Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Let us compare that to a company that buys the same property. It has to pay corporation tax on the sky high rents that it is charging, and it has to pay tax of 33% on the disposal of the asset on the gains it has made. However, for non-resident investors, the tax liability is 15% at the most. This is what REITs do; they are for non-resident investors. That is what the structure is and that is where the tax efficiency is. It is ridiculous.