Real Estate Services

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PwC Hiroshi Takagi
Hiroshi Takagi
PwC Raymond Kahn
Raymond Kahn

The Japanese tax regime concerning real estate investment is becoming more and more complex. Careful attention to tax matters is required, especially for J-REITs and tax advantaged Japanese structures such as the Tokutei Mokuteki Kaisha (TMK) and Tokumei Kumiai (TK).

We provide a full range of tax consulting and compliance services, from structuring Japanese and international investments in specialized investment vehicles to advising on the reorganizations of real estate companies and the listing, investment and restructuring of J-REITs with the cooperation of our PwC real estate practices in Japan and globally.

Examples of our services

  • Consulting services for real estate acquisitions
    • Tax due diligence
    • Transfer tax and consumption tax planning
    • General investment structuring, including selection of investment vehicle
    • Investment modelling, with a particular focus on taxation
    • Review of letters of intent, term sheets and tax related sections in transaction documents
    • Preparation of investment memorandum or tax opinion letter
  • Consulting services during holding period and exit
    • Review of fixed asset ledger
    • Classification of expenditures
    • Advice for tax depreciation policies
    • Preparation of claims for treaty benefits
    • Preparation of tax returns
    • Exit planning
  • Consulting for asset managers and other real estate companies
    • Corporate reorganizations involving real estate company
    • Advice regarding capital structure, debt ratios and loss carryforward planning
    • Ongoing structure maintenance in light of new tax laws and regulations
  • Special situations and cross-border real estate investment
    • Analysis of overseas tax regimes with the cooperation of overseas PwC member firm
    • Advice for structuring in consideration of tax regimes in both of Japan and target country
    • Advice for merger of J-REITs, acquisition of real estate asset management companies
    • Transfer pricing analysis and defence