The Luxembourg Administration of Direct Taxes has issued Circular PRE_IMM n° 1 of 20 January 2022, providing guidance on the "real estate levy" that was introduced as part of Law of 19 December 2020 concerning the Budget for 2021. The 20% levy applies from 2021 on income from real estate situated in Luxembourg held directly or indirectly by investment vehicles with a legal personality distinct from those of its partners, including undertakings for collective investment (UCI), specialized investment funds (SIFs), and reserved alternative investment funds (RAIFs), but with the exception of those that are constituted in the form of a...