OECD To Extend Automatic Exchange Of Information On Overseas Real Estate

The OECD announced in December that 26 countries and jurisdictions had agreed to implement a new international framework for the automatic exchange of information on overseas real estate, marking a significant expansion of automatic reporting beyond financial accounts and crypto assets to immovable property holdings, transactions and related income.

The Multilateral Competent Authority Agreement on the Exchange of Readily Available Information on Immovable Property (IPI MCAA) is intended aims to close a long-standing gap in cross-border tax reporting by ensuring that tax administrations have access to "readily available" real estate information, including ownership details, property value, transaction history and rental income. First exchanges are scheduled to commence in 2029.