New Global Data Sharing to Increase Scrutiny of Real Estate Assets Hidden Abroad
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Real estate assets hidden abroad may face more scrutiny due to new global data sharing framework by authorities. This aims to combat tax evasion and money laundering.
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OECD proposed short and long term models for tax transparency on overseas real estate assets. This includes interconnectivity of digital ownership registers.
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The proposed framework would allow authorized agencies real-time access to ownership data across borders.
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Experts say the framework will enhance tax compliance related to foreign real estate holdings, compared to current periodic information exchange.
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Implementation of OECD recommendations likely to promote greater accountability and compliance among investors holding overseas real estate assets.