Guide to Global Real Estate Investment Trusts 2012

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The global listed property sector has been characterized by a variety of noteworthy developments over the recent past, the proliferation of real estate investment trust-type structures in countries around the world key among them. Despite an uncertain economic environment, REITs have proven their ability to promote institutional real estate investments in global financial markets.

This highly practical manual features a comprehensive analysis of both the legal and tax underpinnings of REIT-friendly legislation in a variety of the world’s most significant jurisdictions. With regard to the legal framework, the structure and functioning of a REIT is carefully investigated and explained.

In terms of tax issues, the book focuses on such key issues as
• REIT formation;
• operation and liquidation;
• mergers, acquisitions and dispositions;
• as well as planning for public and private REIT offerings and re-securitizations.

REITs are inherently complex and their interplay with tax treaties further compounds the complexity. This highly accessible yet authoritative work is the perfect decision making tool for any professional looking for perspective and guidance on the challenges and opportunities REITs engender. It will be updated twice a year.

Among the key areas examined are the following:
• Definition of a REIT
• Organizing and qualifying as a REIT
• Types and uses of REITs
• “Leasing” a REIT to a third party willing to carry out a specific transaction (i.e. real estate development)
• Taxation of a REIT
• Considerations for the REIT investor including tax treatment of non-resident investors in a domestic REIT
• Records and reporting
• Securities laws applicable to REITs
• Corporate governance and REITs
• Applicability of EU directives (namely the Parent-Subsidiary
• Directive) to cross-border flows of income earned and paid by a REIT
• Applicability of international tax treaties to real estate investment funds
• The use of REITs as a tool enabling the taxpayer to set up and exploit structures aimed at double non-taxation, and
• Anti-avoidance devices.

Jurisdictions covered:
• Australia
• Belgium
• Brazil
• Bulgaria
• Canada
• Finland
• France
• Germany
• Greece
• Hong Kong
• Italy
• Japan
• Malaysia
• Mexico
• Netherlands
• Singapore
• South Korea
• Spain
• Turkey
• United Kingdom, and
• United States

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Editors: Stefano Simontacchi & Uwe Stoschek

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Price: EUR 298.00 / USD 402.00 / GBP 238.00
ISBN: 9888002190

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