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The Mystery of Anonymous Investment in US Real Estate

Author

Listed:
  • Matthew Collin

    (EU Tax Observatory)

  • Karan Mishra

    (EU Tax Observatory)

  • Andreas Økland

    (NMBU)

Abstract

This note addresses the significant concerns associated with anonymous real estate ownership in the United States, highlighting how a considerable amount of property, including residential real estate, is held via corporate entities that conceal the true owners. Analyzing data from three major US cities, New York, Miami and Boston, we reveal the limitations of current methods in accurately identifying foreign ownership and propose solutions for federal and state authorities to enhance transparency and understanding of the extent of cross-border real estate ownership. Without such measures, the enigma of anonymous ownership persists, obstructing our collective grasp of its breadth and implications. The fact that the size and scope of foreign investment in US real estate remains a mystery is not a data problem, but a policy one.

Suggested Citation

  • Matthew Collin & Karan Mishra & Andreas Økland, 2024. "The Mystery of Anonymous Investment in US Real Estate," Notes 011, EU Tax Observatory.
    • Handle: RePEc:dbp:plnote:011
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    References listed on IDEAS

    as
    1. Jeanne Bomare & Ségal Le Guern Herry, 2022. "Will we ever be able to track offshore wealth? Evidence from the offshore real estate market in the UK," Working Papers 004, EU Tax Observatory.
    2. Advani, Arun & Poux, Cesar & Powell-Smith, Anna & Summers, Andy, 2023. "Catch me if you can : Gaps in the Register of Overseas Entities," The Warwick Economics Research Paper Series (TWERPS) 1480, University of Warwick, Department of Economics.
    3. John Guyton & Patrick Langetieg & Daniel Reck & Max Risch & Gabriel Zucman, 2021. "Tax Evasion at the Top of the Income Distribution: Theory and Evidence," NBER Working Papers 28542, National Bureau of Economic Research, Inc.
    4. Niels Johannesen & Patrick Langetieg & Daniel Reck & Max Risch & Joel Slemrod, 2020. "Taxing Hidden Wealth: The Consequences of US Enforcement Initiatives on Evasive Foreign Accounts," American Economic Journal: Economic Policy, American Economic Association, vol. 12(3), pages 312-346, August.
    5. Annette Alstadsaeter & Matthew Collin & Bluebery Planterose & Gabriel Zucman, 2024. "Foreign investment in the Dubai housing market, 2020-2024," Post-Print halshs-04941057, HAL.
    6. Jeanne Bomare & Ségal Le Guern Herry, 2022. "Will We Ever Be Able to Track Offshore Wealth? Evidence from the Offshore Real Estate Market in the UK," Working Papers hal-03811306, HAL.
    7. Johannesen, Niels & Miethe, Jakob & Weishaar, Daniel, 2022. "Homes Incorporated: Offshore Ownership of Real Estate in the U.K," CEPR Discussion Papers 17738, C.E.P.R. Discussion Papers.
    8. Annette Alstadsæter & Matthew Collin & Bluebery Planterose & Gabriel Zucman & Andreas Økland, 2024. "Foreign investment in the Dubai housing market, 2020-2024," Notes 010, EU Tax Observatory.
    9. Giulia Aliprandi & Thijs Busschots & Carlos Oliveira, 2023. "Mapping the global geography of shell companies," Post-Print hal-04563980, HAL.
    10. Jeanne Bomare & Ségal Le Guern Herry, 2022. "Will We Ever Be Able to Track Offshore Wealth? Evidence from the Offshore Real Estate Market in the UK," SciencePo Working papers Main hal-03811306, HAL.
    11. Annette Alstadsæter & Bluebery Planterose & Gabriel Zucman & Andreas Økland, 2022. "Who Owns Offshore Real Estate? Evidence from Dubai," Working Papers 001, EU Tax Observatory.
    12. Jeanne Bomare & Ségal Le Guern Herry, 2022. "Will We Ever Be Able to Track Offshore Wealth? Evidence from the Offshore Real Estate Market in the UK," SciencePo Working papers hal-03811306, HAL.
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    More about this item

    Keywords

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    JEL classification:

    • H26 - Public Economics - - Taxation, Subsidies, and Revenue - - - Tax Evasion and Avoidance
    • K34 - Law and Economics - - Other Substantive Areas of Law - - - Tax Law
    • R31 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Housing Supply and Markets

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