Last week, I blogged about PATH and the changes the legislation makes to the Foreign Investment in Real Property Tax Act (“FIRPTA”). One of the most important changes is that certain foreign pension funds are now exempt from FIRPTA when they dispose of U.S. real property. It was predicted that the exemption would increase the amount of foreign investment in U.S. real estate, and Canadian pension funds are already capitalizing on the change in the law: Canada’s largest pension fund, Canada Pension Plan Investment Board, recently announced its joint purchase of a $1.4 billion U.S. university student-housing portfolio with Scion Group LLC and Singapore’s GIC Private Ltd.
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Recent Blog Posts
- Advisor.ca – Low loonie = opportunities for U.S. real estate
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- The Protecting Americans from Tax Hikes Act (“PATH”): Changes to the Treatment of Real Estate Investment Trusts (“REITs”)
- The Protecting Americans from Tax Hikes Act: New U.S. Law Paves Pathway for Important Changes to FIRPTA
- Happy Holidays!