Kansas City, USA

Most existing real estate entities in the US may not be exempt under the Corporate Transparency Act

By Anthony J. Soukenik, Sandberg Phoenix & von Gontard

The Corporate Transparency Act was adopted as part of the Defense Appropriations Act of 2021, Public Law 6-283 (01 January 1 2021). It requires entities which are not one of the twenty-three exemptions to register beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). The effective deadline for existing entities is 31 December 2024.

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Toronto, Canada

A tax trap for the unwary!

By Elisabeth Colson and William J. Smith, Devry Smith Frank LLP

The Canadian government introduced a tax on vacant residential properties owned by non-residents in its April 2021 budget. The Underused Housing Tax Act was passed in June 2022 and requires non- residents to pay an annual one percent tax on the targeted properties, retroactive to 01 January 2022.

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Current trends in construction

By Sebastian Janicki, Penteris

The Polish real estate market is still a key locale for international investors and this remains so despite investments requiring longer consideration due to a variety of unpredictable factors on the market.

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Mississauga, Canada

Why do we have deposits?

By Steven Pordage, assisted by Cassie Wasserman, Pallett Valo

When buying real estate, purchasers typically submit a deposit with their offer to purchase. This is a down payment and a sign of good faith, acting as an incentive for the purchaser to complete the agreement.

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Charleston, USA

CFIUS compliance takes form

By Philip Land & Katie Busbee, Haynsworth Sinkler Boyd, P.A.

The Committee on Foreign Investment in the United States (CFIUS) serves as a review committee for certain inbound foreign direct investment (FDI) transactions to determine if such transactions pose a risk to national security.

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Procida, Italy

Depreciation of real estate in Italy – separation of land value

By Dr Martin Lechner, Comploj Vieider Lorenzon Lechner Zanellato | PDC Partner

For purposes of calculating the depreciation of business properties purchased by companies, Italian accounting standards and tax regulations clearly provide that the underlying value of the land must be separated from the value of the property. This approach is based on the fact that the underlying land has a different and independent economic operating lifetime.

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The Dutch new Environment and Planning Act – the broad scope of the zoning plan

By Paul de Lange, TeekensKarstens advocaten notarissen

In 2020 we wrote an article about the Netherlands’ new environment and planning act (omgevingswet) that would enter into force on 01 January 2022. The current schedule of this multi-billion euro legal project indicates it will enter into force on 01 January 2023, but we expect the start date to be postponed once again. The main difficulty is the readiness of the digital system to view areas designations and applicable rules of the zoning plan.

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green energy

Green leases, sustainable leases

By Helmut Seitz & Peter Fassl, HSP Rechtsanwälte GmbH

Sustainability plays a central role in real estate projects. In this context, so-called green lease agreements are gaining in importance.

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Melbourne, Australia

Buying residential land: Approval required!

By Tony Nunes, Kelly + Partners Chartered Accountants

Before acquiring an interest in residential land in Australia (regardless of the value), non-residents need approval from the Foreign Investment Review Board (FIRB). The approval process is designed to ensure proposed investments actually increase Australia’s housing stock. An application must be submitted electronically to the Australian Taxation Office and a fee is payable (the amount will depend on the sale price and type of property).

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