<PAGE>
                                                                     Exhibit 4.1

             CORPORATE PROPERTY ASSOCIATES 16 - GLOBAL INCORPORATED

             2003 DISTRIBUTION REINVESTMENT AND STOCK PURCHASE PLAN


      1. Participation; Agent. Corporate Property Associates 16 - Global
Incorporated 2003 Distribution Reinvestment and Stock Purchase Plan ("Plan") is
available to shareholders of record of the common stock of Corporate Property
Associates 16 - Global Incorporated ("CPA(R):16 - Global"). Phoenix American
Financial Services, Inc. ("Phoenix American") acting as agent for each
participant in the Plan, will apply cash dividends which become payable to such
participant on shares of CPA(R):16 - Global Common Stock (including shares held
in the participant's name and shares accumulated under the Plan), to the
purchase of additional whole and fractional shares of CPA(R):16 - Global Common
Stock for such participant.

      2. Eligibility. Participation in the Plan is limited to registered owners
of CPA(R):16 - Global Common Stock. Shares held by a broker-dealer or nominee
must be transferred to ownership in the name of the shareholder in order to be
eligible for this plan. Further, a shareholder who wishes to participate in the
Plan may purchase shares through the Plan only after receipt of a prospectus
relating to CPA(R):16 - Global 's initial public offering of shares or a
prospectus relating solely to the Plan. Supplemental Share purchases may occur
only after the termination of CPA(R):16 - Global's initial public offering. A
participating shareholder is not required to include all of the shares owned by
such shareholder in the Plan, but all of the dividends paid on enrolled shares
will be reinvested.

      3. Stock Purchases. In making purchases for the accounts of participants,
Phoenix American may commingle the funds of one participant with those of other
participants in the Plan. All shares purchased under the Plan will be held in
the name of each Participant. In the case of each purchase on the open market,
the price per share for each participant's account shall be deemed to be the
average price of all shares purchased with the funds available from that
distribution. Purchases will be made directly from CPA(R):16 - Global at the
most recently determined net asset value ("NAV") per share. NAV is determined by
adding the most recent appraised value of the real estate owned by CPA(R):16 -
Global to the value of its other assets, subtracting the total amount of all
liabilities and dividing the difference by the total number of outstanding
shares. Phoenix American shall have no responsibility with respect to the market
value of the CPA(R):16 - Global Common Stock acquired for participants under the
Plan.

      4. Timing of Purchases. Phoenix American will make every reasonable effort
to invest all dividends and additional cash contributions on the 15th day of the
dividend paying month (or the first business day following the 15th if that day
is not a business day), except where necessary to comply with applicable
securities laws. If, for any reason beyond the control of Phoenix American
investment cannot be completed within 30 days after the applicable dividend
payment date, participants' funds held by Phoenix American will be distributed
to the participant.

      5. Account Statements. Following the completion of the purchase of shares
after each dividend, Phoenix American will mail to each participant an account
statement showing the
<PAGE>

cash dividends, the number of shares purchased, the price per share and the
participant's total shares accumulated under the Plan.

      6. Expenses and Commissions. There will be no expenses to participants for
the administration of the Plan. Brokerage commissions, as described below, and
administrative fees associated with the Plan will be paid by CPA(R):16 - Global.
Any interest earned on dividends while held by Phoenix American will be paid to
the Company to defray costs relating to the Plan. Additionally, in connection
with all purchases, the Company will pay to Carey Financial Corporation selling
commissions of not more than five percent of the purchase price of shares
purchased through reinvestment. Carey Financial Corporation may, in its sole
discretion, reallow up to 5% per share of the selling commission to select
dealers.

      7. Taxation of Dividends. The reinvestment of dividends does not relieve
the participant of any taxes which may be payable on such dividends. In
addition, any brokerage commissions and fees paid by CPA(R):16 - Global on
behalf of the participant constitute additional dividend income. Total dividend
income received from CPA(R):16 - Global along with brokerage commissions and
fees paid on the participants behalf will be reported on an annual information
return filed with the Internal Revenue Service. A copy will be sent to the
participant, or the information will be shown on the participant's final account
statement for the year.

      8. Stock Certificates. No share certificates will be issued to a
participant.

      9. Voting of Shares. In connection with any matter requiring the vote of
CPA(R):16 - Global shareholders, each participant will be entitled to vote all
of the whole shares held by the participant in the Plan. Fractional shares will
not be voted.

      10. Absence of Liability. Neither CPA(R):16 - Global nor Phoenix American
or any of their officers, directors, agents or employees, shall have any
responsibility or liability as to the value of CPA(R):16 - Global's shares, any
change in the value of the shares acquired for any participant's account, or the
rate of return earned on, or the value of, the interest-bearing accounts, if
any, in which dividends are invested. Neither CPA(R):16 - Global nor Phoenix
American shall be liable for any act done in good faith, or for any good faith
omission to act, including, without limitation, any claims of liability (a)
arising out of the failure to terminate a participant's participation in the
Plan upon such participant's death prior to the date of receipt of such notice,
and (b) with respect to the time and prices at which shares are purchased for a
participant. NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE FEDERAL
SECURITIES LAWS CANNOT BE WAIVED. Similarly, CPA(R):16 - Global and Phoenix
American have been advised that in the opinion of certain state securities
commissioners, indemnification is also considered contrary to public policy and
therefore unenforceable.

      11. Termination of Participation. A participant may terminate
participation in the Plan at any time by written instructions to that effect to
Phoenix American. To be effective on a dividend payment date, the notice of
termination and termination fee must be received by Phoenix American at least 15
days before that dividend payment date. Upon receipt of notice of termination
from the participant, Phoenix American may also terminate any participant's
account at any time in its discretion by notice in writing mailed to the
participant.


                                       2
<PAGE>


      12. Amendment and Termination of Plan. This Plan may be amended,
supplemented or terminated by CPA(R):16 - Global at any time by the delivery of
written notice to each participant at least 30 days prior to the effective date
of the amendment, supplement or termination. Any amendment or supplement shall
be effective as to the participant unless, prior to its effective date, Phoenix
American receives written notice of termination of the participant's account.
Amendment may include an appointment by CPA(R):16 - Global or Phoenix American
with the approval of CPA(R):16 - Global of a successor agent, in which event
such successor shall have all of the rights and obligations of Phoenix American
under this Plan.

      13. Governing Law. This Plan and the Authorization Card signed by the
participant (which is deemed a part of this Plan) and the participant's account
shall be governed by and construed in accordance with the laws of the State of
Maryland. This Agreement cannot be changed orally.


                                       3