Over £64bn of property held offshore in 'opaque' trusts

The owners of nearly a quarter of a million properties in England and Wales are hidden behind "opaque" trusts, according to research that prompts concern that the structures are the "go-to vehicle for kleptocrats" stashing money in Britain.

- Rob Davies

The government introduced a register of property held through offshore vehicles in August 2022, revealing a string of owners, including high-profile figures such as the racing driver Lewis Hamilton and the industrialist James Dyson as well as Russians who have been placed under sanctions.

But the register still allows thousands of property owners to hide their identities using tactics such as registering the asset in the name of a trust, or a company owned by a trust.

At least 236,500 properties across England and Wales, worth more than £64bn, are hidden behind these structures, according to research by Transparency International. The campaign group said this risked allowing wealthy individuals - including those linked to corruption - to shield their assets.