Companies registered overseas own more than a billion pounds' worth of real estate in the West Midlands - including several office units in Birmingham that sold for more than 拢138 million.
Data released for the first time by the Land Registry has revealed that foreign-registered companies own properties in the region worth at least 拢1.57 billion - and likely far more.
The most expensive real estate bought by an offshore company in the West Midlands, where we know the price, was 8-28 Colmore Circus Queensway in Birmingham (which included even numbers only).
The units were bought by Investment Birmingham S.A.R.L. - registered in Luxembourg - who paid 拢138,150,000 for the coveted office space.
Similarly, offices at One Colmore Row in Birmingham were bought for 拢125,000,000 by Union Investment Real Estate GmbH, a company which is registered in Germany.
Meanwhile, Pavilion Property Trustees Limited, which is registered in Jersey, bought 33 Bull Street - which houses Birmingham County Court and the Civil Justice Centre - for 拢87,500,000.
The company also bought land and buildings on the north east side of Bull Street for a similar price.
While Birmingham saw the highest amounts paid by companies registered overseas for properties in the West Midlands, other parts of the region also saw big investments.
In Solihull, for example, Sipl Sunrise Propco S.A.R.L. - which is registered in Luxembourg - bought a building that houses Birchmere Care Home on Warwick Road for 拢32,570,000.
Meanwhile, the Butts Centre at City College Coventry was bought for 拢20,425,000 by Earlsdon Park Limited, which is registered in the Isle of Man.
There鈥檚 no ban on foreign companies buying 海角视频 property, and no suggestion that these companies are doing anything wrong.
However, while the figures also include some residential properties, commercial property in the 海角视频 being owned by foreign-registered companies has major ramifications when it comes to selling it on.
A legal loophole means that, while a 海角视频 individual or company will have to pay corporation tax when they make money selling commercial real estate, foreign companies will not.
It鈥檚 estimated that a third of all commercial properties in the 海角视频 are owned by offshore companies - which are typically based in tax havens - and closing the loophole could raise between 拢5bn and 拢8bn in tax a year.
'It鈥檚 not fair'
Stella Creasy, Labour and Co-operative MP for Walthamstow, has been leading a campaign to close the legal loophole that means foreign companies don't have to pay tax on profits made on commercial property in the 海角视频. She says:
鈥淚t鈥檚 not fair that when British businesses sell commercial properties they pay tax on the gains they have made, but overseas companies don't.
鈥淭hese eye-watering figures show it鈥檚 a tax loophole that's costing British taxpayers billions of pounds, as these trusts pocket massive profits tax free - enough to fund a proper pay rise for public sector workers, or tackle the waiting lists in the NHS.
鈥淢ost other countries do tax these profits but our Government refused, voting down a recent amendment to the Finance Bill and saying it was too complicated for them to introduce.
鈥淭his data shows we can't let them get away with such paltry excuses for letting these foreign companies do this - British businesses deserve a level playing field and British public services deserve proper funding.鈥
