The OECD welcomes today’s announcement that 26 countries and jurisdictions intend to implement the new international framework for the automatic exchange of information on offshore real estate. This milestone marks a significant expansion of global tax transparency, extending automatic reporting beyond financial accounts and crypto-assets to real estate holdings, transactions, and related income.
The new framework – the Multilateral Competent Authority Agreement on the Exchange of Readily Available Information on Immovable Property (IPI MCAA) - builds on the OECD’s established architecture for automatic exchange of information on financial accounts, crypto-assets and digital platform transactions. It aims to close a long-standing gap in cross-border tax reporting by ensuring that tax administrations have access to “readily available” information, including ownership details, property value, transaction history and rental income.
“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 OECD looks forward to working with all participating jurisdictions to ensure the timely and effective implementation of the IPI MCAA, with first exchanges expected to commence in 2029.
For more information, please visit: https://www.oecd.org/en/topics/sub-issues/international-tax-compliance-policies-and-best-practices.html
Access the joint statement: https://www.oecd.org/content/dam/oecd/en/topics/policy-issues/tax-transparency-and-international-co-operation/joint-statement-ipi-mcaa.pdf.
Queries should be directed to the Communications Office of the OECD Centre for Tax Policy and Administration.
