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ESTATE PLANNING & ADMINISTRATION
The Governing Law and Legal Framework of REITS in Zimbabwe
The law governing and regulating Real Estate Investment Trusts (REITs) in Zimbabwe is as follows:
- The Securities and Exchange Act [Chapter 24:25];
- The Income Tax Act [Chapter 23:06];
- The Collective Investment Schemes Act [Chapter 24:19];
- The Collective Investment Schemes (Internal Schemes) Regulations, 1998;
- The Collective Investment Schemes (Internal Schemes) (Amendment) Regulations, 2019 (No. 5)
A REIT is a regulated collective investment scheme. It was through the Collective Investment Schemes (Internal Schemes) (Amendment) Regulations, 2019 (No. 5) that REITs were introduced in Zimbabwe.
General Notice No. 469 of 2020 declared that securities issued by REITS as a collective investment scheme be recognized as securities in compliance with the Securities and Exchange Act [Chapter 24:25]. The Finance (No. 2) (No. 10 of 2020) provided tax exemptions to REITs in Zimbabwe.
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