies, we show that offshore users substituted financial assets for real estate in response to the new transparency regime. Our findings suggest that real estate assets now account for a growing share of offshore portfolios, partly due to their exclusion from the AEoI.

Keywords: Tax Enforcement; real estate; Hidden Wealth (search for similar items in EconPapers)
JEL-codes: D31 H26 R30 (search for similar items in EconPapers)
Pages: 74 pages
Date: 2025-06
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Persistent link: https://EconPapers.repec.org/RePEc:aim:wpaimx:2523

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