Millions of Pounds Worth of Bournemouth Properties Owned Offshore
Dozens of properties in Bournemouth are owned through offshore entities located in tax secrecy jurisdictions. Tom Hayes, MP for Bournemouth East, revealed the extent of hidden money linked to these properties.
Parliamentary Disclosure
On November 5, Mr. Hayes stated in Parliament that his investigation identified 82 properties in Bournemouth East owned via offshore companies registered in Belize, Panama, and especially the British Virgin Islands (BVI). These jurisdictions offer limited transparency about the true owners, complicating efforts to trace funds or probe potential illegal activities.
Property Price Transparency
- Only 25 properties disclosed their purchase prices, totaling more than £7.2 million.
- The other 57 properties did not provide any public information regarding their purchase price.
Consequences of Secrecy
Mr. Hayes emphasized that the lack of transparency hinders enforcement agencies from identifying owners when properties remain vacant or deteriorate. This situation contributes to high street vacancies and prevents authorities from taking action.
He also connected this to increased housing challenges in the area, stating that properties bought as investment assets can remain empty while young residents struggle to find affordable homes.
“The British Virgin Islands is overflowing with dirty money, a safe haven for people who want to avoid paying their taxes in our country.” — Tom Hayes, MP for Bournemouth East
Author's summary: Many Bournemouth properties are hidden behind offshore secrecy, worsening local housing difficulties and complicating efforts to hold owners accountable.