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Do you need to lease real estate abroad?
- Leasing real estate abroad requires prior approval. Harvard does not ordinarily purchase real estate abroad. Review and/or approval by the University Committee on International Projects and Sites (UCIPS), a vice president of the University (usually the VP for Campus Services), and in some instances the Corporation, is required for the University or any of its employees to commit to real estate leases or purchases. The approval process may be initiated through each school’s financial administration and/or OSP.
- Since lessors often refuse to lease property to an unregistered institution, the process of leasing or purchasing real estate abroad often triggers foreign registration requirements and suggests that Harvard is seeking to establish a permanent or semi-permanent presence in a foreign jurisdiction. Some developing countries assess a “real property transfer tax” that is triggered every time real property changes hands. This tax sometimes applies to lease payments and to funds allocated for renovation, construction, and infrastructure improvement.
- Contact GSS for assistance, and see: https://www.globalsupport.harvard.edu/manage-projects/renting-purchasing-space