Real estate is a stable investment that often appreciates in value. By purchasing property via offshore vehicles, the uber wealthy can get added benefits like tax breaks or shielding their identities from law enforcement authorities and creditors – while fueling inequality and driving up prices for the rest of us.
Reporter Margot Gibbs explains why real estate has become a go-to store of offshore wealth. The Pandora Papers shows that investors are not only secretly putting money in expected places, like luxury homes in Miami or London, but in a diverse range of properties and developments in every corner of the world. And these cross-border investments can often pose drawbacks for local populations. Explore nine case studies in this new interactive, with examples from Tasmania to the West Bank to American suburbs and more.
SRI LANKAN ELITES
Our Pandora Papers investigation on the secret offshore wealth of members of the Rajapaksa ruling family makes waves, sparking a united call for a crackdown in the economically-fragile country.
NEW POWER PLAYER
Leaked files also reveal millions in offshore holdings of Ramalingam Paskaralingam, a powerful past adviser to former presidents and a prime minister of Sri Lanka. The findings come at a time when many Sri Lankans are struggling with an economic emergency, experts told us.
Later today, ICIJ reporters Malia Politzer and Spencer Woodman will be answering questions on Reddit about their ongoing investigation into stolen relics that have been trafficked using offshore shell companies. The session will be live on r/worldnews from 3.30 p.m. EST.
And at the end of next week, we’ll be hosting a live conversation with the Pandora Papers team, exclusively for ICIJ’s Insiders. Make a donation to join the Insiders community and make sure you receive your invitation to the event. We hope to see you there!