🤔 How Putin’s Oligarchs Bought London

Invoking Dean Acheson’s famous observation, in 1962, that Britain had “lost an empire but not yet found a role,” Bullough suggests that it did find a role, as a no-questions-asked service provider to the crooked élite, offering access to capital markets, prime real estate, shopping at Harrods, and illustrious private schools, along with accountants for tax tricks, attorneys for legal squabbles, and “reputation managers” for inconvenient backstories. It starts with visas; any foreigner with adequate funds can buy one, by investing two million pounds in the U.K. (Ten million can buy you permanent residency.)

London property is always an option for such investments. After King Constantine II was ousted in the wake of a military coup in Greece, in 1967, he moved into a mansion overlooking Hampstead Heath; ever since, global plutocrats have sought safe harbor in the city’s leafy precincts. Following the collapse of the Soviet Union, Russian buyers raced into London’s housing market. One real-estate agent described his Russian clients “gleefully plonking saddlebags of cash on the desk.” According to new figures from Transparency International, Russians who have been accused of corruption or of having links to the Kremlin have bought at least 1.5 billion pounds’ worth of property in Great Britain. The real number is no doubt higher, but it is virtually impossible to ascertain, because so many of these transactions are obscured by layers of secrecy. The Economist describes London as “a slop-bucket for dodgy Russian wealth.”