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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.
"This pledge by 26 jurisdictions marks a major step forward in our collective efforts to tackle tax evasion and promote greater transparency in global taxation," said Manal Corwin, Director of the OECD Centre for Tax Policy and Administration.
"By extending automatic exchange to real estate, jurisdictions are helping to shed light on an area that has historically been opaque and difficult for tax authorities to monitor across borders. We look forward to welcoming other interested jurisdictions in the future to join this important initiative and to contribute to a stronger, more transparent international tax system."
The 26 current signatories to the IPI MCAA are: Belgium, Brazil, Chile, Costa Rica, Finland, France, Germany, Gibraltar, Greece, Iceland, Ireland, Indonesia, Italy, Korea, Lithuania, Malta, New Zealand, Norway, Peru, Portugal, Romania, Slovenia, South Africa, Spain, Sweden and the UK.
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