This research uses key actor interviews to construct a theoretical model with which we examine the impacts of foreign direct investment (FDI) from secrecy jurisdictions into Liverpool’s private rental real estate sector. We found that the key actors in our interviews were informed to different degrees about the role of secrecy jurisdictions and did not differentiate between the different types of FDI. All of the interviewees identified FDI as a major factor influencing urban regeneration trajectories and their impact on communities and the city. Thus, while we sought to focus attention on offshore financial flows, the key actors focussed our attention on the several regeneration projects that have been undertaken in the city. The model encompasses economic, housing, and community dynamics, highlighting the tensions and concerns raised by different actors.