by Tony M. Edwards

U.S. Withholding Tax Rates on Ordinary REIT Dividends as of January 1, 2001 NOTE: Withholding rate is generally 30% if the non-U.S. shareholder does not reside in the listed countries.
Income & Capital Tax Treaties	Individual	Non-Individual Entity	Pension Trust	Tax-Exempt Entity	Governmental Entity (I.R.C. § 892)
Armenia	30%	30%	30%	30%	0%
Australia	15%	15%	15%	15%	0%
Austria	15%2	30%	30%	30%	0%
Azerbaijan	30%	30%	30%	30%	0%
Barbados	15%	15%2	30%	30%	0%
Belarus	30%	30%	30%	30%	0%
Belgium	15%	15%2	15%2	15%2	0%
Canada	15%1	30%	0%	0%	0%
People's Republic  of China	10%	10%	10%	10%	0%
Cyprus	15%	15%2	15%2	15%2	0%
Czech Republic	15%1	30%	30%	30%	0%
Denmark	15%	15%,3	15%3	15%3	0%
Egypt	15%	15%2	15%2	15%2	0%
Estonia	15%1	30%	30%	30%	0%
Finland	15%1	30%	30%	30%	0%
France	15%1	30%	30%	30%	0%
Georgia	30%	30%	30%	30%	%0
Germany	15%1	30%	30%	0%	0%
Greece	30%	30%	30%	30%	0%
Hungary	15%2	15%2	15%2	15%2	0%
Iceland	15%	15%2	15%2	15%2	0%
India	15%1	30%	30%	30%	0%
Indonesia	15%	15%4	15%4	15%4	0%
Ireland	15%1	15%3	15%3	15%3	0%
Israel	15%1	30%	30%	30%	0%
Italy11	15%	15%4 & 5	15%4,5	15%4,5	0%
Jamaica	15%	15%6	15%6	15%6	0%
Japan	15%	15%6	15%6	15%6	0%
Kazakstan	30%	30%	30%	30%	0%
Republic of Korea	15%	15%6	15%6	15%6	0%
Kyrgyzstan	30%	30%	30%	30%	0%
Lativa	15%1	30%	30%	30%	0%
Lithuania	15%1	30%	30%	30%	0%
Luxembourg	15%1	15%3	15%3	15%3	0%
Mexico	15%1	30%	30%	0%	0%
Moldova	30%	30%	30%	30%	0%
Morocco	15%	15%9	15%6	15%6	0%
Netherlands	15%7	30%8	0%	0%	0%
New Zealand	15%	15%	15%	15%	0%
Norway	15%	15%	15%	15%	0%
Pakistan	30%	30%9	30%9	30%9	0%
Philippines	25%	25%10	25%10	25%10	0%
Poland	15%	15%2	15%2	15%2	0%
Portugal	15%7	30%	30%	30%	0%
Romania	10%	10%	10%	10%	0%
Russia	10%	10%2	10%2	10%2	0%
Slovakia	15%1	30%	30%	30%	0%
Slovenia (Proposed —not in effect yet)	15%1	15%3	15%3	15%3	0%
South Africa	15%1	30%	30%	30%	0%
Spain	15%	15%4	15%4	15%4	0%
Sweden	15%1	30%	30%	30%	0%
Switzerland	15%1	15%	30%12	15%3	0%
Tajikistan	30%	30%	30%	30%	0%
Thailand	15%7	30%	30%	30%	0%
Trinidad and Tobago	25%	25%6	25%6	25%6	0%
Tunisa	20%7	30%	30%	0%	0%
Turkey	20%1	30%	30%	0%	0%
Turkmenistan	30%	30%	30%	0%	0%
Ukraine	30%	30%	30%	30%	0%
United Kingdom	15%1	15%2	15%2	15%2	0%
Uzbekistan	30%	30%	30%	30%	0%
Venezuela	15%	15%3	0%	15%3	0%

1. 30% tax rate if shareholder owns more than 10% of the REIT's stock.
2. 5% tax rate if corporate shareholder owns at least 10% of the REIT's voting stock.
3. 15% rate only if (1) the dividend is paid with respect to a class of stock that is publicly traded and the shareholder owns no more than 5% of any class of the paying REIT's stock: or (2) the stockholder holds less than 10% of the REIT's stock if the REIT's property portfolio is diversified, i.e. no property is worth more than 10% of the REIT's real estate holdings. Otherwise the witholding rate is 30%.
4. 10% tax rate if shareholder owns at least 25% of the REIT's voting stock.
5. 5% tax rate if shareholder owns more than 50% of the REIT's shares for the 12 months before the dividend is declared.
6. 10% if shareholder owns at least 10% of the REIT's voting stock and no more than 25% of the REIT's income consists of dividends and interest.
7. 30% tax rate if shareholder owns 25% or more of the REIT's stock.
8. 15% tax rate applies to a shareholder that is a beleggingsinstelling (roughly, a Dutch counterpart to a REIT).
9. 15% tax rate if shareholder owns more than 50% of the REIT's voting stock.
10. 20% tax rate if shareholder owns at least 10% of the REIT's voting stock.
11. The U.S. Senate has approved a new treaty that contains the same withholding rates as in footnote 3, but the Italian legislature has not ratified it yet.
12. To qualify for this exemption, the Swiss pension trust must convince the IRS that it "generally corresponds" to a tax-exempt U.S. pension trust.