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The Country-by-Country Tax and Regulations Guide has been updated and is available on the INREV website. Allard Stoffer, Senior Associate, Tax Real Estate, PwC NL, presented an overview of the most significant changes in the past year.

• Regulatory technical standards on LMTs under AIFMD published in EU Official Journal
• European Commission published a consultation on Simplifying EU rules on direct taxation
• UK Sustainability Disclosure Requirements labels: good and poor practice

Birgit Goldak and Cécile Moser, both AML Services Partners at PWC Luxembourg, provided an overview of the recent EU Anti-Money Laundering package, its objectives and timelines, and what it likely means in practice for the real estate investment sector. 

Crayon Partners’ Crayon Jaune strategy addresses Europe’s housing affordability gap by providing a structured rent-to-own pathway for middle-income households excluded from mortgage markets. Launched in 2025 as an Article 8 SFDR fund, it acquires well-located residential assets and enables tenants to convert part of their rent into a future deposit, typically building up to 90% of the required equity within two to three years. The model delivers high tenant retention, stable income and clear exit visibility, demonstrating how social mobility, affordability and institutional-grade returns can be aligned within a scalable residential investment framework.

Matt Huggett, John Adams and Severina Käppeli, Partners from A&O Shearman, presented the key changes introduced by AIFMD II in relation to mandatory liquidity management tools for open-ended alternative investment funds.   

Download the Position Paper on the EU Taxonomy – Review of Climate and Environmental Delegated Acts