 Fun fact, in Berlin, if you inherit one flat, you pay tax. If you inherit 300 flats, you don't. All around Europe, there's an invisible tax-free zone. It's in our neighbourhood, our street, the flat next door. Properties are hidden inside companies, so shares change hands, unnoticed and untaxed. Who allows this ongoing injustice? Investigate Europe reporters unveil how European governments are rolling out a red carpet for real estate developers and private equity funds. How they provide them with tax privileges, exemptions, loopholes. Money is grossly being misallocated to real estate. In Germany alone, eliminating these tax privileges would generate up to 27 billion euros annually. These loopholes are supposed to encourage investment. In practice, they make the rich richer. They divert capital from real investments to a merry-go-round of assets changing hands while inflating the price bubble without producing anything. In cities like Milan, Paris, Madrid and Athens, tenants are in despair. For a 75-metre square flat, a cheque has to work the most, 25 years and four months. And yet, our governments invite ever more capital via schemes like golden visas. The world's corruption lurks in the real estate sector. Money launderers are ready to pay more than the market price because they can turn illegal funds into legal assets. This is a party for the few. What stops our governments from changing this?