Further to the Irish Minister of Finance’s announcement in December 2012 that legislation would be introduced to Ireland to provide for Real Estate Investment Trusts (“REITs”), the Finance Bill 2013 (the “Bill”), which contains the provisions implementing the tax regime for REITs, was passed on 14 March 2013.

The new provisions are deemed operative as and from 1 January 2013.

The introduction of REITs to Ireland means that listed companies can now be used to hold rental investment properties for the purposes of achieving an after-tax return for investors, similar to that of direct investment in property.