Calendrier du 26 avril 2022
Virtual Development Economics Seminar
Du 26/04/2022 de 17:00 à 18:15
On line
THOMAS DUNCAN (Duke University & CEPR)
Evolution of Risk Aversion over Five Years after a Major Natural Disaster
écrit avec joint with Nicholas Ingwersen and Elizabeth Frankenberg
Applied Economics Lunch Seminar
Du 26/04/2022 de 12:30 à 13:30
Salle R2.01 PSE
BOMARE Jeanne ()
Will we ever be able to track offshore wealth? Evidence from the offshore real estate market in the UK
This paper provides evidence of the importance of real estate assets in offshore portfolios by studying the implementation of the first multilateral automatic exchange of information norm, the Common Reporting Standard (CRS). Exploiting administrative data on property purchases made by foreign companies in the UK, we show that the implementation of the CRS led to a significant increase of real estate investments from the tax havens that were the most exposed to the policy. We confirm that this increase comes from residents of countries committing to the new standard by comparing the list of purchasing companies to the Panama Papers and other leaked datasets. As real estate assets are excluded from the scope of the CRS, this indicates that tax evaders purchased properties to avoid the new reporting requirements. We estimate that between £16 and £20 billion were invested in the UK real estate market between 2013 and 2017 in reaction to the CRS, suggesting that at the global scale at least 9% of the money that fled tax havens following this policy were ultimately invested in properties.