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Guide puts European property tax regimes under microscope

Cross-border real estate investment in Europe has been calculated at about €107 billion in 2020 and that was about a third down on the previous year, owing particularly to covid travel restrictions which made deals difficult to find and due diligence to complete.

Onno Adriaansens, head of real estate, RSM Netherlands

But the picture looks different this year as vaccine availability holds the prospect of a return to normality. Pent up demand for assets indicate that the trend could well be upwards in 2021 which will put a further premium on knowledge of the legal and tax aspects of doing deals and owning real estate in Europe.

This is a need that has again been addressed by global audit, tax and consulting firms network RSM International which, in conjunction with Nyenrode Business Universiteit in Breukelen outside Amsterdam, has launched the 2021 edition of the Guide to Commercial Real Estate Taxation in Europe. The guide, prepared by local RSM experts from 23 countries, provides cross-border businesses, investors and other stakeholders with a concise overview of real estate tax levies in various European countries.

Tom Berkhout, professor of real estate, Nyenrode Business Universiteit

“The third edition of the Guide to Commercial Real Estate Taxation in Europe underlines one of our core principles: think global, act local,” said Onno Adriaansens, who is head of real estate, RSM Netherlands and co-chair of RSM real estate group for Europe.

“Information on local tax and audit principles in 23 countries enables our clients and partners to facilitate cross-border real estate transactions which support their business development goals and objectives.”

The guide follows the real estate cycle through the acquisition, holding and sale of commercial real estate held either directly or indirectly by domestic or foreign investors and legal entities whether these are registered and privately held corporations, investment funds, partnerships or trusts.

Tom Berkhout, professor of real estate at Nyenrode Business Universiteit, added: “Real estate is of great financial and strategic importance to entrepreneurs and investors. For the medium and long term it has proved to be a solid investment. Despite COVID-19, interest in real estate investment remains strong, both from domestic and foreign investors.”