钟昊申：美国房地产投资退出的税务考虑

本文探讨外国投资人退出美国房地产投资时常见的税务问题。话题包括：

1. 对可能涉及税种的基本介绍。

2. 情景分析：一家香港公司通过其全资控股的美国有限责任公司投资美国房地产。

3. 情景分析：一群外国公司投资者通过一只私募基金投资美国房地产。

4. 与个人投资者的税务比较。

本文包括中英双文，中文在前，英文在后。

This article discusses common tax issues when a foreign person exits a US real estate investment. The topics covered are:

1. A basic introduction to the taxes that likely are involved.

2. Scenario analysis: A Hong Kong company investing in US real estate through a wholly owned US LLC.

3. Scenario analysis: A group of foreign corporate investors investing in US real estate through a private fund.

4. Tax comparison with human investors.

The Chinese version of the article comes first, while the English version follows.

1. 相关美国税种简介

Introduction to relevant US taxes

本段仅探讨外国投资人退出美国房地产投资时可能涉及的美国税种。

（1）过户费（转让税、印花税）

Stamp duty (transfer tax)

美国多数州允许地方政府在房地产所有权变更时征收印花税（在美国通常称为转让税）。该税项通常按售价的较低百分比计算。

在加利福尼亚州，县政府可征高达转让价0.11%的印花税，且市政府还可额外征高达转让价0.5%的印花税。虽然税法定由卖方承担，但可以通过协议转嫁。

纽约州征收转让价0.4%的印花税，若转让价值超过100万美元则额外加征1%。在人口超过百万的城市，还须按累进税率加征收地方印花税。

在加利福尼亚等州，收购持有房地产的项目公司股权同样可能触发印花税。

由于印花税一般不因投资者类型或交易具体情况而变，且各州规定迥然不同，故后续章节将不再赘述印花税。

（2）联邦所得税

Federal income tax

直接投资或通过税收透明体投资

Direct investment or investment through a fiscally transparent entity

若外国投资人直接或通过税收透明体持有美国房地产，则适用针对外国人的联邦所得税规则。相关法名为《Foreign Investment in Real Property Tax Act》（FIRPTA）。

当外国人处置美国房地产权益（USRPI）时，收益被视为美国业务收入（ECI）。非居民个人的收益将根据持有时间，按短期或长期资本收益的累进税率计税。外国公司缴纳21%的企业所得税，且可能额外缴纳等同股息金额30%的分公司利润税。但适用所得税条约可减免分公司利润税。

美国房地产权益（USRPI）涵盖：直接持有的美国房地产；美国房地产持有公司（USRPHC）的股份；以及在美国合伙企业、遗产和信托中的权益。因此，即使外国投资者转让的是房地产投资载体的权益，仍可能触发FIRPTA税。

通过美国股份公司投资

Investment through a US corporation

美国股份公司（corporation）属于税收非透明体。公司缴纳所得税，其向股东分配股息时，股东缴纳所得税。

当外国股东从美国股份公司收股息时，需缴纳30%的预扣税。适用的所得税条约可能降低税率。

（3）联邦扣税政策

Federal tax withholding

当外国人处置美国房地产权益（USRPI）时，须按出售价的15%扣税。此项预扣被称为FIRPTA预扣税。FIRPTA预扣税并非最终应缴所得税。最终所得税是基于收益计算，且根据投资者是非居民个人还是外国公司而适用不同税率。

FIRPTA预扣税额超过税的金额的情况较为常见。

（4）州扣税政策

State income tax and withholding

美国大多数州有各自的税收政策。各州对个人和公司适用不同税率，但通常不区分资本收益与普通收入。

由于州的税率均低于联邦税率，且各州法律不同，后续章节仅详细讨论联邦所得税。

2. 一家香港公司通过全资美国有限责任公司投资美国房地产

One Hong Kong company invests in US real estate through a wholly owned US LLC

在此段内，一家香港公司设立全资控股的美国有限责任公司（LLC），并由该美国LLC持有美国房地产。这种投资架构通常来自以下情况：某集团包括中国内地工厂和香港贸易公司，香港贸易公司有多余的现金可以投资。

假设数字：美国LLC以20,000,000美元价格售出房产，该房产的调整后税收基数为15,000,000美元，因此资本收益为5,000,000美元。

（1）联邦所得税

Federal income tax

美国税法下，全资美国LLC默认被归类为无视体（disregarded entity）。因此香港公司被视为持有美国房地产的纳税人.

企业所得税

Corporate income tax

这段的假设数字：5,000,000美元的资本收益。资本收益按美国业务收入征税。香港公司的美国企业所得税率为21%，因此企业所得税是1,050,000美元。

分公司利润税

Branch profits tax

香港公司还须缴纳等同股息金额30%的分公司利润税。

等同股息金额计算方式：以美国业务利润为起点，当美国净资产在本年度发生减少时，须将该减少额与美国业务利润相加得出等同股息金额。

美国净资产指用于美国营业资产调整后基数减去美国负债后的余额。美国净资产可是负数。出租的美国房地产通常属于美国资产。在本段假设条件下，美国净资产由年初的15,000,000美元降低至年末的0美元。但是：美国净资产变动导致的等同股息金额增加额，不得超过该外国公司截至年初累计美国业务利润减去以往年度等同股息金额后的余额。

基于本段假设，年初累计利润盈余为0美元，因此当期利润盈余为3,950,000美元（5,000,000美元税前收益减去1,050,000美元企业所得税）。应缴分公司利润税为1,185,000美元。

实际税率与可汇回的现金

Effective tax rate and take home

美国房地产以20,000,000美元售出，税前收益5,000,000美元。

税收总额为2,235,000美元，其中企业所得税1,050,000美元，分公司利润税1,185,000美元。

税后实际可汇回现金为17,765,000美元。

实际税率44.7%。

（2）FIRPTA预扣税

FIRPTA withholding

由于香港公司在美国税法下被视为出售方，需按售价的15%扣税。根据本段20,000,000美元售价，预扣税额为3,000,000美元。

而实际应纳税额仅为2,235,000美元，预扣税超出应纳税额765,000美元。该超额预扣税在香港公司于次年提交美国所得税表后退还。

（3）合法避税策略

Mitigation strategies against the income tax

合法避税方案取决于投资架构及中期计划。

一项避税方案适用于分公司终结年。当外国公司完全终止美国业务时，该年度免分公司利润税。该外国公司必须出售其全部美国资产，或通过不可撤销决议承诺将出售全部资产，且三年内不得关联利润用于美国业务或产生美国业务收入。若该外国公司或其关联方在美国持有其他房地产或有其他业务，则无法适用终结年免税政策。

另一项避税方案是将收入导向不适用分公司利润税或享受优惠税率的纳税人。根据美国税法，一些地区的独资无限公司默认被归类为无视体。因此，美国所得税纳税取决于股东——该股东可能无需缴纳美国分公司利润税或适用优惠税率。此策略仅适用于独资离岸公司，且应该在投资前搭成架构。

3. 多个外国投资人投资美国房地产私募基金

A group of foreign investors investing in US real estate through a private fund

在此段，多个外国投资人投资美国房地产私募基金。该基金的法律形式是美国有限合伙企业，普通合伙人是美国公司，其股东与高管为美国人。本段只适用于某些私募基金——公募基金与有大量股东的房地产基金有其他政策（REITs）。

（1）联邦所得税

Federal income tax

基金出售房地产

The fund sells US real estate

合伙企业不缴所得税，其收入分摊至各合伙人，合伙人承担所得税。尽管外国有限合伙人并非直接出售美国房地产权益，但其分摊的收入被视为美国业务收入。

因此，外国公司式有限合伙人缴纳21%的企业所得税，并可能缴纳30%的分公司利润税。

投资人出售有限合伙权益

The LP sells its interest in the fund

若合伙企业总资产中至少由50%美国房地产权益（USRPI）构成，且至少由90%美国房地产权益、现金及现金等价物构成，则该合伙企业权益本身即构成美国房地产权益——以其收益可归属于底层美国房地产权益为限。

因此，转让该合伙企业权益所得的部分收益须缴纳21%的企业所得税及高达30%的分公司利润税。

（2）预扣税

Income tax withholding

基金出售美国房地产

The fund sells US real estate

基金负责扣税：企业所得税率乘以分摊给外国投资人的美国营业收入。基金无责任预扣分公司利润税。外国有限合伙人应事先制定应对税款预扣不足的方案，例如在投资协议写入税务分配条款。

合伙人出售合伙权益

The LP sells its interest in the fund

若合伙企业总资产中至少由50%美国房地产权益（USRPI）构成，且至少由90%美国房地产权益、现金及现金等价物构成，则该合伙企业权益被视为美国房地产权益。买方有责任扣15%的FIRPTA预扣税，很可能超过所得税金额。

（3）合法避税策略

Mitigation strategies against income tax

避税策略需根据投资架构、投资者身份及中期目标定制。

通过基金投资可能造成外国公司直接投资时不会出现的问题：不同的税收规则可能导致有限合伙人之间，以及有限合伙人与美国普通合伙人之间产生利益冲突。

例如，外国公司型有限合伙人规避分公司利润税的最简单方法，是每项美国房产由分开的美国股份公司持有。但美国有限合伙人（若存在）及美国普通合伙人面临双重税问题。此类潜在冲突应在投资前期解决。

4. 个人投资人

Human investors

非居民个人的税务规则与外国公司相似。以下是一些大的区别：

1. 没有分公司利润税。

2. 非居民个人转让美国房地产权益的税率，取决于持有期限以及美国业务收入的总额。

3. 为税收条约优惠而鉴定纳税人身份的规则不同。

1. 相关美国税种简介

Introduction to relevant US taxes

This section covers only US taxes that are likely to be involved when a foreign investor exits a US real estate investment.

（1）Stamp duty (transfer tax)

过户费（转让税、印花税）

Most states permit the local governments to collect a stamp duty—usually called a transfer tax in the US—when the owner of real estate changes. The stamp duty is typically a low percentage of the sale price.

In California, a county may impose a stamp duty up to 0.11% of the transfer value, but each city may impose an additional stamp duty up to 0.5% of the transfer value.[1] The seller pays the stamp duty, but the seller may factor the stamp duty into price negotiations.[2]

In New York, there is a state-wide stamp duty of 0.4% of the transfer value, plus 1% of the transfer value if it exceeds $1 million.[3] In cities with more than 1 million population, there is an additional stamp duty at progressive rates.[4]

Buying ownership of an entity that owns the real estate can trigger the stamp duty, which is the case in California.[5]

The stamp duty usually does not differ based on the type of investor and the circumstances of the sale. And each state has its own rules on stamp duty. Therefore, the scenario analyses do not discuss stamp duties.

（2）Federal income tax

联邦所得税

Direct investment or investment through a fiscally transparent entity

直接投资或通过税收透明体投资

If the foreign investor owns US real estate directly or through a fiscally transparent entity (pass through entity in US tax jargon), then US federal income tax rules on foreign persons apply. The relevant law is called the Foreign Investment in Real Property Tax Act (FIRPTA).

When a foreign person disposes of US real property interest (USRPI), the gain is taxed as income that is effectively connected with a US trade or business (ECI).[6] A nonresident alien’s gain is taxed as short-term or long-term capital gains at progressive tax rates, depending on their holding period.[7]

A foreign corporation is subject to 21% corporate income tax on the gain,[8] but it may be subject to a branch profits tax of 30% on the dividend equivalent amount.[9] Income tax treaties may reduce or eliminate the branch profits tax.

US real property interest (USPRI) includes direct interest in US real estate; shares of US real property holding corporations (USRPHC); and interest in US partnerships, estates, and trusts to the extent that the gain may be attributed to underlying USRPI.[10] Thus, it is possible to trigger FIRPTA gains even if the foreign investor sells their interest in a real estate investment vehicle.

Investment through a US corporation

通过美国股份公司投资

A corporation is fiscally opaque. The corporation pays its own income taxes, and when it distributes a dividend, the shareholders pay separate income taxes on the dividends.[11]

When a foreign shareholder receives a dividend from a US corporation, there is a withholding tax of 30%.[12] Income tax treaties reduce the tax rate.

（3）Federal tax withholding

联邦扣税政策

When a foreign person disposes of US real property interest (USRPI), there is a tax withholding of 15% of the amount realized.[13] This is known as the FIRPTA withholding. The FIRPTA withholding is not the income tax. The income tax is based on the gain and differs depending on whether the investor is a nonresident alien or a foreign corporation.[14]

It is common for the FIRPTA withholding to exceed the tax.

（4）State income tax and withholding

州扣税政策

Most US states charge their own income taxes. States have different tax rates on humans and corporations, but they generally do not distinguish between capital gains and ordinary income.

Because all state tax rates are lower than the federal tax rate, and each state has its own laws, the subsequent sections only discuss the details of the federal income tax.

2. One Hong Kong company invests in US real estate through a wholly owned US LLC

一家香港公司通过全资美国有限责任公司投资美国房地产

In this scenario, a Hong Kong company forms a wholly owned US LLC, and the US LLC buys US real estate. A typical scenario where this type of investment structure occurs is when a business consists of a Chinese mainland factory and a Hong Kong trading company, and the Hong Kong trading company has excess cash to invest.

For this scenario, assume that the US LLC sells a property sells for USD 20,000,000, and the property’s adjusted basis is $15,000,000. Therefore, the gain is USD 5,000,000.

（1）Federal income tax

联邦所得税

Under US tax law, a single member US LLC is by default a disregarded entity.[15] Thus, US income tax law applies as if the Hong Kong company owned the US real estate directly.

Corporate income tax

企业所得税

Based on this section’s assumptions, the gain is $5,000,000. The gain is taxed as income effectively connected with a US trade or business (ECI). For a foreign corporation, the tax rate on ECI is 21%. Thus, the Hong Kong corporation is subject to a corporate income tax of $1,050,000.

Branch profits tax

分公司利润税

In addition to the corporate income tax, there is a branch profit tax of 30% on the dividend equivalent amount.

To calculate the dividend equivalent amount, start with the earnings and profits attributed to effectively connected income (ECEP).[16] When there is a reduction in US net equity during the year, add the reduction to ECEP to arrive at the dividend equivalent amount.[17]

US net equity is the adjusted basis of all US assets used to produce ECI, minus US liabilities.[18] It is possible for the US net equity to be negative. Income-producing US real estate usually is an US asset.[19] Under our assumptions, the US net equity decreased from $15,000,000 at the beginning of the year to $0 at the end of the year. Fortunately, the increase to dividend equivalent amount from a change in US net equity cannot exceed the difference between the accumulated ECEP of the foreign corporation as of the beginning of the year minus the total dividend equivalent amounts for preceding years.[20]

For this scenario, assume the accumulated ECEP as of the beginning of the year is $0. Therefore, the ECEP is $3,950,000 = $5,000,000 of gain - $1,050,000 of corporate income tax. The branch profits tax is $1,185,000.

Effective tax rate and take home

实际税率与可汇回的现金

There was $5,000,000 of pre-tax gain on a sale of a US real estate for $20,000,000.

The total tax is $2,235,000 = $1,050,000 of corporate income tax + $1,185,000 of branch profits tax.

The take home cash amount is $17,765,000.

The effective tax rate is 44.7%.

（2）FIRPTA withholding

FIRPTA预扣税

Because the Hong Kong company is deemed to be the seller, there is FIRPTA withholding of 15% of the sale price. Our assumption for the sale price is $20,000,000, so the withholding is $3,000,000.

The effective tax is only $2,235,000. The withholding exceeds the tax by $765,000. The excess withholding is effectively an interest-free loan to the US government until the Hong Kong company files a US income tax return the following year to claim a refund.

（3）Mitigation strategies against the income tax

合法避税策略

The mitigation strategies against the income tax depend on the investment structure and the medium-term goals.

One mitigation strategy is the termination year exception to the branch profits tax. In the year a foreign corporation completely terminates all its US trade or business, it is exempt from the branch profits tax.[21] To use this exception, the foreign corporation must sell all its US assets or adopt an irrevocable resolution to do so, and it cannot use its effectively connected earnings and profits in a US trade or business or have effectively connected income for 3 years.[22] This exception is not feasible if the foreign corporation or its affiliates have other US real estate investments, or they conduct other business in the US.

Another mitigation strategy is to direct the income to a taxpayer who is not subject to branch profits tax or enjoys a reduced rate. For example, an unlimited company that is incorporated in certain jurisdictions and that has a single shareholder is disregarded for US income tax purposes by default.[23] As such, the US income tax attributes depend on the sole shareholder, who may not be subject to US branch profits tax or enjoy a reduced tax rate. This strategy is only suitable when the offshore entity has a single shareholder, and it should be set up at the beginning.

3. A group of foreign investors investing in US real estate through a private fund

多个外国投资人投资美国房地产私募基金

In this scenario, more than 1 foreign investors invest in a fund that invests in US real estate. The fund’s legal form is a limited partnership organized in the US, and the general partner is a US corporation whose owners and executives are US persons. The fund is private—there are different tax rules for real estate investment trusts (REITs) with many owners or are publicly traded.

（1）Federal income tax

联邦所得税

The fund sells US real estate

基金出售房地产

A partnership does not pay income tax.[24] The income is attributed to partners, and the partners pay tax.[25] Although the foreign limited partner (LP) does not sell the US real property interest (USRPI) directly, its distributive share of the gain from the USRPI is effectively connected income (ECI).[26]

Therefore, the foreign LP (a foreign corporation) is subject to 21% corporate income tax and up to 30% branch profits tax.

The LP sells its interest in the fund

投资人出售有限合伙权益

If at least 50% of gross assets of a partnership consists of USRPI; and at least 90% of gross assets consists of USRPI, cash, and cash equivalents, then the partnership interest is USRPI to the extent that gain is attributed to underlying USRPI.[27]

Therefore, part of the gain from the sale of the partnership interest is effectively connected income subject to 21% corporate income tax and up to 30% branch profits tax.

（2）Income tax withholding

预扣税

The fund sells US real estate

基金出售美国房地产

The fund must withhold tax against the foreign LP by applying the highest corporate income tax rate against the LP’s distributive share of effectively connected income.[28] The fund is not obligated to withhold the branch profits tax. The foreign LP should have a plan to address potential shortfalls in tax withholding ahead of time, such as negotiating a tax distribution clause in the investment agreement.

The LP sells its interest in the fund

合伙人出售合伙权益

If at least 50% of gross assets of a partnership consists of USRPI, and at least 90% of gross assets consists of USRPI, cash, and cash equivalents, then the entire partnership interest is USRPI for FIRPTA withholding purposes.[29] The buyer must withhold 15% of the sale price as tax, which may result in significant excess withholding.

（3）Mitigation strategies against income tax

合法避税策略

The mitigation strategies against the income tax depends on the investment structure, the identities of the investors, and the medium-term goals.

One issue that can arise in a fund scenario that does not occur when the foreign corporation invests directly is that different tax rules can create conflicts of interest between the LPs, as well as between the LPs and US GP.

For example, a straightforward way for a foreign corporate LP to avoid the branch profits tax is to hold each US real estate in a separate US corporation.[30] But such a structure may create a double taxation problem for US LPs (if any) and the US GP.[31] Such potential conflicts should be resolved ahead of time.

4. Human investors

个人投资人

The tax rules for a nonresident alien investor are very similar to the rules for a foreign corporation. Notable differences include:

1. Nonresident aliens are not subject to the 30% branch profits tax.

2. The tax rate on the gain on a nonresident alien depends on their holding period for the USRPI and the total taxable income that is effectively connected with a US trade or business.

3. Eligibility rules for tax treaty benefits differ between nonresident aliens and foreign corporations.

●注释：

[1]Cal. Rev. Tax Code 11911.

[2]Cal. Rev. Tax Code 11912.

[3]NY Tax Law, 1402, 1402-a.

[4]NY Tax Law, 1402-b.

[5]926 North Ardmore Avenue, LLC vs County of Los Angeles, 3 Cal.5th 319, 396 (2017).

[6]26 USC 897(a).

[7]26 USC 871(b), 1.

[8]26 USC 882(a), 11.

[9]26 USC 884.

[10]26 USC 897(c), (g).

[11]26 USC 11, 301.

[12]26 USC 871(a), 881(a), 861(a)(2).

[13]26 USC 1445(a).

[14]26 USC 1001, 897(a), 871(b), 882, 1, 11.

[15]26 CFR 301.7701-3(b), -2(a).

[16]26 CFR 1.884-1(b)(1), (f)(1).

[17]26 CFR 1.884-1(b)(3).

[18]26 CFR 1.884-1(c)(1).

[19]26 CFR 1.884-1(d)(3)(xi), example 2-3.

[20]26 CFR 1.884-1(b)(3)(ii).

[21]26 CFR 1.884-2T(a).

[22]26 CFR 1.884-2T(a)(2).

[23]26 CFR 301.7701-3(b).

[24]26 USC 701.

[25]26 USC 701.

[26]26 CFR 1.1446-1(b)(2)(ii).

[27]26 CFR 1.897-7T(a).

[28]26 CFR 1.1446-1(a), -3(a)(2).

[29]26 CFR 1.897-7T(a).

[30]26 USC 897(c)(1)(B); see 26 USC 881.

[31]26 USC 331, 336.

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