Tax haven property markets 'thriving'

The property markets in offshore tax havens such as the Isle of Man and the Channel Islands are thriving, according to a new report.

Research by advisory firm Sovereign Group found that property prices in areas like Monaco and Gibraltar are performing well, while nearby locations in the south of France and Spain respectively are seeing falling prices.

UK Crown Dependencies are also seeing consistency in property prices, while the UK mainland has seen prices plunge as the credit crunch and banking crisis have taken hold of the market.

The authors suggested that British tax exiles could be major contributors to the phenomenon.

Sovereign Group chairman Howard Bilton added that a fifth of all new business at the firm’s London office is coming from people wanting to move offshore to escape tax rises.

Mr Bilton said that in many cases these individuals are also planning to take their businesses abroad too.
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