The rich invest in real estate to avoid taxes and offshore accounts

Global minimum estate tax on billionaires of two percent would generate $250 billion annually, according to the European Union Tax Observatory research group in a report published today at the Paris-based Ecole Supérieure d'Economie.

Billionaires are increasingly investing in real estate instead of offshore accounts

Billionaires now pay far less personal tax than other taxpayers of more modest means because they can transfer their fortunes into shell companies and thus avoid income tax, according to the 2024 Tax Evasion Report.

'Blitz' recommends' '- In our view, this is difficult to justify. This situation is a threat to the sustainability of tax systems and the public acceptability of taxation, said Gabriel Zickman, director of the research group, CNN reports.

A coordinated international push to tax billionaires could go on for years. It doesn't exist yet, but a coalition of countries that have the will to implement taxation could lead the new trend, Zickman says.

To avoid taxes, the wealthy are increasingly investing their fortunes in real estate instead of offshore accounts, while trying to exploit gaps in the 15 percent minimum corporate income tax law, according to the report.

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