More than a quarter of Dubai’s real estate market, valued at $533 billion, is held by foreign investors. This is the main conclusion of a study by the European Union Fiscal Observatory, based on files made available by the Center for Advanced Defense Studies (C4ADS), a North American non-governmental organization in the field of international security.
Given the increased scrutiny of money laundering and tax evasion by the EU and the US, expressed in the sharing of information by global tax authorities on the accounts and income of foreign nationals in other jurisdictions, Fear has increased that “tax evaders” are taking advantage of the fact that real estate is not yet subject to this automatic exchange of information, writes the EU Fiscal Observatory quoted by Público.
India, the United Kingdom, Pakistan, Saudi Arabia and Iran top the list of real estate investments made in the tax haven of Dubai, reveals the study. Portugal appears only in 59th place, which does not invalidate the fact that 819 properties were detected there, valued at 222 million euros, belonging to 351 Portuguese, with an average age of 48.4 years.
Of this total, the newspaper details, 165 properties are located in the Dubai Marina area and another 18 on the famous palm-shaped artificial island, Palm Jumeirah.
Source: Observadora
