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.
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.
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.
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.
By Sharon Mathieson, Ward Hadaway
Following the recent Wimbledon tennis championships, one might be forgiven for assuming that the All England Tennis Club‘s continued development of Wimbledon Park would be of high priority.
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.
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.
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.
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.
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).