LEGAL News Our round-up of legal changes
finds tax hikes in Spain but speedier processes in US, France and India
BAHRAIN
REDUCED REGISTRATION CHARGES
On 20 May, Bahrain’s Shura Council ratifi ed a motion to reduce charges for the registration of newly acquired real estate. The amendment, bringing the buyer’s fee down from 3% of the property value to 2%, is hoped to stimulate real estate growth.
Furthermore, an incentive designed to push buyers to pay quickly was approved – if the payment is made within 60 days the buyer will receive a 15% discount on registration fees. [Source: Oxford Business Group,
www.oxfordbusinessgroup.com]
BRAZIL
REGISTRATION OF FOREIGN CAPITAL
activities, provided that they belong to individuals or corporate entities domiciled or incorporated abroad.” Foreign capital must be registered by means of an Electronic Statement of Registration – Foreign Direct Investment Module (RDE-IED), on the Central Bank Information System (SISBACEN). For the purposes of the Electronic Statement of Registration, foreign direct investment is defi ned as permanent holdings in Brazilian companies or, in accordance with common market practices, long- term ownership by non-resident investors; individuals or corporate entities residing, domiciled or incorporated abroad, through ownership of shares or stock in Brazilian companies, or investments in foreign companies authorized to operate in Brazil.
The statement implies that the Brazilian companies receiving the investment and/or the representative of the foreign investor are responsible for the registration. [Reported by: Daniela Antunes, Maxwell Alves Solicitors,
www.maxwellalves.com]
DUBAI
TANWEER LEGISLATION TO BE ANNOUNCED
According to the Foreign Capital Law, “Foreign capital is considered to be any goods, machinery or equipment that enters Brazil with no initial foreign exchange disbursement, intended for production of goods and services, and any funds brought into the country for use in economic
A new property law aimed at improving investors’ rights looks set to be announced soon in Dubai. The long-awaited Tanweer legislation will be announced “soon”, says Majida Ali Rashed, the head of the Real Estate Investment Management and Promotion Centre of the
Lawyers and accountants around the world tell us about new developments in the law. If you know of any interesting changes to the law or taxation in the country where you live or do business, contact
john.howell@opp-connect.com
More updates are available in our news section at
www.opp-connect.com
Dubai Land Department (DLD). The industry has been waiting 18 months for the law to be passed and legal experts gave their views on the draft to the Land Department last year, reports the National website. No specifi c details were available but Ms Rashed says it is ready and is being examined by higher authorities. The DLD fi rst announced in October 2011 that it was employing experts to examine and improve the real estate investor protection law by the end of the year, but to date nothing has been fi nalized. [Reported by Adrian Bishop, Editor of OPP Connect.]
FRANCE
CHANGE IN CAPITAL GAINS TAX
President Francois Hollande has announced a change in the capital gains tax system on second home sales to provide more fl uidity in the French property market. The taper relief system is to be changed so that from 2014 the required time of ownerships before a property is completely exempt from capital gains tax will be 22 years, down from the 30 year system which was ratifi ed in September 2012. Nicholas Leach, Partner at Athena Advisors, commented, “This could be considered as a bit of a U-turn by the government, reverting to a system which is similar to that when Sarkozy was in power. Last year’s property tax changes put
63
www.opp-connect.com
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80