New Anti-corruption Laws May Move the Super-Rich Out
In a recent move, David Cameron has announced new regulations, which will require purchasers to reveal their identity. In a move to push out illegal traders, many believe that it will do more than just that and will discourage international investors from purchasing.
According to Trevor Abrahmsohn of Glentree Estates, half of his cliental buy through offshore companies and many of them will ‘no longer be able to keep their identity secret by purchasing them through offshore companies.’
However, these rules will also apply to the nearly 100,000 estimated companies who already own property within the UK. As a result, many foresee these investors choosing to sell rather than reveal the individual’s identity.
Whilst these new measures to filter out corruption at the highest level are being welcomed by many, there are those who are opposing its ideals. The issue at hand is that many individuals are being negatively exposed because of an offence committed by others and that whether the case of a hidden identity is a privilege taken for granted.
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