São Paulo: Does corruption live next door? Shell companies and the real estate sector in the largest city in the Southern Hemisphere
Description
This report raises red flags about the lack of transparency in property ownership in São Paulo and identifies how real estate worth billions of dollars is owned through companies registered in offshore tax havens. In Brazil, as in many countries around the world, it is possible to hide the beneficial owner of companies that are buying property. The research shows that more than 3,450 real estate titles are owned through 236 companies that are registered in secrecy jurisdictions and tax havens, including in the British Virgin Islands, the US state of Delaware and Uruguay.
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