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Latest News, Issues and Global Real Estate Trends


Taxand Luxembourg discusses a combination of tax news, technical issues as well as commentary on developing issues, including thoughts on corporate tax optimisation and Taxand's view on 2011 global real estate tax trends. Taxand Luxembourg also looks at how attractive implementing SICAR will be to Belgian investors.

Taxand's Take

Each specific investment made by a Belgian resident in a Luxembourg SICAR, will require a careful review before investors are comforted that the income out of the SICAR is exempt. However the position recently taken by the Belgian ruling commission is very good news and makes the SICAR a very attractive investment vehicle for Belgian investors.

SICARs are subject to tax on their income as any Luxembourg resident company, but they benefit from an exemption from corporate income and municipal business tax on income from transferable securities (valeurs mobili?res) as well as on income from the sale, contribution or liquidation of these assets. This mainly includes dividends, interest and capital gains. SICARs are also exempt from withholding tax on dividend distributions to Belgian investors.

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Your Taxand contact for further queries is:
Olivier Remacle
T. +352 26 940 239

Taxand's Take Author