Insights on Real Estate Investment Trusts

Insights on Real Estate Investment Trusts

A global overview of the REIT regimes

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The popularity of Real Estate Investment Trusts (REITs) and similar vehicles demonstrates the strong and still growing demand for tax efficient, liquid and transparent vehicles for investing in real estate. Countries are reacting to this demand and we have seen a number of new REIT regimes introduced over recent years, with India being a very significant recent entrant into the market — the Securities and Exchange Board of India (Sebi) firmed up regulations that will govern REITs in September 2014. This is expected to be a game changer for the Indian commercial real estate sector. Very significant is that with India’s REIT regime being introduced only China remains without a REIT regime amongst the BRICS countries of Brazil, Russia, India, China and South Africa.

This document aims to summarize the key regulatory, tax and legal rules for the establishment and operation of REITs or their local equivalent in all of the majorjurisdictions of the world that have introduced such a regime. The information is intended to be a guide only and should not be relied on for investment decisions, as the rules are liable to regular amendment and local interpretation. It is intended to be an overview of the position in each country, enabling a quick understanding of the type of regime in operation and how it compares to other regimes in the region or more widely.

The information contained in this report was current as of 30 November 2014.

We hope you will find the information here of value.

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