The American investment company Blackstone, which owns hundreds of homes in Dutch cities, does not pay tax in the Netherlands due to a tax trick, according to research by de Volkskrant. As a result, the tax authorities would miss out on millions in corporate tax and the company could pay more for Dutch homes than competitors.
The company owns 1,700 homes, mainly in Amsterdam, Rotterdam and Utrecht. According to the newspaper, Blackstone had about 793 million euros worth of homes on its annual accounts at the end of last year. The profit would disappear through a complex construction to the Cayman Islands and Jersey, as a result of which the real estate company in the Netherlands suffers a loss on paper.
According to de Volkskrant, it is questionable whether the construction has been coordinated with the tax authorities. A spokesperson said the Tax and Customs Administration would not comment on individual cases. Blackstone says the company complies with Dutch law and pays all applicable taxes.
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