Choosing an investment vehicle

European Real Estate Fund Regimes

Comparison of more than 30 different types of fund vehicles in a summary form, by looking at a consistent key topics

Background

The AIFM Directive entered into force on 22 July 2013, and has been implemented by European legislators. Legislators had to consider regulatory matters, as well as changes to fund and investor taxation. This has resulted in significant changes in the European real estate fund landscape.

This booklet aims to give an overview of the most common European Collective Investment Vehicles (CIVs) suitable for investment in real estate, including their legal form, as well as their regulatory and tax position.

It compares more than 30 different types of fund vehicles in a summary form, by looking at a consistent set of key topics, and noting major pros and cons.

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The Programme Act of 3 August 2016 introduced the new Belgian Real Estate Investment Fund (REIF or FIIS) and created an attractive platform for real estate funds from a regulatory and tax perspective. The Royal Decree implementing the REIF regime is yet to be introduced by the Belgian government.

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Key attributes

This publication looks at the following aspects of investment vehicles:

  • Legal form
  • Tax status
  • Tax treatment at entity level
  • Tax treatment at the investor level  
  • Withholding tax 
  • Treaty status
  • Filing obligations
  • Regulation
  • Requirements for authorisation
  • Investment restrictions, and
  • Minimum level of investment

Contact us

Grégory Jurion
Partner
Tel: +32 (0)2 710 9355
Email

Evelyne Paquet
Senior Manager
Tel: +32 (0)2 710 4354
Email

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