Manulife US REIT is the first pure-play U.S. office REIT listed in Asia. The distribution for the period 29 June 2017 to 31 December 2017 will be paid on 29 March 2018. Please read on to find out what you need to do to receive your full distributions.
For listed securities which derive income in the U.S., the U.S. Internal Revenue Service ("IRS") requires certain documentation from the ultimate beneficial owner to ensure the appropriate level of withholding tax is deducted.
Unitholders of Manulife US REIT ("Unitholders") are subject to a maximum withholding tax rate of 30% on income they derive from U.S. investments. Hence, Unitholders must comply with certain documentation requirements in order to be exempted from certain withholding tax under the United States Internal Revenue Code of 1986, as amended (the "IRC"), including under the United States Foreign Account Tax Compliance Act ("FATCA").
Specifically, Unitholders must establish their status for FATCA purposes and their eligibility for exemption from U.S. withholding tax on certain interest income earned by Manulife US REIT by providing an applicable U.S. IRS Form W-8 or such other certification or other information related to FATCA that is requested from time to time.
Unitholders must also provide updates of any changes to their status for FATCA purposes including information relating to their name, address, citizenship, personal identification number or tax identification number, tax residencies, and tax status. If a Unitholder fails to provide or to update relevant information necessary for compliance with U.S. tax withholding requirements, including FATCA, or provide inaccurate, incomplete or false information, amounts payable by Manulife US REIT to Unitholder may be subject to deduction or withholding in accordance with U.S. tax law and any intergovernmental agreements.
Boardroom Corporate & Advisory Services Pte. Ltd., the Unit Registrar of Manulife US REIT, will dispatch an Investor Pack, including the appropriate U.S. tax form, Currency Election Form and certification (if applicable), to each Unitholder that does not have valid documentation on file prior to Manulife US REIT making any distributions to Unitholders.
The relevant U.S. tax forms may also be downloaded from Manulife US REIT’s website (please refer to sidebar) or from the U.S. IRS website at http://www.irs.gov.
UNITHOLDERS WHO DO NOT SUBMIT THE REQUIRED U.S. IRS TAX FORMS WILL BE SUBJECT TO U.S. WITHHOLDING TAX ON DISTRIBUTIONS PAYMENT WHEN DUE TO THEM AND MAY NOT RECEIVE THE FULL AMOUNT OF THEIR ENTITLEMENT TO DISTRIBUTIONS.
A Unitholder who is an individual must submit a completed Form W-8BEN or W-9, in order to be considered for certain exemption of applicable withholding tax applied to distributions made by Manulife US REIT to Unitholders.
For more details, please refer to the Investor Pack.
For assistance, refer to sample form or call hotline from 9.00 a.m. to 6.00 p.m., Monday to Friday, excluding public holidays
1800 238 0222
(toll free hotline)
+65 6238 0222
Certifies the individual is the beneficial owner of the account
This would include the majority of individual Unitholders in Singapore, who are not conducting any trade or business in the U.S., and classified as non-U.S. persons
Remains in effect for a period starting on the date the Form W-8BEN is signed and ending on the last day of the third succeeding calendar year. For example, a Form W-8BEN signed on 30 September 2015 remains valid through 31 December 2018
Unitholders must provide updates of any change to their status for FATCA purposes including information relating to their name, address, citizenship, personal identification number or tax identification number, tax residencies, and tax status
Filed by U.S. persons
U.S. persons to provide Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) for reporting purposes
Does not expire unless individual has a change in circumstances
Unitholders that are U.S. persons or that are entities disregarded as separate from a U.S. person for U.S. federal income tax purposes must provide a Form W-9. Further details on how to complete a Form W-9 are available on the U.S. Internal Revenue Service website at http://www.irs.gov
For more information, please refer to Appendix I in the prospectus of Manulife US REIT dated 12 May 2016 and registered by the Monetary Authority of Singapore on 12 May 2016
An entity that is disregarded as separate from an entity that is not a foreign intermediary for U.S. federal income tax purposes and for which its investment in the Units is not effectively connected with its conduct of a trade or business in the U.S.
Acting as a foreign intermediary (that is, acting not for its own account, but for the account of others as an agent, nominee, or custodian).
It is important for Unitholders to comply with the abovementioned documentation requirements or they will be subject to U.S. withholding tax under the IRC, including under FATCA. For further details on the documentation required for U.S. tax exemption, Unitholders can also refer to "APPENDIX I – PROCEDURES FOR THE SUBMISSION OF U.S. TAX FORMS" of the Prospectus of Manulife US REIT dated 12 May 2016 and registered by the Monetary Authority of Singapore on 12 May 2016.
Unitholders are prohibited from directly or indirectly owning in excess of 9.8% of the outstanding Units (“Unit Ownership Limit”), subject to any increase or waiver pursuant to the terms of Manulife US REIT’s Trust Deed and on the recommendation of the Manager.
The Trust Deed provides that Units held directly or indirectly by any person in excess of the Unit Ownership Limit will be automatically forfeited and held by the Trustee (“Automatic Forfeiture”). While forfeited Units are held by the Trustee, all rights attributable to those Units, such as the right to vote and the right to receive distributions, will be held by the Trustee; the Unitholder from whom the Units are forfeited shall have no right to vote or receive distributions arising from such Units.
The Trustee will have the right and power to dispose of Units subject to Automatic Forfeiture, and upon such disposal the Unitholder from whom the Units are forfeited will receive the proceeds (net of any commissions and expenses) from the disposition. If there is an excess in the disposal price of the forfeited Units above the price paid by such Unitholder for the same forfeited Units, the excess shall be donated by the Trustee to a charitable, philanthropic or benevolent organisation or purpose.
For the avoidance of doubt, the Automatic Forfeiture is effective automatically, whether or not the Trustee or the Manager is aware of the change in ownership or aware of the fact that the Unit Ownership Limit has been breached. Unitholders are advised to manage their interests in the Units so as not to breach the Unit Ownership Limit and trigger the Automatic Forfeiture.
Distributions will be declared in U.S. dollars. Each Unitholder will receive his distribution in Singapore dollars equivalent of the U.S. dollar distribution declared, unless he elects to receive the relevant distribution in U.S. dollars by submitting a Currency Election Form by the relevant cut-off date.
Save for approved depository agents (acting as nominees of their customers), each Unitholder may elect to receive his entire distribution in Singapore dollars or U.S. dollars and shall not be able to elect to receive distributions in a combination of Singapore dollars and U.S. dollars.
Unitholders who have any questions or require assistance in completing the required forms can contact Manulife US REIT’s toll free hotline at 1800 238 0222 or +65 6238 0222 from 9.00 a.m. to 6.00 p.m., Monday to Friday, excluding public holidays.
In addition, Unitholders can also refer to the Investor Pack which contains relevant instructions/sample to guide Unitholders in completing the required forms1.