Pandora Papers have revealed that Pakistanis are the fifth largest buyers of property in London.

According to the analysis, many people set up shell companies to avoid taxes or have bought it for other reasons.

According to the details, an analysis of Pandora Papers’ documents shows that Pakistanis are the fifth largest buyers of properties in London through offshore companies.

Not surprisingly, British citizens topped the list, followed by Nigerians, Indians and Russians.

More than a quarter of firms are British-owned, according to an analysis by Britain’s The ICIJ Partners, The Guardian, the BBC and Finance Inc. the Secret files have traced 681 previous anonymous beneficial owners of 1,542 UK properties purchased through 716 offshore firms.

The value of these properties is said to be more than five and a half billion dollars.

More than two-thirds of properties are in London, with Westminster and Kensington and Chelsea being the most popular. Most of the properties are owned by companies in the British Virgin Islands and a handful in Seychelles and Panama.

The analysis focuses on properties owned by people of different nationalities and the number of companies they own to buy real estate.

UK citizens are top of the list, whether the record is analyzed by the number of property companies they purchase or the number of properties held by them.

When it comes to Pakistanis, they are in the fifth position in terms of the companies they used to buy property and in the sixth position in terms of the properties they have purchased.

Punjab Senior Minister Abdul Aleem Khan, Arif Masood Naqvi, Founder of Declining Equity Firm, Lieutenant General (retd) Shafaatullah Shah’s Family, Lieutenant General (retd) Habibullah Khattak’s Daughter, Tariq Saeed Sehgal, Sikandar Mustafa Khan and Amir Ishaq Khan is one of Pakistan’s leading figures used to buy properties in the UK.

Also Read : Big names revealed in Pandora papers

Aleem Khan, along with his wife, owns Hexam Investment Overseas Limited, a company registered in the British Virgin Islands to buy property in London. The ownership record of the company shows three properties.

Arif Masood Naqvi, another Imran Khan financier who is currently in British custody and awaiting extradition to the United States, owns six properties through two offshore companies, Blondell Assets Limited and Valolia Star Limited.

Talha Limited a company belonging to Lieutenant General (retd) Shafaatullah Shah.

Moreover, the daughter of Lieutenant General (retd) Habib ullah Khattak, Shahnaz owns two properties named as Shady Tree Properties Limited and Southwest Holdings Limited.