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ADGM Consults On Allowing REITs

by Lorys Charalambous, Lowtax.net, Cyprus
06 April, 2017

Abu Dhabi Global Market (ADGM), the low-tax international financial center, is consulting stakeholders on plans to allow the establishment of private real estate investment trusts (REITS).

The proposal to allow REITs as Exempt Funds or Qualified Investor Funds is outlined in a consultation paper released by ADGM, and is part of a broader consultation on reforming the regulations and rules in relation to funds.

Other proposed reforms include enhancing the disclosure of investment company shareholdings to the ADGM Registration Authority, as well as minimizing the public disclosure of unitholders' information.

The consultation paper also proposes to amend the description of the regulated activity of Managing a Collective Investment Fund to bring it into line with international practice.

Interested parties are invited to comment on Consultation Paper No. 1 of 2017 by May 11, 2017.

ADGM is an international financial center established in 2013. It offers a range of attractive benefits to firms, including exemption from taxes guaranteed for 50 years, and relaxed rules on the repatriation of profits. ADGM permits 100 percent foreign ownership.

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