WFW-AGuideToRealEstateInvestmentInGermany

8/12/2019 WFW-AGuideToRealEstateInvestmentInGermany

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A Guide to Real EstateInvestment in Germany

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Contents

01 Overview 02 Part A Legal Aspects 02 Parties who can own real estate?02 Types of property rights in real estate03 Forms of ownership in real estate04 Sale and purchase agreement06 Transfer of title/Registration of owner07 Building/Planning restrictions08 Environmental09 Part B Tax Aspects09 Acquisition10 Rental phase11 Exit11 Contacts12 Our offices


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01OVERVIEW

Overview

The German real estate market is considered anattractive investment area in Europe due to thesize of the market and economic stability in thecountry. The following guide sets out some keyconsiderations for those considering investing.

This guide covers the main legal and tax aspects ofinvesting in real estate in Germany. It summarises types ofproperty rights and ownership, covers certain aspects ofthe sale and purchase agreement, describes the process ofthe transfer of title, and mentions major aspects relating to

building and planning restrictions (and environmentallaw). All these should be taken into consideration in anyreal estate transaction relating to German real property.

Under German tax law, the taxation of real estateinvestments can have a major impact on u ltimate returnon investment, especially given that Germany is oftenconsidered as a more heavily taxed jurisdiction than otherEuropean jurisdictions. Given that tax considerations arefundamental to the structure of a real estate transactionthey should be dealt with as early as possible. Part B of thisguide focuses on the taxation of the acquisition, rental andsale of investment.

Watson, Farley & WilliamsA Guide to Real Estate Investment in Germany


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02 PART A LEGAL ASPECTS

Part A Legal Aspects

Parties who can own real estate?Generally all individual and legal entities with legalcapacity, whether resident or non resident, can invest in

and own real estate. This includes legal entities underprivate law, e.g. stock corporations (AG) or limited liabilitycompanies (GmbH) as well as legal entities under publiclaw. Commercial real estate is often owned by insurancecompanies, banks, investment companies, funds or realestate holding companies.

Unlike the entities mentioned above an unincorporatedcivil law association (a partnership with unlimitedliability of its partners, Gesellschaft brgerlichen Rechts, GbR)does not have any legal capacity for owning real estatesince it is not registered with any official register andneither are its partners. Therefore when acquiring real

estate property as a civil law partnership, all partnersmust sign the sale and p urchase agreement and must beentered into the land register.

Types of property rights in real estateOwnershipLand in Germany is typically held either by rights in rem(e.g. ownership, hereditary building rights, mortgages,land charges and easements) or by relative rights whichare generally contractual rights (e.g. commercial orresidential leases). While any right in rem requiresregistration with the relevant land register, therelative/contractual rights cannot be entered into anyofficial or public register. The strongest right in rem isownership (Eigentum) which consolidates both theownership of land and building.

Hereditary building rightsHereditary building rights (Erbbaurechte) grant theownership of a building together with the long term right

to use but not to own the related land. Hereditary buildingrights are saleable and inheritable and the respective

building can be encumbered in the same way as


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03PART A LEGAL ASPECTS


claim and may even exist notwithstanding an existingclaim only for the purpose of securing a certain rank in theland register. Nowadays, due to its greater flexibility, theland charge is the most favourable security in real estatefinance transactions.

Forms of ownership in real estateGerman law differentiates between the following types ofownership:

Sole ownershipIn the event of sole ownership (Alleineigentum) the soleowner is the only person authorised to control and disposeof the respective land.

CoownershipWhen holding coownership (Miteigentum) more than oneperson own an undivided share of land. However, eachcoowner is entitled to dispose of its share of land.

Joint ownershipIn case of joint ownership (Gesamthandseigentum) the landforms part of the jointly held assets, e.g. by a civil lawpartnership or any association without legal capacity. Eachoint owner is entitled to a share of the joint property but it

is not entitled to dispose of its share independently.

In case of the death of an individual, their land or theirshare of land held as a coowner/joint owner generallyforms part of their estate.

ownership, subject to the hereditary building rightagreement (Erbbaurechtsvertrag). Hereditary building rightsare granted for set periods, customary terms are between30 and 99 years. The tenant of the hereditary building rightusually pays an interest on such building right (Erbbauzins).

Upon expiry of the term of the hereditary building right theowner of the land becomes the owner of the building whilethe former tenant of the hereditary building right receivesa compensation for the disposition of its right to the

building.

EasementsAn easement is a means of providing security in rem ofcertain rights to a piece of land that in turn is owned byanother person. Such right to the land can either be a rightof use (e.g. right of way or a passing right) or a right oftolerance by the owner of the land (e.g. tolerance of a

boarder building). The easement must be regis tered with aland register and may not be deleted without the approval

of the holder of the associated right.

Property chargesThe classic means of providing security for the financing ofthe purchase of a property is to encumber the land withmortgages or land charges. If a borrower does not fulfil hisobligation under a loan the lender may satisfy the debt byrealising the property charge, e.g. by auctioning the land.Whilst the mortgage is a socalled accessory right which isstrongly linked to the contractual claim referred to in thecorresponding loan agreement, the land charge is anabstract right and can remain independent of a contractual


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Sale and purchase agreementNotarisationGerman real estate sale and purchase agreements requirenotarisation by a German public notary just having it inwriting is not sufficient for a legally binding transfer of realestate. Furthermore, German law differentiates betweenthe contractual obligation to transfer land and thecollateral transfer which must be declared by the so calledconveyance of ownership (Auflassung). If a real estate

transaction consists of collateral agreements which areclosely linked to a sale and purchase agreement whereneither can stand alone, e.g. construction contracts, leaseagreements, finance agreements etc., then the entirecontractual package requires notarisation even if suchcollateral agreements have been concluded prior to the saleand purchase agreement. Notarial costs in a German realestate transaction depend on the value of the land and

buildings.

Description of the object of purchase/ land registerThe sale and purchase agreement shall contain a precisedescription of the object of purchase, i.e. the land to be sold

and transferred. In addition, any fixtures (wesentlicheBestandteile) and fittings (Zubehr) of the building andencumbrances are also part of the description of the objectof purchase. The most important document containing therequired description of land is the land register (Grundbuch).It is divided into three sections (Abteilungen) and thereference list (Bestandsverzeichnis). The reference list containsa detailed description of the real estate and shouldcorrespond with the cadastral plan, see below. Section Ilists the former and current owner of the land. The rankingfollows the historical sequence of ownership. Section IIcontains all relevant covenants and restrictions(Belastungen und Beschrnkungen), e.g. hereditary buildingrights, easements, preemptive rights, etc. to the land and

Section III lists the land charges and mortgages.

The land register is a public document granting publicreliance (ffentlicher Glaube). Thus, for the benefit of thepurchaser, the content of the land register is decisive sinceit is deemed to be correct. Consequently, title of land can beacquired from a person or entity registered as owner in theland register even if is in fact no longer the legal owner.Given the public reliance on the land register, both parties

are advised to review the most recent extracts of the landregister prior to signing the sale and purchase agreement.

Cadastral planThe cadastral plan (Kataster) indicates the location and sizeof the land. It is kept with the real estate offices(Liegenschaftsmter). Pursuant to German law, partial areasof cadastral units which have not been measured yet(Teilflchen noch nicht vermessener Grundstcke) may also formthe object of a real estate sale and purchase. In case ofacquiring a partial area it is recommended to mark therespective area in a site plan to be enclosed with the saleand purchase agreement.

Purchase priceThe purchase price of real estate primarily depends onwhether or not the property is leased, an undeveloped site,or developed real estate. If the object of the purchase is adeveloped site and has been accurately surveyed theparties will generally agree on a fixed purchase price.However, in many cases, the purchase price can not befinally assessed upon signing/notarisation of sale andpurchase agreement. This may result from a number offacts or circumstances, such as:

The building authority in charge has not yet granted abuilding permit (Baugenehmigung) or even a preliminary

building permit (Bauvorbescheid); or

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of securities drawn from the portfolio. The special purposevehicle refinances the purchase of the land through theissuing of securities. Both the purchaser and the financing

bank, and, in certain cases also the seller are stakeholdersin such special purpose vehicle.

Special focus: share dealBesides the acquisition of the estate by way of an asset deal,it can also be acquired indirectly by acquiring shares in thelegal entity holding ownership of the real estate (share

deal). Share deals are often tax driven since under certainstructures the real estate transfer tax (Grunderwerbsteuer) can

be avoided. Notary costs are, however, frequently incurredsince the purchase of shares in a private limited company(GmbH), or a limited partnership (GmbH & Co. KG), alsorequire notarisation. The acquisition of shares in a legalentity holding ownership in real estate, however, entailssome risks:

The purchaser of a share in a real estate entity is not in aposition to be granted a priority notice entered into theland register as security for the acquisition of the realestate. This results from the fact that the direct owner of

the real estate remains the notarised entity and only theshareholding in such entity will change to the pu rchaser.Therefore, the purchaser shall receive an alternativesecurity protecting him in case the owner decided to sellthe real estate to a third party prior to the transfer of theshares in the real estate entity to the purchaser.

Furthermore, unless otherwise agreed by the parties, thepurchaser will assume any liabilities of the real estateentity and any outstanding or incorrectly assessedshareholder contributions.

It must be taken into consideration that in case of a sharedeal the real estate asset cannot be used as security for

financing the purchase price because the purchaser (whois the borrower of any financial means) is not thenotarised owner of the real estate to be encumbered.Hence, alternative security, such as a pledge of shares, etc.must be considered.

Finally, any warranties given as to the company holdingproperty are only as good as the person or entity givingsuch warranties.

If the object of purchase is a residential property(Wohnimmobilie) or a commercial property(Gewerbeimmobilie), then the value of which may depend onthe tenancy or lease agreements yet to be concluded andthe rental income; or

If the object of purchase is a partial area of a cadastralunit (Teilflche eines noch nicht vermessenen Flurstcks), then ithas to be finally surveyed and valued.

Furthermore, for tax reasons purchase price is often splitinto two with one portion dedicated to the land and theremaining portion dedicated to the building(s). It mayequally be recommended to further divide the purchaseprice into a portion to the land and even a further portionto the respective fittings (Zubehr).

Payment of purchase priceIn a German real estate transaction it is customary thatthe payment of the purchase price is not due until thepurchaser has secured its legal position regarding theforthcoming ownership of the respective real estate. Inorder to protect the purchaser, and to ensure the purchase

price becomes due, the parties usually apply forregistration of a priority notice (Auflassungsvormerkung) inthe land register and instruct the notary to provide for theregistration process. The priority notice protects thepurchasers claim to a correctly ranked entry in the landregister and anticipates that a third party is able to acquirethe respective real estate prior to the transfer of title.Alternatively, payment of the purchase price can be madeimmediately after the signing/notarisation and will then bedeposited into an escrow account administered by thenotary as trustee. However, the setup and administrationof an escrow account generates additional costs.

Financing of purchase price

There are several options for financing real estateacquisitions. The purchaser can clearly pay the purchaseprice from its own capital or reserves. But a customaryway of financing real estate is a bank loan to be taken bythe purchaser for at least a portion of the purchase price.The banks generally insist that the purchaser is able toprovide a certain amount of the purchase price from itsown capital and, additionally, they demand collateral suchas land charges (see above). For transactions involvinglarge individual properties or real estate portfolios acommon alternative to the conventional bank loan is theuse of capital market products such as bonds, receivablesor credits derivatives. In principal, such a way of financing

involves a transfer of the relevant financing to a specialpurpose vehicle which then issues tranches

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Transfer of title/registration of ownerUnder German law the transfer of titleto land is subject to two substantial criteria:

Conveyance of property (Auflassung)Entry into land register (Grundbuch).

The conveyance of property is a mandatory agreementbetween selle r and purchaser regarding the transfer ofownership of the real estate. It is required in addition to the

sale and purchase agreement and must be declared by bothparties in the presence of a notary. Commonly, theconveyance of ownership is declared within the sale andpurchase agreement and hence does not require a separatenotarisation.

The entry into the land register completes the sale andpurchase of a real estate and makes the transfer of propertyeffective in rem. By entry of the purchaser s name in sectionI of the land register the transfer of title is completed andthe purchaser becomes the owner of the property.

Special Focus: Priority NoticeThe registration process of the land register usually takesseveral weeks or even months to complete. In the time

between the date of signing the sale and purchaseagreement and the registration in the land register thepurchasers claim to become owner of the real estate isunsecured and may even become unenforceable if the sellersells and transfers the respective property to a third party.

In order to protect the purchaser and its contractual claim,the parties to the sale and purchase agreement usuallyprovide for the registration of a priority notice(Auflassungsvormerkung). The priority notice is a specialGerman law focused security right which is registered insection II of the land register and protects the purchaser sclaim to obtain title to the real estate and to a correctlyranked entry in the land register. The registration processof a priority notice takes much less time than the actualtransfer of title and can usually be obtained within a fewdays. The priority notice is valid until it is deleted from theland register.

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Building/planning restrictionsIn Germany, the construction, alteration, change in use anddemolition of a building structure always requires a

building permit in accordance with state buildingregulations. The requirements for obtaining a buildingpermit are contained in building regulations of eachindividual German state. However, building regulationsare standardised throughout Germany. Pursuant to thestandard rules, each project involving construction, change

or structures being demolished must comply with thespecifications of zoning law and building regulations. Thezoning law covers the socalled landuse planning anddistinguishes two levels of detail: The first level is the landutilisation plan (Flchennutzungsplan) which is apreparatory plan; the second level is the development plan(Bebauungsplan) which is the legally binding plan thatshows the permitted use of the land.

Land utilisation plan (Flchennutzungsplne)The land utilisation plan (Flchennutzungsplan) is thecomprehensive municipal development plan and relates toland usage in the area of a municipality. The land

utilisation plan consists of the municipalitys activities,projects and intentions for the area in both drawing and,where applicable, text form. In contrast to the developmentplan, the land utilisation plan is limited to outlining themain features of land usage. It does not set any legally

binding specifications for the use of individual plots ofland. These are contained in a development plan.

Development planThe first stage of land use planning has been completedwhen the land utilisation plan is made public. The secondstage commences with the preparing of a development plan(Bebauungsplan). Whether and how a piece of land may inprincipal be developed and built on is governed by public

planning law. The urban development permissibility of abuilding project depends on the development categories inwhich the area/site to be developed is situated. The federal

building code provides for three different developmentcategories:

Designated development areaIf a piece of land falls within the scope of a localdevelopment plan (Bebauungsplan) which containsspecifications regarding the type and extent of thedevelopment, areas to be developed and the local publicaccess areas, then the building project is generallypermitted.

Developed areas without local development planDevelopment is also permitted inside continuous buildup areas for which a local development plan does notexist. However, this only applies if the type and extent ofthe building project, the construction method and thearea which is to be build upon fit into the surroundingarea and development infrastructure.

Nondeveloped areaIf the land is not located within a continuous builduparea and if there is no local development plan, then a

building project is only permitted provided that it doesnot conflict with public interests, that the developmentinfrastructure is assured and that the building project is aprivileged project, e.g. agricultural plants, power plantsetc.

Building permitOnce the plans for a building project have been drawn upand prior to its implementation, a building permit(Baugenehmigung) must be obtained. The requirements for a

building permit vary accor ding to the different statutorylaws of the federal German states. In order to obtain abuilding permit a writ ten application accompanied by anumber of documents required by law must be filed withthe competent building control au thority(Bauaufsichtsbehrde). If the building project complieswith local development plans and if it does not infringe anypubliclaw requirements, then the local authority willissue the building permit, possibly by attaching additionalrequirements (Auflagen) e.g. relating to fire protection and

building safety. The neighbours adjacent t o the site will benotified and given an opportunity to comment. Within astatutory term they may file objections against the

building permit and, under certain circumstances, may

hinder the progress of construction work by initiating legalproceedings. However, this occurs where there are groundsto believe that the building permit infringes regulationsspecifically provided for the protection of neighbourinterests.

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EnvironmentalProtection of the environment is a very important issue inGermany. According to the German Constitution(Grundgesetz) the state is responsible for the protection of thenatural basis of life.

Lowenergy construction methodsNew buildings must comply with the Energy Saving Act(Energieeinsparungsgesetz) in conjunction with the Energy

Saving Regulation (Energieeinsparungsverordnung). The EnergySaving Regulation provides for specific standardsregarding the conservation of energy through heatinsulation and water consumption which must beobserved by property developers. A further requirementstipulated in the Energy Saving Regulation is the EnergyPass (Energieausweis), which documents, amongst otherthings, the energy needs of a building.

Waste lawWaste management is an integral part of environmentalprotection. The main issues to be resolved are theavoidance of waste and the proper recycling or converting

of materials into energy. Production plants and other realestate development projects must comply with extensivewaste prevention regulations.

Soil protectionInherited environmental liability is one of the critical issuesin real estate sales and is often subject to an extensive duediligence initiated by the purchaser. Liability for inheritedenvironmental obligations is mainly governed by theFederal Soil Conservation Act (Bundesbodenschutzgesetz). Itstates that contamination should be avoided and, inaddition, precautionary measures should be taken.

Contaminated soil must be cleaned up. Under Germanenvironmental law it is not only the party having causedthe contamination which is held liable and obliged toremedy the damage. In general the authorities follow theprinciple of choosing the most effective means of avertingdanger and may decide between a number of possibleparties. It can either be the causing party (as far as it can beidentified) or the owner of the real estate or the partyexercising actual control, such as a tenant, even if suchparty has neither caused nor even been aware of any soilcontamination.

Since there are a large number of inherited environmental

liabilities in Germany, the risk of assuming liabilities isfrequently a major issue in negotiations of real estatetransactions. It is especially recommended that thepurchaser undertakes a thorough due diligence reviewprior to acquiring certain pieces of land. Sale and purchaseagreements generally contain detailed representations andwarranties and/or other provisions on environmentalliability. This allows a risk assessment and the allocation ofrisks between the parties concerned.


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09PART B TAX ASPECTS


Part B Tax Aspects

AcquisitionReal estate might be acquired directly by way of an assetdeal, or indirectly by acquiring shares in a legal entity

holding ownership in real estate (a share deal). Such legalentities are typically organised as a limited partnership(e.g. GmbH & Co KG) or as a limited liability company (e.g.GmbH).

Real estate transfer taxReal estate asset deals are subject to Real Estate TransferTax (RETT). RETT is levied by the relevant tax authoritywhere the real estate is located. The level of taxationis decided by the respective Federal State and rates vary

between 3.5% and 5.0%. The tax base for asset deals is thepurchase price plus other obligations to be fulfilled by the

buyer. The buyer and s eller are both l iable to pay tax, the

RETT, however in practice the buyer usually has to bearthe full RETT and other transaction costs (e.g. notary costs).

RETT may also apply in a share deal, depending on thelegal form of the real estate entity acquired (corporation orpartnership) and the respective shareholding (at least 95%transferred or total shareholding of the buyer). The tax

base for share deals is the tax value of t he real e state, whichneeds to be assessed by the tax authorities.However, market practice frequently uses certainacquisition structures in order not to be liable to pay anyRETT in a share deal. Details of such acquisition structuresneed to be considered in each case individually as they may

bear the risk of cont ravening antiavoidance legislation.

Income taxThe acquisition of real estate by share deal or asset dealgenerally triggers capital gains taxation on the seller.However, the buyer might be held liable for certain taxes ofthe seller if it acquires a business as a going concern byway of an asset deal. In the case of a share deal, the buyerindirectly acquires all tax liabilities of the acquired entity.

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1 The respective RETT provisions might change due to a legislativerocess which is not yet finalised.

The purchase price for buildings acquired through an assetdeal or a share deal with a partnership as real estate

owning entity can depreciate over the useful life of the assetwhich is normally 33.3, 40 or 50 years. In case of a sharedeal with a corporation as owner of the building thedepreciation of the current book value remains unchangedand no stepup of the book value is possible. The purchaseprice of land is excluded from annual depreciation.

VATThe sale of real estate by way of an asset deal is eitherVATablebut tax exempt or non VATable as a transferof a business as a going concern under German VAT law.However, in the case of a tax exempt supply the sellermight opt for a tax liable transaction for buildings with

VATable leases in order to collect input VAT (e.g. on nonresidential (commercial) buildings). In this case the reversecharge mechanism is applicable.

The structure of any share deal transaction has to beanalysed to see whether they are subject to German VATlaw at all, as they can be treated as a no nVATable transferof a business as a going concern, or they can be VATable

but (unless the seller opts out) tax exempt.

The applicable VAT rate is currently 19%.

Foreign investment structuresForeign institutional investors can often make use of special

purpose vehicles (SPVs) in order to invest in the Germanreal estate market. Those SPVs are often set up as limitedliability companies in the form of a Luxembourg S. r.l. or aDutch B.V. Such structures typically aim at limiting theGerman taxation to the corporate income tax of 15% plussolidarity surcharge (an additional 5.5%) and to excludefurther taxation with trade tax or withholding tax inGermany. However, such structures mean that there may

be pract ical business limitations, as they requ ire that nopermanent establishment be created in Germany.Furthermore, they have to face German antiavoidance andtreaty overriding regulations. Therefore, such structureshave to be carefully analysed in each individual

case depending on the structure of the transaction.


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10 PART B TAX ASPECTS

Rental PhaseIncome taxationThe income of nonresident individuals or nonbusinesspartnerships with an investment qualifying as a privateestate investment for tax purposes, which receive rentalincome in Germany are subject to individual income taxonly. All other investors receive business income (see tradetax implications below). In general, the income (less

business expenses) is subject to individual or corporate

income taxation. The deduction of expenses is limited forcertain expenses, e.g. the interest expense from debtfinancing for business income is subject to the Germanearnings stripping rule (Zinsschranke). The tax rates forindividual investors depend on their German tax liableincome and differ between 14% and 45% plus an additionaltax (solidarity surcharge) of 5.5% of the income tax amountplus, in some instances, church tax. Corporate investors aresubject to the corporate income tax rate of 15% plussolidarity surcharge (5.5% thereon).

Depending on the business and the structure of theinvestment, the business profit might be subject to German

trade tax. Trade tax is levied by the municipality where thebusiness is located, and rates differ currently from 7% to17.5%. Individuals receiving business income might deductto a certain extent trade tax from their individual incometax burden. Certain requirements must be fulfilled for therental income to be treated as trade tax exempt under theextended trade tax deduction rule (erweiterteGewerbesteuerkrzung).

In general, the tax authorities require that nonresidentsmaintain the bookkeeping in Germany, unless anindividual exemption is granted. Tax declarations have to

be f iled annually with the rele vant tax authority. Taxprepayments are payable each quarter of the year. In orderto secure the tax payment the tax authorities might requirethe lessee to withhold taxes as prepayment on the tax

burden of the lessor.

VATLeasing of real estate qualifies as a service under GermanVAT law and is VATable but VAT exempt. Where thelessee uses the real estate for VATable services or suppliesthe lessor might opt/elect for a VATable service in order toclaim its input VAT. Such VAT option is common marketpractice for business premises as it allows the investor toclaim for the input VAT on the construction works. In casethe supply or service of a lessor of business premises is notsubject to VAT and the lessor does not opt for a VATliablelease, then the market standard requires an increase of the

lease payment to compensate the lessor for its input VATdamage.


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11PART B TAX ASPECTS


ExitThe sale of real estate is subject to German individual orcorporate income tax and possibly trade tax (see above).The trade tax exemption rule includes trade tax exemptionof capital gains from the sale of real estate. In cases where adirect investment of a non resident individual which istreated as nonbusiness investment for tax purposes, theseller might benefit from the tax exemption for capitalgains from real estate sold after a holding period of at least

10 years.

Contacts

Sebastian BaumPartnerHamburg

[email protected]

Verena ScheibePartnerHamburg

[email protected]

Petra WelgeAssociateHamburg

[email protected]

Please note that this is a brief overview but as tax considerationsare fundamental to the structure of a real estate transaction, theseconsiderations should be dealt with as early as possible and ouradvice sought.

This guide should not be relied upon without taking further advice. Ifyou would like to discuss any of the issues raised in this guide, pleaseget in touch w ith a member of our team below, or your regular contact

at Watson, Farley & Williams.
mailto:[email protected]:[email protected]:[email protected]


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12 OUR OFFICES

Our offices

UK

London

15 Appold StreetLondon EC2A 2HB

Tel: +44 20 7814 8000Fax: +44 20 7814 8141

USA

New York

1133 Avenue of theAmericasNew York, NY 10036

Tel: +1 212 922 2200Fax: +1 212 922 1512

Germany

Hamburg

Jungfernstieg 5120354 Hamburg

Tel: +49 40 800 084 0Fax: +49 40 800 084 410

Munich

Gewrzmhlstrae 1180538 Munich

Tel: +49 89 237 086 0Fax: +49 89 237 086 222

Frankfurt

Ulmenstrae 373960325 Frankfurt am Main

Tel: +49 69 297 291 0Fax: +49 69 770 75800

France

Paris

26, avenue desChampsElyses75008 Paris

Tel: +33 156 88 21 21Fax: +33 156 88 21 20

Italy

Rome

Piazza Navona, 492nd Floor int 2/300186 Rome

Tel: +39 06 68 40 581Fax: +39 06 68 89 2717

Milan

Piazza del Carmine 420121 Milan

Tel: +39 02 721 70 71Fax: +39 02 721 70 720


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13OUR OFFICES

Spain

Madrid

Maria de Molina, 428006 Madrid

Tel: +34 91 515 6300Fax: +34 91 563 1630

Greece

Athens

6th Floor, Buidling B348 Syngrou AvenueKallithea 17674Athens

Tel: +30 21 0455 7300Fax: +30 21 0459 4004

Singapore

Singapore

6 Battery Road #2800Singapore 049909

Tel: +65 6532 5335Fax: +65 6532 5454

Thailand

Bangkok

Unit 902, 9th Floor,GPF Witthayu Tower B93/1, Wireless RoadPatumwan, Bangkok10330

Tel: +66 2 665 7800Fax: +66 2 665 7888

China

Hong Kong

Units 17031707One Pacific Place88 QueenswayHong Kong

Tel: +852 2168 6700Fax: +852 2918 9777

1000001616 HAM KW KW 21/11/2013

All references to Watson, Farley & Williams and the firm in this brochure mean Watson, Farley &Williams LLP and/or its affiliated undertakings. Any reference to a partner means a member ofWatson, Farley & Williams LLP, or a member or partner in an affiliated undertaking, or an employeeor consultant with equivalent standing and qualification. The transactions and matters referred toin this publication represent the experience of our lawyers.

This brochure is produced by Watson, Farley & Williams. It provides a summary of the legal issues,but is not intended to give specific legal advice. The situation described may not apply to yourcircumstances. If you require advice or have question or comments on its subject, please speak toyour usual contact at Watson, Farley & Williams.

This publication constitutes attorney advertising.

Watson, Farley & Williams 2013



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