Could distributions of closed-end real estate funds violate the duty of capital preservation (Vermögenserhaltungspflicht)? - A new interpretation under the German Investment Code (KAGB) In the 1/2013 edition of the journal Stiftungsmanagement Alexander Skowronek explained why distributions of closed-end real ... (more)
Under the previous administrative practice, the German Banking Act prohibited German alternative investment funds (AIF) from granting loans as this was deemed to be “banking business” and thus required a banking license. Under the new administrative practice, the granting of ... (more)
Germany and France recently signed an amending protocol to the existing double tax treaty. Unexpectedly, the taxation of capital gains from the sale of shares in real estate investment companies has been changed. Under the existing treaty, such capital gains ... (more)
