No. Review the actual nationality, development-and-direction rights, investment and enterprise conditions after the transaction.
Read the resulting ownership structure
A Killarney buyer should identify who holds each interest and the relevant nationality, not only the percentage acquired. A buyout may change the facts relied upon; it does not grant a classification by itself.
What causes difficulty is a structure where somebody else in fact runs the business, whether a hired general manager with full authority and an absentee owner, or an arrangement so heavily managed by the franchisor that the buyer supplies capital and little else. What a reviewer looks for is loss exposure: a purchase agreement binding without further conditions, funds released from the buyer's control, equipment ordered and paid for, a premises lease creating enforceable obligations, and payments that would not come back if the business failed. Passive property ownership and rent collection do not qualify; a storage business with staff, contracted customers, access and delinquency management, and services sold alongside the space is an active commercial enterprise. The enterprise must be at least 50 percent owned by Canadian nationals and the investor must develop and direct it, so a 40 percent minority stake under a U.S. majority owner fails the ownership and control requirement before anything else is examined.