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International property | 9
UK tax refugees stoke
offshore property
prices
A new survey by The Sovereign Group indicates a
robust property market in the offshore sector
Howard Bilton, Chairman,
The Sovereign Group
firm or increasing while prices around them on extraordinarily resilient. We believe, and all our
M
ost offshore tax jurisdictions the Cote d’Azur and the Costa del Sol have local sources are telling us, that much of this
within easy reach of Britain plunged by up to 50%. Jersey, Guernsey, the Isle disparity is because of interest from a new
are bucking the European of Man and Geneva are also enjoying trend- breed of British tax refugee as the UK
property market slump as bucking strength in their housing markets. government’s tax-and-spend folly begins to
wealthy Britons prepare for “The facts speak for themselves here,” said bite.”
an exodus from harsh UK Howard Bilton, Chairman of The Sovereign “These findings confirmed what we already
tax rises, according to a survey by international Group. “Property prices in the south of France believed to be the case based on our own
offshore tax firm The Sovereign Group. and southern Spain are languishing in the experience,” added Mr Bilton. “For many
Property values in Monte Carlo and worst slump they’ve seen in many years but on months now, 20% of all new business at our
Gibraltar, two of the most prominent European their outskirts are two little areas – Monaco London office has been from wealthy
destinations for “ex-pat” money, are holding and Gibraltar - where the market is individuals looking to move offshore to escape
www.investmentinternational.com July/August 2009 Investment International
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