Understanding FOCI Mitigation
On April 24, 2024, the U.S. Treasury Department and the Internal Revenue Service released final regulations (the “Final Regulations”) regarding when REITs and certain regulated investment companies investing primarily in...more
The U.S. Department of the Treasury (the “Treasury”) and the Internal Revenue Service (the “IRS”) have recently issued final regulations (the “Final Regulations”) that significantly impact the determination of whether a real...more
The Economic Crime and Corporate Transparency Act 2023 (ECCTA) received Royal Assent on 26 October 2023, with the provisions of ECCTA to be brought in by secondary legislation in stages throughout 2024 and 2025....more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER SINGAPOREAN LAW - INTRODUCTION - There are two systems of land registration in Singapore: registration under the Registrations of Deeds Act, known as “unregistered land”,...more
As we enter the new year, it is a good time to reflect on and consider trends and developments from 2023. One such development that we find important and will be keeping an eye on in 2024 is the proliferation of state...more
The Office of Foreign Assets Control (“OFAC”) is an arm of the U.S. Department of Treasury, tasked with administering and enforcing various economic and trade sanctions intended to further U.S. foreign policy and national...more
SUMMARY - On 17 August, a Florida judged denied a bid by four Chinese citizens and a real estate brokerage firm for summary judgment to block enforcement of Senate Bill 264. Effective 1 July 2023, Senate Bill 264 (codified...more
On 2 August 2023, the Register of Overseas Entities (ROE) update process went live. UK Companies House issued guidance on the requirements overseas entities will have to adhere to in their annual update of the ROE. Our...more
Lawsuit Against Florida Law Restricting Certain Foreign Ownership of Real Property Set for Hearing This Week, DOJ Supports but 12 States Oppose - On July 1, 2023, SB 264 (Chapter No. 2023-33, Laws of Florida) took effect....more
The Register of Overseas Entities launched nearly a year ago on 1 August 2022. The Register was established as a measure to increase transparency in the ownership of overseas entities that own UK land....more
The Florida Legislature passed numerous bills primarily affecting real estate in the 2023 session. Most notably may be SB 15, the so-called SB 4-D Glitch Bill that deals with inspections and reserves for condominiums. This...more
The UAE is a popular destination for real estate investment due to its booming economy, attractive tax benefits and stable political environment. Purchasing a property in the UAE can be an attractive investment opportunity...more
A bill pending in the South Carolina House of Representatives proposes to significantly restrict land ownership in the state by certain foreign citizens or companies controlled by nations deemed adverse to U.S. security...more
Many U.S. enterprises and U.S. real estate holdings have some degree of foreign ownership. Federal law requires the filing of detailed reports on foreign ownership every five years by U.S. enterprises “in which a foreign...more
In response to rising housing prices, Parliament passed the Prohibition on the purchase of residential property by non-Canadians Act (the “Act”) in 2022. Intended to be in effect during the calendar years 2023 and 2024 only,...more
The Economic Crime (Transparency and Enforcement) Act 2022 (“Act”) introduces new measures to tackle illicit wealth in the UK property market. The Act is comprised of three parts and Part 1 of the Act (“Part 1”), which became...more
As anticipated in our previous article on 7 March 2022, Companies House launched the new register of overseas entities (the “ROE”) pursuant to the Economic Crime (Transparency and Enforcement) Act 2022 (the “Act”), so...more
After some years in the making, the UK register for overseas entities finally opened at Companies House on Monday 1 August 2022. Overseas entities that own registered land in the UK are now required to register at Companies...more
A new Register of Overseas Entities, expected this summer, requires disclosure of beneficial owners. The UK government has introduced legislation1 in Parliament to pave the way for the launch of the new Register of...more
Executive Summary: the 30-second brief- The enactment of the Economic Crime (Transparency and Enforcement) Act 2022 means that clients will need to review their property portfolio. Where overseas entities are the...more
With sanction regimes taking centre-stage in the global response to the Russian invasion of Ukraine, transparency of property ownership has accelerated to become a priority of the United Kingdom’s government. On 15 March...more
The UK Government has recently introduced the Economic Crime (Transparency and Enforcement) Bill 2022 (the Bill). Amongst other objectives, the Bill proposes the setting up of a register of overseas entities and their...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER SINGAPOREAN LAW - INTRODUCTION - There are two systems of land registration in Singapore: registration under the Registration of Deeds Act, known as “unregistered land”, and...more
KEY FACTS OF REAL ESTATE ACQUISITIONS UNDER ROMANIAN LAW - I. Types of Real Property Transactions - A. Purchase of an undeveloped plot of land (agricultural); B. Purchase of a buildable plot of land (with or without...more