Tuesday, Sep 01, 2015

Real estate as investment and tax dodge, rather than as dwelling

The New York Times: Lovely, Lamentable London

What draws the world to London is opportunity. But it is also a magnet for people looking for a safe place for their money. Having made it in countries like Russia and China with a cowed press, rampant corruption and no rule of law, oligarchs and crony capitalists reach the conclusion that they like nothing as much as democratic systems with real legal systems and a vigorous press. Having trashed the West they trust the West with their money, driving up prices in prime markets to the point where the middle classes of those countries, with incomes stagnant or falling (and taxed), are pushed aside.
London is the capital of these trends. That is the different reek, of something amiss and skewed and wrong, in its purring streets.

Posted by sneaker @ 10:30 AM (2720 views)
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1. reticent said...

Decent op-ed article.

You can just google the title as with the FT.

Tuesday, September 1, 2015 01:30PM Report Comment

2. icarus said...

This is the NYT, so no blame is attached to Wall Street for all this sucking into London of money and labour from the eurozone. Read the stories of how IMF insiders have opposed the austerity and extend-pretend policies of those puppets of French banksters, Strauss-Kahn and Lagarde, and have been overruled, despite showing e.g. that it was impossible for Greece to pay up. The IMF was told by Obama and Geitner, Wall Street puppets, that if Greek bonds were not paid in full some giant U.S. banks would lose heavily on the default insurance contracts and derivatives they had written and, of course, this could become contagious and spread to the European/world banking systems. So austerity, and the throttling of democracy and of Europe's 'social contract' between employers and employees, it had to be.

Tuesday, September 1, 2015 01:43PM Report Comment

3. libertas said...

For American's, they see London real estate as a tax dodge, because they pay capital gains tax on principle homes, whereas Brits do not. However, American's do not pay stamp duty, so it is quid per pro.

Sunday, September 6, 2015 08:45PM Report Comment

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