Will Panama tax papers change use of shell companies in future property transactions?

Discussion in 'Property Market News and Trends' started by Nicholas Wallwork, Apr 5, 2016.

  1. Nicholas Wallwork

    Nicholas Wallwork Editor-in-Chief Staff Member Premium Member

    As the 11 million so-called “Panama papers” leaked into the public domain drag celebrities and wealthy individuals into the limelight, will this change the way in which shell companies are used in future property transactions. The use of overseas shell companies has been a bone of contention for many tax offices around the world. The

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  2. nmb

    nmb Well-Known Member

    Before we look at the Panamanian tax question it is worth reminding ourselves that it is not illegal to use overseas companies to acquire property investments or to use overseas financial services. The problem comes when income and assets are not declared to your local tax authority.

    It seems inevitable there will be greater transparency surrounding investment vehicles in the future which could have a massive impact upon how shell companies are used within the property market. Also, it is worth remembering that there are various tax incentives to using investment company vehicles and for many people it makes sensible tax planning.
     
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