Purpose

The study is intended to identify the macroeconomic factors that drive the use of companies registered in tax havens to purchase properties in the UK housing market.

Design/methodology/approach

Adopts an empirical study that uses Cointegration and Vector Autoregressive models to identify the influence or the motivations of using tax havens regime and its relationship with investment volume by analysing impulse responses of innovations to external and domestic factors.

Findings

The model uses monthly data for the period 1996–2019. This provides sufficient evidence that offshore buyers are particularly motivated by exchange values and the quality of governance in host economies.

Research limitations/implications

There is much to be revealed from the spatial distribution of this phenomena and the welfare effect at the micro-level.

Originality/value

To the best of my knowledge there is limited to no empirical study that primarily focus on the use of tax haven as an offshore investment tool in the UK housing market. The study also uses new dataset, Overseas Companies Ownership Dataset in the UK to understand housing ownership patterns by companies that are registered abroad dubbed, offshore buyers.

中文翻译：

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探索使用在避税天堂注册的公司投资英国房地产市场的动机

目的

该研究旨在确定促使在避税天堂注册的公司在英国房地产市场购买房产的宏观经济因素。

设计/方法/方法

采用实证研究，使用协整和向量自回归模型，通过分析创新对外部和国内因素的脉冲响应，确定使用避税天堂制度的影响或动机及其与投资量的关系。

发现

该模型使用 1996-2019 年期间的月度数据。这提供了充分的证据表明，离岸买家特别受交换价值和东道国治理质量的激励。

研究限制/影响

从这种现象的空间分布和微观层面的福利效应可以看出很多东西。

原创性/价值

据我所知，没有实证研究主要关注将避税天堂用作英国房地产市场的离岸投资工具。该研究还使用了新的数据集，即英国的海外公司所有权数据集，以了解在国外注册的公司被称为离岸买家的住房所有权模式。