Brazil

REITS were introduced in Brazil in 1993 by the law 8668/93 and ruled by the instruction 205/94 from CVM (Comissao de Valores Mobiliários - which is the Brazilian equivalent of SEC). Locally they are denominated FIIs or "Fundos de Investimento Imobiliário". FII's dividends are free of taxes for personal investors (not companies) since 2006, but only for the funds which distribute at least 95% of their income and that are publically negotiated in the stock market.