Families in a seaside town say they are trapped in their homes and unable to move away after their street was sold to a company linked to a major Tory donor and registered in an offshore tax haven.

Residents in 47 shared ownership properties in Pentowan Gardens in Hayle, Cornwall, said they have suffered stress and anxiety after discovering their homes are virtually unsellable. 

In 2014 the freehold of more than 70 homes in three streets in Cornwall - built as affordable shared ownership schemes - were transferred to the British Virgin Islands.

Since then locals say numerous sales have fallen through - some just days before completion - because the buyers weren't able to get a mortgage because the freeholder is based offshore.

The situation is made harder by a Cornwall Council rule meaning only people with a local connection can buy there.

At the end of 2023, the British Virgin Islands received an unfavourable CFATF financial report.  

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https://www.dailymail.co.uk/news/article-13235015/Our-street-sold-offshore-tax-haven-trapped-homes-Families-seaside-town-say-houses-virtually-unsellable-freeholds-transferred-British-Virgin-Islands.html