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Definition

A foreign non-individual investor is a person (other than an individual) who is not a resident of Singapore* for income tax purposes and:

• who does not have a permanent establishment** in Singapore; or
• who carries on any operation in Singapore through a permanent establishment** in Singapore, where the funds used to acquire the REIT's units are not obtained from that operation.

*A company is not a tax resident in Singapore if the management and control of its business is exercised outside Singapore during the respective calendar year in which the distribution was made and there is no intention to change the management and control of its business to Singapore.

**A permanent establishment is defined under the Singapore Income Tax Act as a fixed place where a business is wholly or partly carried on including a place of management, a branch, an office, a factory, a warehouse, a workshop, a farm or plantation, a mine, oil well, quarry or other place of extraction of natural resources, a building or work site or a construction, installation or assembly project. A unitholder shall be deemed to have a permanent establishment in Singapore if it: -

• carries on supervisory activities in connection with a building or work site or a construction, installation or assembly project; or
• has another person acting on the unitholder's behalf in Singapore who: -
  • has and habitually exercises an authority to conclude contracts;
  • maintains stock of goods or merchandise for the purpose of delivery on its behalf; or
  • habitually secures orders wholly and almost wholly for the unitholder or for such enterprises as are controlled by the unitholder.

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