“How the Vatican built a secret property empire using Mussolini's millions” #finance #religion / SML.20130121.SC.PublicMedia.UK.Guardian.20130121.vatican-secret-property-empire-mussolini

“How the Vatican built a secret property empire using Mussolini's millions”

m.guardian.co.uk/world/2013/jan/21/vatican-secret-propert...

#finance #religion

 

Papacy used offshore tax havens to create £500m international portfolio, featuring real estate in UK, France and Switzerland

 

Behind a disguised offshore company structure, the church's international portfolio has been built up over the years, using cash originally handed over by Mussolini in return for papal recognition of the Italian fascist regime in 1929.

 

Since then the international value of Mussolini's nest-egg has mounted until it now exceeds £500m. In 2006, at the height of the recent property bubble, the Vatican spent £15m of those funds to buy 30 St James's Square. Other UK properties are at 168 New Bond Street and in the city of Coventry. It also owns blocks of flats in Paris and Switzerland.

 

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