ARTICLE · 01 MAY 2014

Belgian REITs Can Apply For A New Status To Avoid The Application Of AIFMD

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The Belgian legislature adopted a new act on regulated real estate companies (sociétés immobilières réglementées).

NetherlandsFinance and Banking

Nicolas De Crombrugghe

Lorraine Vercauteren

On 22 April 2014, the Belgian legislature adopted a new act on regulated real estate companies (sociétés immobilières réglementées/gereglementeerde vastgoedvennootschappen) (the "Act").

The Act provides for a new status for Belgian REITs (sicafis/vastgoedbevaks), which may now choose to operate as a regulated real estate company (société immobilière réglementée/gereglementeerde vastgoedvennootschap) ("SIR/GVV") in order to remain outside the scope of AIFMD whilst maintaining the benefit of the existing tax regime for sicafis/vastgoedbevaks.

1. Reason for the new SIR/GVV status

The introduction of the new status was prompted by the implementation into national law of Directive 2011/61/EU on Alternative Investment Fund Managers ("AIFMD"), which shall be effective as from 22 July 2014.

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