Wealthy foreigners who are seeking to purchase properties in the United Kingdom will find themselves under scrutiny as David Cameron, the British Prime Minister has expressed that steps will be made against unscrupulous companies and individuals trying to get a piece of UK properties.
Although most of the overseas companies and foreigners who are investing in UK property market particularly in the prime market in downtown London are legitimate investors, there is a looming concern about an increasing number of those using laundered and plundered cash in purchasing properties. Those who will be subjected to careful scrutiny are those who will invest in expensive new building and housing developments in prime locations in London using anonymous shell company names and businesses who are non-trading entities that exist only to serve a particular venture for the owners.
The crackdown in UK is part of a global effort to defeat money from criminal act and corruption from getting into the real estate system. The Prime Minister underscored their effort during his recent visit to Singapore. He likewise said that he will not permit that UK will become a safe haven for various corrupt money circulating around the world.
There are more than 100,000 properties in UK with titles that are registered to foreign or overseas companies. More than 36,000 properties in London are reportedly owned by offshore firms with properties amounting to about 122 billion pounds. The Prime Minister also said that the UK government will release data from the Land Registry later this year listing the foreign companies that are currently owning land and property in Wales and England. The government of UK has gathered intelligence reports that some high value properties are being bought by companies and people from overseas using laundered or plundered cash. The Prime Ministered highlighted cases of deception that took place under his watch recently.
This step taken by the British government will create a renewed trust across different industries including painters and decorators Northampton.