Following a request from the Indian G20 Presidency, this report examines the current state of tax transparency concerning foreign-owned real estate. It also explores how recent advancements in other tax transparency frameworks, such as the OECD/G20 Common Reporting Standard, and broader policy developments, such as the Financial Action Task Force’s work on beneficial ownership, could inform possible improvements to tax transparency in the area of real estate on a voluntary basis. The report is set out in three main sections. The first addresses the potential tax compliance risks in the area of foreign real estate holdings and highlights the benefits of enhanced tax transparency in this area. The second outlines the key domestic and international features required for a successful tax transparency framework. The final section identifies potential short-term and structural improvements to the existing architecture.