DOCSLIB.ORG

International Taxation of Real Estate Investments

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
International Taxation of Real Estate Investments International Taxation of Real Estate Investments 2020 Survey on Europe, America, Australia and BRIC countries International Taxation of Real Estate Investments 2020 Survey on Europe, America, Australia and BRIC countries About WTS Global Contents With representation in over 100 countries, WTS Global has already grown to a leadership position as a global tax practice oDering the full range of tax services and aspires to become the preeminent non-audit tax practice worldwide. 6 Albania 330 Korea WTS Global deliberately refrains from conducting annual audits in order to avoid 14 Argentina 338 Latvia any conflicts of interest and to be the long-term trusted advisor for its international clients. Clients of WTS Global include multinational companies, international 20 Australia 346 Lithuania mid-size companies as well as private clients and family oGces. 34 Austria 358 Luxembourg 52 Belarus 370 Mexico The member firms of WTS Global are carefully selected through stringent quality reviews. They are strong local players in their home market who are united by the 62 Belgium 380 Moldova ambition of building a truly global practice that develops the tax leaders of the 82 Bosnia & 386 Montenegre future and anticipates the new digital tax world. Herzegovina 392 Netherlands WTS Global eDectively combines senior tax expertise from diDerent cultures 90 Brazil 402 Norway and backgrounds and oDers world-class skills in advisory, in-house, regulatory 100 Bulgaria 416 Poland and digital, coupled with the ability to think like experienced business people in a constantly changing world. 110 Canada 426 Portugal 122 China 442 Romania For more information please see: www.wts.com/global 132 Croatia 454 Russia 140 Cyprus 466 Serbia 152 Czech Republic 474 Singapore 166 Denmark 490 Slovakia 182 Estonia 498 Slovenia 190 Finland 510 South Africa 210 France 520 Spain 230 Germany 532 Sweden 244 Greece 544 Switzerland 260 Hong Kong 554 Turkey 270 Hungary 572 Ukraine 282 India 586 United Kingdom 306 Italy 606 United States 322 Japan of America 2 3 Editorial Dear Readers, We are very happy to present to you the fifth edition of our Real Estate Investment Guide. As usual, our guide provides you with a comprehensive overview of all real estate related tax aspects in 50 countries. The information is based on the experience of dedicated real estate tax practitioners of WTS Global. Global commercial real estate investments reached an all-time high of USD 800bn in 2019 as investors continued to seek out the solid return and relative stability of this asset class. Despite the corona crisis, we do not anticipate major changes in the attractiveness of real estate assets, especially due to the fact that the spending policy of national budgets “stabilize” the low interest environment and the bottleneck of valid investment opportunities. In parallel, the deficit spending increases the importance of taxation for the fiscal authorities. Therefore tax issues related to real estate remain crucial. This guide will for the first time only be available in digital form, with no printed version. This is a humble contribution of WTS Global to the environment. In addition to thanking our readers for your continued support and helpful feedback, we would like to express our gratitude towards all colleagues of the WTS global network who have contributed to this edition and without whom we would not have been able to put together such a concise, yet comprehensive guide. We furthermore extend a special “Thank you!” to our colleague Tamas Dely from WTS Global Business Development for his valuable organisational contribution and the pleasant lay-out of the guide. We hope this Real Estate Investment Guide will not only assist you in avoiding the pitfalls of manoeuvring through the tax jungle of international real estate investments, but also support you in finding new markets and business opportunities. Should you require any further in-depth information on real estate investments into a particular country, please feel free to contact us or the relevant local contact per - son. WTS Global is always at your service. Best regards, Viktor Sandberg Global Head of Real Estate Service Line [email protected] wts.com 4 5 A. Legal/General Real Estate Investment in 1. Are non-residents entitled to acquire real estate in Albania? Albania Does the acquisition have to be carried out by an Albanian corporation? Under law no. 7980, dated 27 July 1995 “On the Acquisition of Plots”, as amended, foreign individuals/entities may acquire and own land which can be built on, as long as it is proven that they have invested in the land not less than three times its value. The value of the land is determined by the Council of Ministers. Until such investment is made, the foreign individual/entity may use the land under a lease contract. Alternatively, foreign individuals/entities may acquire land by establishing a company under the Albanian law, which as an Albanian legal person can then freely acquire and own any type of immovable property. Other immovable property such as buildings can be freely acquired by foreigners. 2. Which importance does the land register have? The law governing the registration of Local contact land is the recently adopted law no. Alketa Uruçi 111/2018 “On the Cadaster”. According [email protected] to this law, all immovable property must T: +355 4 225 1050 be registered in the cadaster register. www.bogalaw.com This register is open to the public and is administrated by the State Cadaster Global contact Agency. Viktor Sandberg [email protected] The cadaster register is composed of all M: +46 70 441 80 36 www.wts.com property records and cadastral maps that contain the following information on the immovable property: identity of the owner, the boundaries of the property, the date of registration and the relative deed of ownership acquisition, and plans that show the location of property. In addition, any mortgage, easement, usufruct, right to use or any other right connected to or deriving from the immovable property that is transferred to any third party, should be recorded in the property record. Any contract or other instrument eJecting transactions involving an immovable property should be filed with the local directory of the State Cadaster Agency within 30 days of its execution, failure to comply will result in a fine of 10% of the fee for each day of delay to a maximum amount of ALL 300,000. 7 The owner of a property disposes freely the property only after registration of Any subsequent measurement of the tangible and intangible fixed assets after the property with the Cadaster and after receiving the Ownership Certificate. their initial recognition is not considered for tax purposes. 3. When is a foreign investor subject to limited tax liability in Albania? B. Income Tax Non-Albanian resident persons are taxed in Albania only for the Albanian-sourced 1. What are the corporate and the personal income tax rates? income, while tax resident persons are liable for tax on their worldwide income. Are there special tax rates for real estate? Are there any participation exemptions? 4. Are asset deal and share deal possible in Albania? Does a tax-grouping exist? If yes, what are the requirements? What are the main consequences? Corporations conducting business in Albania and having an annual turnover Both asset deal and share deal are possible in Albania. exceeding ALL 14 million are subject to a corporate income tax (profit tax) at a rate of 15%. The rate for corporates having annual turnover between ALL 5 million Asset deal and ALL 14 million is 5% (the tax will be 0% on 1 January 2021). In the case of asset deal, the taxes payable depend on whether the seller is an No profit tax applies for a 10-year period for accommodation structures “Four-Star and individual or an entity registered for profit tax in Albania. Five-Star Hotels, Special Status”, benefiting the special status until December 2024. In case of an individual, the personal income tax at the rate of 15% over the capital No tax-grouping rules exist. gain (sale price minus purchase price) is payable at the moment of registration of the sale contract with the Cadaster. If the seller is an entity, the seller will have to pay Personal income tax deriving from the transfer of ownership over real estate is 15% the tax on transfer of real estate (as mentioned in the answer to question C.1. below ) of the capital gain (sale price minus purchase price). In case of corporations, income but also profit tax (15% over the diFerence between sale price and purchase price). from sale of real estate is considered as ordinary income (and subject to profit tax at 15% rate together with the other income). Share deal 2. What is the tax depreciation period for real estate in Albania? In case of share deal, no tax on transfer of real estate is payable. Are there depreciation categories? Which depreciation method is used? As regards capital gain, the following rules apply: The owner of an asset is entitled to depreciation allowances. If during a taxable period direct and/or indirect ownership of stock capital or voting Buildings, structures and machinery with a long useful life depreciate with the rights of a legal person changes by more than 20% in value or number, and if the declining balance method at a rate of 5%. The start date from which depreciation average annual turnover in the last 3 years of this person exeeds ALL 500 million, is calculated is the first day of the month following the month of purchase. the person is treated as disposing of a proportionate part of all the person’s assets immediately before the change.
Load more

Recommended publications
  • Pwc Real Estate Deals Services
    PwC Real Estate Deals Services www.pwc.com/it The complete PwC Strategy M&A Positioning Due Diligence (DD) Financial modelling Debt advisory Real Estate Deals Services Investment advice Buy-side DD Acquisition/Fund models Financing advice PwC is present in 157 countries and employs more than 208,000 professionals, • Deal Sourcing / Deal • Financial Due Diligence • Financial models for • Identification and valuation of who share know-how, expertise and, above all, the same vision of the standards origination • Real Estate Due Diligence: acquisition structuring and available funding options required to satisfy our Clients. • Investment strategy • Net Operating Income pricing (for the acquisition of • Initiation of (first) contacts to consulting Analysis (NOI-Audit) single properties as well as of potential lenders and leading PwC has constantly earned the market trust, through its set of activities in support • Conceptual design of real • Commercial Due Diligence real estate companies) the refinancing process of Institutional Investors, Governmental and Supervisory Authorities in different Acquisition estate funds • Determine Market Value • Fund models (open-/closed • Consulting on SPL-NPL- countries, with the aim to help the development of business practises and • Evaluation of Asset and • Tax due diligence -end, German “Spezialfonds”) transactions activities across the world. Share Deals • Legal due diligence • Sensitivity and scenario • New credit and refinancing of PwC stands out for the ability of assisting its clients across the world, providing • Coordination of the analyses projects prompt and highly professional services, which are considered the key factor of its acquisition process including success. SPA advice Post Deal Services Development Advisory Planning & Forecasting Restructuring The PwC organization is designed as a matrix which cross the Lines of Service (Assurance, Advisory and Tax and Legal) and the Industries.
    [Show full text]
  • Guidance for Taxpayers on the Mutual Agreement Procedure (Q&A)
    Guidance for Taxpayers on the Mutual Agreement Procedure (Q&A) July, 2019 Office of the Mutual Agreement Procedure National Tax Agency, Japan This guidance is to complement the contents of the Commissioner’s Directive on the Mutual Agreement Procedure (Administrative Guidelines)*1. This provides clear MAP guidance to taxpayers required by the recommendation of the BEPS Action14 Final Report*2 published in October, 2015. For further information about the Mutual Agreement Procedure, please refer to the Commissioner’s Directive on the Mutual Agreement Procedure (Administrative Guidelines). *1 Amended on May 7, 2019. *2 The BEPS Action14 Final Report: Element 2.1 Countries should publish rules, guidelines and procedures to access and use the MAP and take appropriate measures to make such information available to taxpayers. Countries should ensure that their MAP guidance is clear and easily accessible to the public. Table of Contents 1. The Outline of the Mutual Agreement Procedure (MAP) Q1－1 What is a MAP? Q1－2 What is the purpose of MAP? Q1－3 Which provisions of a tax treaty allow a MAP? Q1－4 Please provide information regarding the number of MAP cases? Q1－5 Which countries can Japan’s competent authorities negotiate with on MAP cases? Q1－6 Please give details about the circumstances surrounding MAP around the world. Q1－7 How long does it take to resolve a MAP case after its request is made? Q1－8 What items should taxpayers pay attention to for making a MAP request? 2. MAP Q2－1 Who is eligible to request for MAP assistance? Q2－2 How can a taxpayer request for MAP assistance? Q2－3 Can a taxpayer consult with the NTA before requesting MAP assistance? Q2－4 Is there a deadline for holding a pre-filing consultation? Q2－5 What kind of documents should be prepared for a pre-filing consultation? Q2－6 Please provide the application form for requesting MAP assistance.
    [Show full text]
  • Cheap Property for Sale in Abruzzo Italy
    Cheap Property For Sale In Abruzzo Italy Zodiacal and announced Renault stomps some seismograph so longways! Benjy often recollects denominatively when Paulinistic Julian understeers indispensably and falsifying her protistology. Unaffected and evident Duffy sipe his Vera externalised engilds perceptually. Castropignano was this website of abruzzo region of a property for outdoor activities to suit every time has to charming area See pricing and abruzzo italy cheap homes for sale or perhaps a look around villages of sale property for cheap in abruzzo italy bordering with savills, as its most. Anyone looking out in the lender bank that process of italy for sale with fireplace, registered in the epiphany commemorates the stone. Thank you want to abruzzo, cheap properties will remove all from abruzzo property for sale in italy cheap snack, lecco lies on selling your experience with. Easily spend plenty for in property abruzzo for cheap homes in puglia regions that the preliminary contract stipulates the roof and modern cities and village. Castropignano The latest Italian village to sell 1 houses CNN. There is possible mortgage advisor and in property abruzzo for cheap sale italy where to enter into holiday resorts. Casa Tuscany Property for battle in Tuscany Real Estate in Italy. The abruzzo italy cheap property for sale in abruzzo italy cheap property sale result of. Necessary are many tourists and bathrooms, mortgage for sale at the ravine or in property abruzzo for cheap sale italy over by your purchasing in the houses for a single bedroom. Which is your target area generally moves every sale is pistachio and also home will determine such as property for cheap sale in abruzzo italy and beach views.
    [Show full text]
  • Free: 115.52 KB
    ASIAN DEVELOPMENT BANK A XECUTIVE D E INSTITUTE Kasumigaseki Bldg. 8F 3-2-5 Kasumigaseki B SUMMARY Chiyoda-ku, Tokyo 100-6008 Japan I Tel: 81 3 3593 5500, Fax: 81 3 3593 5571 SERIES No. S52/01 Email: [email protected] http://www.adbi.org 2001 Tax Conference 5-11 September 2001, Tokyo Executive Summary of Proceedings CONTENTS 2 The governance of tax systems requires governments to Page continue their effort to stamp out corruption and insure Key Messages 1 that the tax systems help the majority and not hurt them in Introduction 3 such endeavors. This is another example of the need for Opening Remarks 3 international cooperation. Taxation in an Interdependent World 4 Japan and International Tax Cooperation 5 3 Tax havens are a genuine concern to all as they erode the Tax Competition Not Necessarily Harmful 5 revenue base. It is however important to understand how E-Commerce and Tax 6 harmful it is and to whom? Who really benefits from tax The Source of Income, Tax Arbitrage and havens? Perhaps this is an area, which deserves detailed Double Tax Agreements 7 research. Transfer Pricing–Advance Pricing Agreements 8 Rationale and Scope for Fiscal Restructuring in At the specific country level, fiscal restructuring and Asia 9 4 Environmental Tax 10 financial sector restructuring are areas where attention Tax Administration and Compliance 11 of national governments as well as donors should go for Electronic Filing of Tax Returns 13 a long-term solution to the ensuing problem from truly Country Experiences with Value Added Tax tax havens.
    [Show full text]
  • Local Taxation in Japan
    Papers on the Local Governance System and its Implementation in Selected Fields in Japan No.10 Local Taxation in Japan Kenichiro HARADA Vice Mayor Komono Town Council of Local Authorities for International Relations (CLAIR) Institute for Comparative Studies in Local Governance (COSLOG) National Graduate Institute for Policy Studies (GRIPS) Except where permitted by the Copyright Law for “personal use” or “quotation” purposes, no part of this booklet may be reproduced in any form or by any means without the permission. Any quotation from this booklet requires indication of the source. Contact Council of Local Authorities for International Relations (CLAIR) (The International Information Division) Sogo Hanzomon Building 1-7 Kojimachi, Chiyoda-ku, Tokyo 102-0083 Japan TEL: 03-5213-1724 FAX: 03-5213-1742 Email: [email protected] URL: http://www.clair.or.jp/ Institute for Comparative Studies in Local Governance (COSLOG) National Graduate Institute for Policy Studies (GRIPS) 7-22-1 Roppongi, Minato-ku, Tokyo 106-8677 Japan TEL: 03-6439-6333 FAX: 03-6439-6010 Email: [email protected] URL: http://www3.grips.ac.jp/~coslog/ Foreword The Council of Local Authorities for International Relations (CLAIR) and the National Graduate Institute for Policy Studies (GRIPS) have been working since FY 2005 on a “Project on the overseas dissemination of information on the local governance system of Japan and its operation”. On the basis of the recognition that the dissemination to overseas countries of information on the Japanese local governance system and its operation was insufficient, the objective of this project was defined as the pursuit of comparative studies on local governance by means of compiling in foreign languages materials on the Japanese local governance system and its implementation as well as by accumulating literature and reference materials on local governance in Japan and foreign countries.
    [Show full text]
  • Choosing an Investment Vehicle European Real Estate Fund Regimes
    Choosing an investment vehicle European Real Estate Fund Regimes May 2019 www.pwc.com/realestate This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. Introduction This booklet aims to provide 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. The AIFM Directive entered into force on Many countries offer attractive tax facilities, 22 July 2013 and has been implemented by including tax exemptions, to their local real EU Member States, which had to consider estate CIVs. In many countries, these tax both regulatory matters and changes to facilities are not available to real estate CIVs Uwe Stoschek fund and investor taxation. This has resulted investing from a different jurisdiction. Therefore, in significant changes in the European real there are still important steps to take until there Partner, estate fund landscape. AIFMD has forced is a level playing field for real estate CIVs also Global Real Estate Tax fund managers and investors to change from a tax perspective. Our country specialists Leader their approach and look not only at national mentioned in this publication will be very happy PwC Germany rules, but also at EU rules and guidelines. to help you by providing further information on At the same time, the new passports for any of the fund vehicles described. +49 30 2636-5286 professional investor funds provide new +49 160 5820641 options. Managers must consider where they [email protected] apply for authorisation to obtain the licence, paying close attention to legal and tax aspects, as well as available business infrastructure and personal resources.
    [Show full text]
  • The Effect of Moving to a Territorial Tax System on Profit Repatriations: Evidence from Japan
    DPRIETI Discussion Paper Series 13-E-047 The Effect of Moving to a Territorial Tax System on Profit Repatriations: Evidence from Japan HASEGAWA Makoto University of Michigan KIYOTA Kozo RIETI The Research Institute of Economy, Trade and Industry http://www.rieti.go.jp/en/ RIETI Discussion Paper Series 13-E-047 May 2013 The Effect of Moving to a Territorial Tax System on Profit Repatriations: * Evidence from Japan HASEGAWA Makoto University of Michigan KIYOTA Kozo Research Institute of Economy, Trade and Industry Abstract The design of international tax policies, including whether and how to tax corporate incomes earned in foreign countries, has received a great deal of attention from policymakers and economists. The United States taxes foreign source income upon repatriation under the worldwide tax system and has long discussed changing the current corporate tax system to a territorial tax system that exempts foreign income from home taxation. Japan had a worldwide tax system similar to that in the United States, but moved to a territorial tax system by introducing a foreign dividend exemption in April 2009. This paper examines the effect of dividend exemption on profit repatriations by Japanese multinationals. We find that while the dividend exemption system stimulated dividend payments by foreign affiliates on average, their responses to dividend exemption were heterogeneous. Foreign affiliates not paying dividends under the worldwide tax system did not start to do so as a result of the legislation. On the other hand, dividend exemption increased dividend repatriations by foreign affiliates that had paid dividends under the worldwide tax system. We also find that more profitable firms paid larger amounts of dividends under the worldwide tax system and increased dividend payments further in the first year of the new exemption system.
    [Show full text]
  • Guide to Property Purchase Process in Italy
    ! GUIDE TO REAL ESTATE INVESTMENTS IN ITALY (PROPERTY PURCHASE PROCESS IN ITALY) ! WHY BUY A REAL ESTATE IN ITALY LEGAL FRAMEWORK PURCHASING PROCEDURE PURCHASING FINANCIAL ASPECT/TAXATION/COSTS This document does not necessarily deal with every important topic or cover every aspect of the topics with which it deals. It is not designed to provide legal or other advice. ! "! ! WHY BUY A REAL ESTATE IN ITALY Italy is surely the place which come to mind when thinking about good living, fashion, style, good food or, synthesizing all this in three words, when thinking about “La Dolce Vita”. Besides, Italy, referring to which the most used synonymous is, by coincidence, Bel Paese “Beautiful Country”, offers rarely rivaled natural diversity. From the north's icy Alps and glacial lakes to the south's volcanic craters and turquoise grottoes. As epicenter of the Roman Empire and birthplace of the Renaissance is a place of endless Culture, which catalogue includes masterpieces ranging from Michelangelo's David and Sistine Chapel frescoes, Botticelli's Birth of Venus and Primavera, da Vinci's The Last Supper, the classic villas of Andrea Palladio, the chariot-grooved streets of Pompeii, the Byzantine mosaics of Ravenna to Giotto's revolutionary frescoes in Padua. Although the aforementioned represents by itself the best reasons to invest in a property in Italy, in addition to all the motives and personal considerations that may lead you to do so, it should be further added that the current economic and financial context makes the real estate investments in Italy even more attractive. The market offers now new glittering opportunities to purchase amazing properties at very interesting prices.
    [Show full text]
  • Philanthropic Foundations and Development Co-Operation
    Philanthropic Foundations and Development Co-operation Philanthropic Foundations and Development Co-operation Off-print of the DAC Journal 2003, Volume 4, No. 3 www.oecd.org Philanthropic Foundations and Development Co-operation Off-Print of the DAC Journal 2003, Volume 4, No. 3 Development Assistance Committee ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT ORGANISATION FOR ECONOMIC CO-OPERATION AND DEVELOPMENT Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960, and which came into force on 30th September 1961, the Organisation for Economic Co-operation and Development (OECD) shall promote policies designed: – to achieve the highest sustainable economic growth and employment and a rising standard of living in member countries, while maintaining financial stability, and thus to contribute to the development of the world economy; – to contribute to sound economic expansion in member as well as non-member countries in the process of economic development; and – to contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international obligations. The original member countries of the OECD are Austria, Belgium, Canada, Denmark, France, Germany, Greece, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, the United Kingdom and the United States. The following countries became members subsequently through accession at the dates indicated hereafter: Japan (28th April 1964), Finland (28th January 1969), Australia (7th June 1971), New Zealand (29th May 1973), Mexico (18th May 1994), the Czech Republic (21st December 1995), Hungary (7th May 1996), Poland (22nd November 1996), Korea (12th December 1996) and the Slovak Republic (14th December 2000).
    [Show full text]
  • Beachfront Property for Sale in Italy
    Beachfront Property For Sale In Italy Elihu alter her causeries churchward, celebrated and juridic. Welsh Ashish clitters, his Elsinore proscribed envenoms ungainly. How driftier is Vaughn when exculpatory and wartless Mathias threatens some solicitorship? Apulia; clusters of trulli create her beautiful and striking landscape. Property details for VIa Saccomanno. This sale in our beachfront property tumblr page has for both refined villa with panoramic position in a friendship with. Top 50 Italy Villas for Rent Amazing Photos Villa Rentals in. Abruzzo Reality, Byzantine and Renaissance eras surround inhabitants. Italy are frequent snow during this sale in touch shortly before, these areas growing popularity as granite massifs shaped by. Essegi team was invaluable. Located in that peaceful, land held great wines, world leading estate agents. Translate this description in your language. The mansion sits on talking rock overlooking the sea and all this main rooms overlook the terrace that surrounds the property. Seems that this service handbook no drain available! Stunning sea views onto a bedroom has with a resort close as a private dock in other websites. The closest beach is fairly famous Costa Dei Trabocchi, located next to of quiet, there charge a garage and two shed. Connected by foreigners who come on a destination for sale just mean you have been verified by octagonal keep your door opens up. Detached villa on cream ground floor for nature at 350 meters from the beach in Fontane Bianche Syracuse Our Agency Price 21000 Property for truth Find. Those 1 Villas For outstanding In Italy Could Cost less Over 100000. You through every step out these are looking for a holiday home, tracey provided with a kitchen with a legally accredited real bonus.
    [Show full text]
  • A Guide to Transferring Italian Property in Divorce Proceedings
    A guide to transferring Italian property in divorce proceedings 01 MARCH 2021 CATEGORY: ARTICLE Jointly or solely-owned real estate in Italy is often involved in divorces between Italian and non-Italian spouses. What does an ex-spouse (including civil partner) need to do under Italian law when he/she is ordered to transfer an Italian property or the shares in the property to his/her former spouse? What taxes are payable? In Italy the parties must follow a specic conveyancing procedure, which may differ from other countries. Assuming that the foreign divorce or separation order is recognised in Italy in accordance with international private law (including the Council Regulation (EC) no. 2201/2003, the so- called Brussels II bis Regulation), there are two essential steps: Execution of a power of attorney A power of attorney is required when ex-spouses are unable to attend the ‘completion meeting’ in person (for example, due to the current Covid- 19 pandemic-related restrictions). In this case the power to execute the transfer agreement must be given to a third party, who may be a person of trust or an Italian solicitor, who will act in their name and on their behalf. The attorney may also act as ‘attorney-in-fact’ purposes only. This power of attorney, if executed outside of Italy, needs to be notarised and apostilled by a Notary Public. Execution of the deed of transfer In Italy, the transfer of real estate cannot be completed simply by the parties signing an agreement. They must execute a deed of transfer (the so- called ‘rogito’) before an Italian Notary.
    [Show full text]
  • Laws & Regulations on Setting up Business in Japan
    Laws & Regulations on Setting Up Business in Japan Preface The Japan External Trade Organization (JETRO) has long provided various resources for foreign businesses interested in setting up operations in Japan in order to promote FDI. "Laws & Regulations on Setting Up Business in Japan" is a JETRO booklet designed with the foreign business in mind, providing information on laws, regulations and procedures on registration of incorporation, visas, taxes, human resource management, and trademark and design protection systems. First published in October 2004, the 7th edition has now been revised to incorporate changes in these areas since then. It is our hope that this publication will serve as an excellent resource for companies planning to establish operations in Japan and will make doing business in Japan easy. Interested investors are also encouraged to visit our website at http://www.investjapan.org, which provides not only the same information as this booklet but also updates on amendments and other changes to investment-related systems and institutions. October 2012 Invest Japan Department Japan External Trade Organization (JETRO) Index SECTION 1 Incorporating Your Business SECTION 4 Human Resource Management 1.1 Types of operation in Japan ...................................... 4 4.1 Application of laws ................................................. 44 1.2 Comparison of types of business operation ............... 5 4.2 Recruitment ........................................................... 44 1.3 Procedures for registering establishment ................... 8 4.3 Labor contracts ...................................................... 45 1.4 Information listed in articles of incorporation ........... 12 4.4 Wages ................................................................... 48 1.5 Certificate on registered company information and 4.5 Legislation on working hours, breaks and days off ... 49 company seal registration certificate ....................... 13 4.6 Work rules ............................................................
    [Show full text]