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| Bangladeshis have $5.91b are in Asia, European and American tax havens. OCCRP report | Credit: iS |
Bangladeshis have $5b in Asian tax havens and .91b are in European and American tax havens. In total Bangladeshis have $5.91 billion of offshore wealth in tax havens around the world. This comes up to 1.3 percent of Bangladesh's Gross Domestic Product.
In 2021, the figure of offshore wealth owned by Bangladeshis in tax havens was $8.145 billion, the highest since the beginning of the millennium. Of this amount, $7 billion alone was in Asian tax havens including Singapore, the United Arab Emirates and Hong Kong.
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| Bangladeshis have $5.91b are in tax havens | iS |
A recent investigation by Organised Crime and Corruption Reporting Project (OCCRP) found that 394 Bangladeshis own 641 residential properties in Dubai, whose estimated value is $225.35 million. OCCRP took the estimates from 2022.
OCCRP said that Dubai is popular because of "the emirate's inconsistent responses to requests from foreign authorities for help arresting and extraditing fugitives."
It found that the total offshore wealth invested in real estate in tax havens comes up to $0.66 billion or 0.18 percent of Bangladesh's GDP. Most of this real estate investment happened in Singapore and Dubai, followed by London and Paris.
"Offshore real estate is real estate that is either ultimately owned by an investor in a different country or is owned by residents through complex offshore structures that can obfuscate the identity of the real owner," it said.
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