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14 July 2009 - Tara Loader Wilkinson

Tax havens reap rewards from UK exodus

Offshore jurisdictions with close proximity to the UK are reaping the rewards of British tax rises and the property slump.

Property values in Monte Carlo and Gibraltar, two of the most prominent European destinations for UK expatriate money, are holding firm or increasing, according to a survey from offshore consultant The Sovereign Group.

Jersey, Guernsey, the Isle of Man and Geneva are also enjoying strength in their housing markets.

Howard Bilton, chairman of The Sovereign Group, said: “Property prices in the south of France and southern Spain are languishing in the worst slump they’ve seen in many years but on their outskirts - Monaco and Gibraltar - the market is extraordinarily resilient."

He added: "We believe this is because of interest from a new breed of British tax refugee as the UK government’s tax-and-spend folly begins to bite.”

The group said 20% of all new business at its London office has been from wealthy individuals looking to move offshore to escape tax rises.

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