When non-U.S. 在美国投资的人.S. 房地产行业没有“放之四海而皆准”的方法. To determine which holding structure may provide the greatest advantages, non-U.S. investors must take into account the types of income expected to be generated, anticipated plans for repatriating earnings and potential exit from the investment, 在其他因素.
General U.S. 税收规则
尽管班.S. 在美国，个人通常不需要缴税.S., non-U.S. 个人可以受美国法律的约束.S. federal income tax under certain circumstances, including, but not limited to, the following:
- 固定、可确定、年度或定期收入(FDAP). U.S. 向非美国支付的FDAP来源.S. 纳税居民须遵守美国政府的规定.S. withholding tax at a rate of 30% on a gross basis, 除非根据所得税条约减少. Common examples of such payments include dividends paid by U.S. 公司和美国支付的利息.S. obligors.
- 与美国经济有效相关的收入.S. 贸易或商业(ECI). 由非u导出的ECI.S. 个人必须遵守美国法律.S. tax on a net basis at graduated ordinary income tax rates of, under current law, up to 37%. 由非u导出的ECI.S. 公司受美国法律约束.S. tax on a net basis at the current federal corporate income tax rate of 21%.
- 外国房地产投资税法(FIRPTA). Where a non-U.S. 一个人处置一个美国.S. real property interest, the FIRPTA provisions treat any gain on disposal as ECI, subject to the U.S. 联邦普通所得税的税率如上所述. In addition, the FIRPTA provisions require the purchaser to withhold tax at a rate of 15% of the gross proceeds, 除非有豁免. It should be noted that this withholding amount is a prepayment of the U.S. federal income tax due upon disposal, as opposed to an additional tax.
鉴于美国采取的各种方式.S. 班的活动.S. investors may be taxed, careful structuring of an investment in U.S. 房地产非常重要.
美国直接投资.S. Real Estate
也许最简单的结构是为非美国.S. 在美国投资的人.S. 通过收购和持有美国房地产.S. real estate directly (or, alternatively, through an entity that is treated as transparent from a U.S. 联邦所得税观点, such as a limited partnership or a single-member limited liability company). [See Fig. 1]. In such a structure, rental income received by the non-US. 投资者应被视为FDAP.S. withholding tax at a rate of 30% would generally be imposed on the gross rental income. 满足某些条件的地方, however, an election may be made to treat the rental income as ECI, allowing for deductions to be claimed against the gross income and for the net rental income to be subject to U.S. federal income tax at the ordinary income tax rates outlined above. 另外,班.S. 个人可能被要求提交一份美国法律文件.S. income tax return, which could be burdensome and create privacy concerns for certain non-U.S. investors.
If the U.S. 房地产直接由非美国人持有.S. 公司,班.S. 公司也应该遵守美国的年度经济政策.S. 分公司利得税. BPT对非美国人的税率为30%.S. 公司的“股息等额,” which, very broadly, 是通过评估非u.S. 你公司的.S. 该年度净资产净额. The BPT generally attempts to equalize an investment by a non-U.S. 通过分支机构进行投资的人.S. corporation. 就像对FDAP的收入征收30%的预扣税一样, the BPT rate may also be reduced under an income tax treaty. 当收益产生的美国.S. real estate activities are repatriated, no second layer of U.S. 这种直接投资应该征税.
在处置美国.S. 房地产由非美国人.S. investor, the FIRPTA provisions should treat any gain as ECI, subject to U.S. 联邦普通所得税税率. In addition, the purchaser should be required to withhold tax at a rate of 15% of the proceeds, 除非有豁免.
通过美国间接投资.S. C Corporation
作为一种可供选择的结构，非美国.S. 投资者可以考虑组建一个美国.S. C公司将持有美国.S. property. [See Fig. 2]. 在这样一种结构中，美国将继续保持经济稳定.S. 公司应服从美国.S. federal income tax at a rate of 21% on the net income generated by the property. 与直接投资的情况相反，非美国的投资.S. 股东不应受制于美国政府.S. 对持续收入征税. 此外，由于这项投资是通过美国国务院批准的.S. 而不是通过美国.S. ， BPT不适用.
如果收益从美国汇回国内.S. 公司到非美国.S. 作为股息的股东, 应该适用30%的预扣税, 除非根据所得税条约减少. For U.S. 联邦所得税目的, however, a distribution is treated as a dividend only to the extent of the greater of the U.S. corporation’s current or accumulated earnings and profits (E&P). 任何超过E的分布&P is treated as a return of capital (which is generally not subject to U.S. 税)，以及随之而来的资本利得.
在房地产领域，美国经济增长速度放缓.S. 公司的E&P may be minimal due to interest and tax depreciation deductions and, accordingly, the U.S. corporation may be able to minimize the portion of the distribution treated as a dividend (and which is subject to withholding tax) and, instead, 将作为资本回报的部分最大化, 取决于非u.S. 美国的股东基础.S. corporation.
While this structure does result in two levels of taxation (i.e.在美国，收入的税率相当于美国.S. corporation and such earnings are taxed again at the level of the non-U.S. shareholders upon repatriation), it should be noted that, as with its E&P, the U.S. corporation’s taxable income may be reduced by interest and depreciation deductions, 从而降低了实际税率.
出口时，从出售美国国债中获利.S. 房地产应受美国政府的监管.S. 税率达到美国的水平.S. corporation at the current federal corporate income tax rate of 21%. 在满足某些条件的地方，美国.S. corporation could subsequently distribute the net proceeds to the non-U.S. shareholders in a liquidating distribution that should not incur a second layer of U.S. tax.
相反，如果非u.S. 股东们通过出售美国股票的方式退出.S. corporation, the FIRPTA provisions should apply to treat the U.S. 美国公司.S. real property interest, resulting in any gain being subject to U.S. 税率与非美国人相当.S. 股东按普通所得税税率纳税.
A third alternative that could be considered is for the non-U.S. 投资者组成一个非美国.S. 组成美国公司的公司.S. C公司持有该物业. [See Fig. 3]. The U.S. 税收的影响 of such a structure are broadly similar to those set out above for ownership via a U.S. C corporation, with two important additional considerations. 首先，使用非u.S. 作为一个非美国公司.S. situs资产，可能会限制对美国的潜在敞口.S. estate tax – exposure that is generally present in the previous example. Second, such a structure provides the option for the non-U.S. shareholders to exit by way of a sale of shares in the non-U.S. 没有U的公司.S tax. Of course, whether such an exit is feasible from a commercial standpoint would need to be assessed.
There are a number of additional factors that can impact the total effective tax rate that should be taken into account when determining the optimal holding structure. Such considerations include whether the investment will be made via debt or equity (including an assessment of the relevant interest expense limitation rules), the amount of tax depreciation deductions that may be available, 适用你.S. state and local taxes, eligibility for income tax treaty benefits, and, of course, the non-U.S. 税收的影响.