{"id":969,"date":"2020-02-12T00:03:27","date_gmt":"2020-02-11T21:03:27","guid":{"rendered":"http:\/\/nalog.fr\/csco-nabizeji-zahranicni-fondy-nemovitosti\/"},"modified":"2020-02-12T00:03:27","modified_gmt":"2020-02-11T21:03:27","slug":"csco-nabizeji-zahranicni-fondy-nemovitosti","status":"publish","type":"post","link":"https:\/\/nalog.fr\/cs\/csco-nabizeji-zahranicni-fondy-nemovitosti\/","title":{"rendered":"Co nab\u00edzej\u00ed zahrani\u010dn\u00ed fondy nemovitost\u00ed"},"content":{"rendered":"<p>Pr\u016fzkum proveden\u00fd Tranio v roce 2017, uk\u00e1zal: v\u011bt\u0161ina realitn\u00edch kancel\u00e1\u0159\u00ed (81 %) se domn\u00edvaj\u00ed, \u017ee rusky mluv\u00edc\u00ed investo\u0159i z\u0159\u00eddka investuj\u00ed do fond\u016f nemovitost\u00ed. <\/p>\n<p>Nicm\u00e9n\u011b, brzy tento zp\u016fsob investov\u00e1n\u00ed se m\u016f\u017ee st\u00e1t popul\u00e1rn\u00ed. &#8222;Podle na\u0161ich progn\u00f3z, v letech 2017-2018 rusov\u00e9 se budou v\u00edce u\u010dit o fondech nemovitost\u00ed a postupn\u011b se budou pohybovat v tomto sm\u011bru. \u010casto to je v\u00edce u\u017eivatelsky p\u0159\u00edjemn\u00fd form\u00e1t, ne\u017e samostatn\u00fd n\u00e1kup a n\u00e1sledn\u00fd management objektu&#8220;,\u2014 \u0159\u00edk\u00e1 managing partner Tranio Ji\u0159\u00ed \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<p>V tomto \u010dl\u00e1nku v\u00e1m uk\u00e1\u017eeme, jak s pomoc\u00ed fond\u016f investovat do projekt\u016f spojen\u00fdch s v\u00fdstavbou a provozem nemovitost\u00ed.<\/p>\n<p><strong>Nemovitostn\u00ed fondy funguj\u00ed podle tohoto programu:<\/strong><\/p>\n<li>fond jmenovala spr\u00e1vcovskou spole\u010dnost (mana\u017ee\u0159i fondu);<\/li>\n<li>investo\u0159i investuj\u00ed do fondu;<\/li>\n<li>na z\u00edskan\u00e9 pen\u00edze mana\u017ee\u0159i fondu nab\u00fdvat nemovitosti;<\/li>\n<li>mana\u017ee\u0159i v\u00fdzkum vytv\u00e1\u0159ej\u00ed a investuj\u00ed zisk do fondu;<\/li>\n<li>\u010d\u00e1st zisku je rozd\u011blena mezi investory: oni vyd\u011bl\u00e1vaj\u00ed na tom, \u017ee v pom\u011bru sv\u00e9ho pod\u00edlu ve fondu dostanou pod\u00edl z p\u0159\u00edjm\u016f z pron\u00e1jmu nebo\/a prodeje.<\/li>\n<p><strong>U investic do fond\u016f mnoho v\u00fdhod:<\/strong><\/p>\n<ul>\n<li>mal\u00fd pr\u00e1h pro vstup \u2014 od 1 tis\u00edc a\u017e 30 tis\u00edc euro (pro srovn\u00e1n\u00ed: pro n\u00e1kup likvidn\u00ed bytu vy\u017eaduje minim\u00e1ln\u011b 100 tis\u00edc eur);<\/li>\n<li>jednoduchost n\u00e1kupu, prodeje akci\u00ed a pod\u00edl\u016f (v otev\u0159en\u00fdch fondech je mo\u017en\u00e9 prov\u00e9st ka\u017ed\u00fd pracovn\u00ed den);<\/li>\n<li>profesion\u00e1ln\u00ed \u0159\u00edzen\u00ed (nen\u00ed t\u0159eba tr\u00e1vit osobn\u00ed \u010das na management);<\/li>\n<li>diverzifikace investi\u010dn\u00edho portfolia;<\/li>\n<li>velk\u00e1 likvidita ve srovn\u00e1n\u00ed s investicemi p\u0159\u00edmo v realit\u00e1ch.<\/li>\n<\/ul>\n<p><strong>Nicm\u00e9n\u011b, tam je v\u00fdznamn\u00e9 minus<\/strong>: nerezidenti obt\u00ed\u017en\u00e9 investovat do zahrani\u010dn\u00edch fond\u016f. <\/p>\n<p>Komentuje expert Tranio Alexandr Chernov: &#8222;Investovat do americk\u00fdch fond\u016f fyzick\u00fdm osob\u00e1m \u2013 nerezident\u016fm je obt\u00ed\u017en\u00e9 z n\u011bkolika d\u016fvod\u016f. V\u011bt\u0161ina platformy jsou organizov\u00e1ny jako investi\u010dn\u00ed fondy nemovitost\u00ed (Real Estate Investment Trusts, REITs), kter\u00e9 jsou osvobozeny od zdan\u011bn\u00ed a p\u0159esouv\u00e1 b\u0159emeno placen\u00ed dan\u00ed na v\u00fdnosy z investic do nemovitost\u00ed na sv\u00fdch akcion\u00e1\u0159\u016f (investor\u016f). Tato struktura je v\u00fdhodn\u00e9 obyvatel USA, kte\u0159\u00ed \u010dasto pou\u017e\u00edvaj\u00ed pro kapit\u00e1lov\u00e9 investice finan\u010dn\u00ed prost\u0159edky ze sv\u00e9ho penzijn\u00edho spo\u0159en\u00ed, investi\u010dn\u00ed \u00fa\u010dty, kter\u00e9 zase maj\u00ed tak\u00e9 p\u0159ednostn\u00ed zach\u00e1zen\u00ed zdan\u011bn\u00ed. Ale zahrani\u010dn\u00ed investo\u0159i, \u0432\u043a\u043b\u0430\u0434\u044b\u0432\u0430\u044e\u0449\u0438\u043c v podobn\u00e9 americk\u00e9 fondy, bude muset zaplatit zna\u010dnou da\u0148 z p\u0159\u00edjmu a sami podat da\u0148ov\u00e9 p\u0159izn\u00e1n\u00ed v USA, proto\u017ee fondy nejsou zast\u00e1nci da\u0148ov\u00e9 kancel\u00e1\u0159e. Krom\u011b toho, zpracov\u00e1n\u00ed p\u0159izn\u00e1n\u00ed \u2014 \u010dasov\u011b n\u00e1ro\u010dn\u00fdm a n\u00e1kladnou proces. Potenci\u00e1ln\u00ed investo\u0159i z Ruska budou muset pot\u00fdkat s t\u011b\u017ekostmi p\u0159i v\u00fd\u010dtu prost\u0159edk\u016f z rusk\u00fdch bank na americk\u00e9 \u00fa\u010dty fond\u016f a p\u0159i n\u00e1vratu kapit\u00e1lu na \u00fa\u010det v RF. V\u011bt\u0161ina platforem nejsou navr\u017eeny na pr\u00e1ci s cizinci a nazna\u010duj\u00ed, \u017ee investo\u0159i maj\u00ed bankovn\u00ed \u00fa\u010det v USA. P\u0159i t\u00e9to otev\u0159\u00edt \u00fa\u010det v americk\u00e9 bance, bez \u010d\u00edsla soci\u00e1ln\u00edho poji\u0161t\u011bn\u00ed, adresy v USA nebo dlouhodob\u00e9 v\u00edzum problematick\u00e9 a v ka\u017ed\u00e9m p\u0159\u00edpad\u011b bude vy\u017eadovat osobn\u00ed p\u0159\u00edtomnost a cestov\u00e1n\u00ed v t\u00e9to zemi&#8220;.<\/p>\n<p>Nicm\u00e9n\u011b, podle \u0159editele pro finan\u010dn\u00ed slu\u017eby, Tranio Cyrila Schmidt, investovat do REIT je mo\u017en\u00e9 i na burze \u2014 jak na cenn\u00e9 pap\u00edry. &#8222;V takov\u00e9m p\u0159\u00edpad\u011b pod\u00e1vat da\u0148ov\u00e9 p\u0159izn\u00e1n\u00ed v USA budou muset&#8220;,\u2014 \u0159ekl on.<\/p>\n<h2>Typy fond\u016f<\/h2>\n<p>T\u011bm, kte\u0159\u00ed se p\u0159esto pustil do takov\u00e9 investice, pro za\u010d\u00e1tek je d\u016fle\u017eit\u00e9 zjistit typ v\u00fdzkum, aby pochopili, jak a po jakou dobu bude plynout zisk.<\/p>\n<p>Existuje n\u011bkolik typ\u016f fond\u016f.<\/p>\n<p><strong>1) na pou\u017eit\u00ed zisku:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Fond akumulace<br \/>\n(Accumulation, Acc)<\/th>\n<th width=\"40%\">Fond, orientovan\u00fd<br \/>\nna p\u0159\u00edjem<br \/>\n(Income, Inc)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Zp\u016fsob pou\u017eit\u00ed zisku<\/strong><\/td>\n<td>Zisky reinvestovan\u00e9 zp\u011bt do fondu pro n\u00e1kup dal\u0161\u00edch objekt\u016f nebo akci\u00ed<\/td>\n<td>Zisky jsou p\u0159ips\u00e1ny na bankovn\u00ed \u00fa\u010det investora<\/td>\n<\/tr>\n<tr>\n<td><strong>C\u00edlem v\u00fdzkum<\/strong><\/td>\n<td>R\u016fst a zv\u00fd\u0161en\u00ed z\u00e1kladny za\u0159\u00edzen\u00ed pro generov\u00e1n\u00ed dodate\u010dn\u00fdch v\u00fdnos\u016f<\/td>\n<td>Pouze p\u0159\u00edjem<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>V\u011bt\u0161ina fond\u016f se zam\u011b\u0159uj\u00ed jak na rozvoj, a na z\u00edsk\u00e1n\u00ed p\u0159\u00edjm\u016f.<\/p>\n<p><strong>2) z \u00fa\u010dasti v nab\u00eddkov\u00e9m \u0159\u00edzen\u00ed na burze:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">\u041a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f na v\u00fdm\u011bn\u011b<br \/>\n(listed)<\/th>\n<th width=\"40%\">Nen\u00ed \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f na v\u00fdm\u011bn\u011b<br \/>\n(non-listed)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Vyd\u00e1n\u00ed akci\u00ed<\/strong><\/td>\n<td>Vyd\u00e1v\u00e1 akcie<\/td>\n<td>Nesd\u011bl\u00ed akcie<\/td>\n<\/tr>\n<tr>\n<td><strong>Pr\u00e1vn\u00ed status<\/strong><\/td>\n<td>\u2014 investi\u010dn\u00ed fondy nemovitost\u00ed (Real Estate Investment Trusts, REITs)<br \/>\n\u2014 realitn\u00edch spole\u010dnost\u00ed \u2014 akciov\u00e9 spole\u010dnosti<\/td>\n<td>\u2014 pod\u00edlov\u00e9 investi\u010dn\u00ed fondy (unit trusts nebo mutual funds)<br \/>\n\u2014 penzijn\u00ed fondy (pension schemes)<br \/>\n\u2014 partnerstv\u00ed s ru\u010den\u00edm omezen\u00fdm (limited partnerships)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8222;Informace o kotovan\u00fdch na burz\u00e1ch fond\u016f je k dispozici investor\u016fm, o nic m\u00e9n\u011b ne\u017e o kotovan\u00fdch na burze. To je dob\u0159e \u043e\u0442\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u0430\u044f pr\u016fmysl. Investovat do \u043f\u0430\u0435\u0432\u044b\u0439 investi\u010dn\u00ed fond maloobchodn\u00edm investor i jednodu\u0161\u0161\u00ed, ne\u017e fond na burze, a tento segment trhu je maxim\u00e1ln\u011b transparentn\u00ed&#8220;,\u2014 \u0159ekl Kirill Schmidt. <\/p>\n<p><strong>3) pokud jde o investice:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Otev\u0159en\u00e9<br \/>\n(open-ended)<\/th>\n<th width=\"40%\">Uzav\u0159en\u00e9<br \/>\n(closed-ended)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Term\u00edny do prodeje akci\u00ed <\/strong><\/td>\n<td>Investor m\u016f\u017ee koupit akcie nebo zv\u00fd\u0161it pod\u00edly na vykoupen\u00ed spr\u00e1vcovsk\u00e9 spole\u010dnosti, v ka\u017ed\u00fd pracovn\u00ed den<\/td>\n<td>Je vytvo\u0159en na omezenou dobu (5-10 let). B\u011bhem tohoto obdob\u00ed, investor m\u016f\u017ee vyb\u00edrat sv\u00e9 prost\u0159edky z fondu. Spl\u00e1cen\u00ed akci\u00ed se d\u011bje p\u0159i likvidaci v\u00fdzkum<\/td>\n<\/tr>\n<tr>\n<td><strong>Likvidita<\/strong><\/td>\n<td>Vysok\u00e1<\/td>\n<td>N\u00edzk\u00e1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Fondy, kter\u00e9 se specializuj\u00ed na p\u0159ed\u00e1n\u00ed nemovitosti k pron\u00e1jmu, mohou b\u00fdt otev\u0159en\u00e9 a uzav\u0159en\u00e9. Nicm\u00e9n\u011b, v\u011bt\u0161ina fond\u016f, zab\u00fdvaj\u00edc\u00ed se v\u00fdstavbou,\u2014 uzav\u0159en\u00e9, tak dlouho, jak je postaven objekt, pen\u00edze odstoupit nelze: oni jsou vlo\u017eeny na m\u00edsto, z\u00e1kop, ve v\u00fdstavb\u011b budovy. Vystoupit z investice je mo\u017en\u00e9 po dokon\u010den\u00ed v\u00fdstavby a prodeje budovy, kdy\u017e budete v\u00fdzkum se objevuj\u00ed prost\u0159edky (v\u0161ak investor m\u016f\u017ee prodat sv\u016fj pod\u00edl jin\u00e9mu investorovi). Nap\u0159\u00edklad fond se otev\u0159e v roce 2015, shroma\u017e\u010fuje po\u017eadovan\u00e9 mno\u017estv\u00ed pen\u011b\u017en\u00edch prost\u0159edk\u016f od investor\u016f a stav\u00ed pen\u00edze do t\u011bchto za\u0159\u00edzen\u00ed v pr\u016fb\u011bhu p\u011bti let. Pot\u00e9, co se pen\u00edze shroma\u017e\u010fuj\u00ed, fond prohl\u00e1\u0161en za uzav\u0159en\u00fd, v roce 2020 to prod\u00e1v\u00e1 objekty a v\u00fdt\u011b\u017eek vyplat\u00ed investor\u016fm zisk.<\/p>\n<p>Z fond\u016f je t\u0159eba odli\u0161it <strong>\u043a\u0440\u0430\u0443\u0434\u0444\u0430\u043d\u0434\u0438\u043d\u0433\u043e\u0432\u044b\u0435 platformy<\/strong>, tak\u00e9 p\u0159edstavuj\u00edc\u00ed kolektivn\u00edch investi\u010dn\u00edch program\u016f. &#8222;Hlavn\u00ed rozd\u00edl je v tom, \u017ee na rozd\u00edl od fond\u016f v \u043a\u0440\u0430\u0443\u0434\u0444\u0430\u043d\u0434\u0438\u043d\u0433\u0435 investor \u010dasto s\u00e1m vybere, na jak\u00e9 konkr\u00e9tn\u00ed projekty investovat, a nen\u00ed v\u00e1\u017ee na sebe z\u00e1vazky v p\u0159edstihu&#8220;,\u2014 \u0159\u00edk\u00e1 Alexander Nedomov\u00e1. <\/p>\n<h2>Investi\u010dn\u00ed strategie<\/h2>\n<p>Pro investora je d\u016fle\u017eit\u00e9 v\u011bd\u011bt, podle jak\u00e9 strategie fond funguje, jak hodnotit rizika a v\u00fdnosu. Strategie se vyskytuj\u00ed \u010dty\u0159i druhy. <\/p>\n<\/p>\n<h3>Investi\u010dn\u00ed strategie<\/h3>\n<p>\u00dadaje Tranio<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Strategie<\/th>\n<th>Dal\u0161\u00ed<br \/>\ntituly<\/th>\n<th>Podstata<\/th>\n<th>Rizika<\/th>\n<th>V\u00fdnos*<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Core<\/strong><\/td>\n<td rowspan=\"2\">Buy and Hold<br \/>\n(&#8222;n\u00e1kup a vlastnictv\u00ed&#8220;)<\/td>\n<td>N\u00e1kup nemovitosti k pron\u00e1jmu bez \u00fa\u010dasti \u00fav\u011bru<\/td>\n<td>N\u00edzk\u00e9<\/td>\n<td>N\u00edzk\u00e1<br \/>\n(2-3 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Core Plus<\/strong><\/td>\n<td>N\u00e1kup nemovitost\u00ed k pron\u00e1jmu v off-st\u0159ed lokac\u00ed s pomoc\u00ed \u00fav\u011brov\u00e9 p\u00e1ky<\/td>\n<td>St\u0159edn\u00ed<\/td>\n<td>Pr\u016fm\u011brn\u00e1<br \/>\n(5-7 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Value Added<\/strong><\/td>\n<td rowspan=\"2\">Value Added<br \/>\n(&#8222;zv\u00fd\u0161en\u00ed hodnoty&#8220;)<\/td>\n<td>\u0420\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442 (n\u00e1kup objekt\u016f pro rekonstrukci a n\u00e1sledn\u00e9 opravy a prodej za vy\u0161\u0161\u00ed cenu)<\/td>\n<td>St\u0159edn\u011b vysok\u00e9<\/td>\n<td>St\u0159edn\u011b vysok\u00e1<br \/>\n(7-10 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Opportunistic<\/strong><\/td>\n<td>V\u00fdstavba, n\u00e1kup nezastav\u011bn\u00e9 pozemky, objekty s \u043e\u0431\u0440\u0435\u043c\u0435\u043d\u0435\u043d\u0438\u044f\u043c\u0438<\/td>\n<td>Vysok\u00e9<\/td>\n<td>Vysok\u00e1<br \/>\n(v\u00edce ne\u017e 10 %)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>* v Z\u00e1padn\u00ed Evrop\u011b a v USA<\/p>\n<p>V\u011bt\u0161ina fond\u016f pracuj\u00ed pouze na jedn\u00e9 ze strategi\u00ed. Ale n\u011bkter\u00e9 se rozhodly hned dv\u011b nebo t\u0159i \u2014 nap\u0159\u00edklad, Core, Core Plus a Value Added. &#8222;V Evrop\u011b a USA z hlediska kapit\u00e1lu p\u0159evl\u00e1daj\u00ed fondy Core a Core Plus, proto\u017ee v nich nach\u00e1z\u00ed v\u00fdznamn\u00e1 \u010d\u00e1st v\u0161ech nejv\u00edce drah\u00fdch a velk\u00fdch institucion\u00e1ln\u00edch za\u0159\u00edzen\u00ed,&#8220;\u2014 \u0159\u00edk\u00e1 Alexander Nedomov\u00e1.<\/p>\n<p>Ty fondy, kter\u00e9 pracuj\u00ed na strategii Core, vol\u00ed trvaj\u00edc\u00ed, \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u044b\u0435 trhy se stabiln\u00ed popt\u00e1vkou a r\u016fstem cen, a proto nab\u00edzej\u00ed n\u00edzk\u00e9 n\u00e1jemn\u00e9 v\u00fdnosy (2-3 %). Fondy, ti, kte\u0159\u00ed d\u00e1vaj\u00ed p\u0159ednost strategii Core Plus, d\u00e1vaj\u00ed vy\u0161\u0161\u00ed v\u00fdnosy (a\u017e 7 %), nebo\u0165 investuje v m\u00e9n\u011b centr\u00e1ln\u00ed lokac\u00ed a pomoc\u00ed \u00fav\u011brov\u00e9 p\u00e1ky. Kone\u010dn\u011b, fondy, specializuj\u00edc\u00ed se na Value Added, mohou poskytovat kone\u010dn\u00fd v\u00fdnos a\u017e o 10 % t\u00edm, \u017ee investuj\u00ed prost\u0159edky investor\u016f v rozv\u00edjej\u00edc\u00ed se trhy, nap\u0159\u00edklad na takov\u00e9, kde se o\u010dek\u00e1v\u00e1 \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f, a z\u00edskat objekty v rekonstrukci pro n\u00e1sledn\u00fd prodej za vy\u0161\u0161\u00ed cenu.<\/p>\n<h2>P\u0159\u00edklady fond\u016f a jejich strategie<\/h2>\n<p>&#8222;Investo\u0159i r\u016fzn\u00e9 \u00fakoly: n\u011bkdo pot\u0159ebuje zachov\u00e1n\u00ed kapit\u00e1lu s minim\u00e1ln\u00edm rizikem a v\u00fdnosem, a kdo je p\u0159ipraven na velk\u00e9 riziko a o\u010dek\u00e1v\u00e1 vy\u0161\u0161\u00edch procent na investovan\u00fd kapit\u00e1l. Z\u00e1padn\u00ed trh fondy nemovitost\u00ed nab\u00edz\u00ed \u0161irokou \u0161k\u00e1lu r\u016fzn\u00fdch strategi\u00ed, \u00farovn\u011b rizika a ziskovost pro sv\u00e9 z\u00e1kazn\u00edky,&#8220; \u0159\u00edk\u00e1 Ji\u0159\u00ed \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<\/p>\n<h3>N\u011bkter\u00e9 zahrani\u010dn\u00ed fondy nemovitost\u00ed a jejich strategie<\/h3>\n<p>\u00dadaje fond\u016f<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Fond<\/th>\n<th>Aberdeen Property Trust<\/th>\n<th>Henderson<\/th>\n<th>Legal &amp; General<\/th>\n<th>PropFund<\/th>\n<th>US Masters Residential Property Fund<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Typ fondu<\/strong><\/td>\n<td>Venkovn\u00ed, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Venkovn\u00ed, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Venkovn\u00ed, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Uzav\u0159en\u00fd, nen\u00ed \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Venkovn\u00ed, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<\/tr>\n<tr>\n<td><strong>P\u0159\u00edslu\u0161nost<\/strong><\/td>\n<td>Velk\u00e1 brit\u00e1nie<\/td>\n<td>Velk\u00e1 brit\u00e1nie<\/td>\n<td>Velk\u00e1 brit\u00e1nie<\/td>\n<td>N\u011bmecko<\/td>\n<td>Austr\u00e1lie<\/td>\n<\/tr>\n<tr>\n<td><strong>Strategie<\/strong><\/td>\n<td>Core<\/td>\n<td>Core<\/td>\n<td>Core<\/td>\n<td>Core Plus<\/td>\n<td>Value Added<\/td>\n<\/tr>\n<tr>\n<td><strong>Minim\u00e1ln\u00ed rozpo\u010det<\/strong><\/td>\n<td>5 000 k\u010d<\/td>\n<td>1 000 k\u010d (Acc),<br \/>\n3 000 000 k\u010d (Inc)<\/td>\n<td>500 k\u010d<\/td>\n<td>30 000 \u20ac<\/td>\n<td>N\/a<\/td>\n<\/tr>\n<tr>\n<td><strong>Geografie<br \/>\nobjekty<\/strong><\/td>\n<td>Velk\u00e1 Brit\u00e1nie (Lond\u00fdn)<\/td>\n<td>Velk\u00e1 Brit\u00e1nie (Jihov\u00fdchodn\u00ed Anglie)<\/td>\n<td>Velk\u00e1 brit\u00e1nie<\/td>\n<td>N\u011bmecko (Berl\u00edn a okol\u00ed, ale tak\u00e9 m\u011bsta s po\u010dtem obyvatel v\u00edce ne\u017e 50 tis\u00edc lid\u00ed)<\/td>\n<td>USA (New York, New Jersey, podce\u0148ovat, um\u00edst\u011bn\u00ed)<\/td>\n<\/tr>\n<tr>\n<td><strong>Typy<br \/>\nobjekty<\/strong><\/td>\n<td>50 % \u2014 obchodn\u00ed za\u0159\u00edzen\u00ed, 20 % \u2014 kancel\u00e1\u0159e<\/td>\n<td>Obchodov\u00e1n\u00ed a kancel\u00e1\u0159sk\u00fdch nemovitost\u00ed<\/td>\n<td>22 % \u2014pr\u016fmyslov\u00e9 objekty; ostatn\u00ed \u2014 obchody, kancel\u00e1\u0159e, retail parky, sklady<\/td>\n<td>Byty<\/td>\n<td>Levn\u00e9 domy pro 1-4 rodinn\u00e9 a bytov\u00e9 budovy na 20-100 byt\u016f<\/td>\n<\/tr>\n<tr>\n<td><strong>V\u00fdnos,<br \/>\n% ro\u010dn\u011b<\/strong><\/td>\n<td>2,0\u20132,5<\/td>\n<td>3,1<\/td>\n<td>2,8<\/td>\n<td>7,0\u201310,0<\/td>\n<td>N\/a<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0417\u0430\u043a\u0440\u0435\u0434\u0438\u0442\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u044c<br \/>\n(LTV, %)<\/strong><\/td>\n<td style=\"text-align: center;\">&#8211;<\/td>\n<td style=\"text-align: center;\">&#8211;<\/td>\n<td style=\"text-align: center;\">&#8211;<\/td>\n<td>75-80<\/td>\n<td>N\/a<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Podle studie Evropsk\u00e9 asociace investor\u016f v ne \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f na burze fondy nemovitost\u00ed (European Association for Investors in Non-Listed Real Estate Vehicles, INREV), v\u011bt\u0161ina dot\u00e1zan\u00fdch investor\u016f v roce 2016 vybrali strategie Value Added nebo Core. Ve srovn\u00e1n\u00ed s rok 2015 pod\u00edl Core a Value Added zv\u00fd\u0161il (z 82,2 a\u017e 86,2 %), a Oportunistic \u2014 sn\u00ed\u017eil (z 17,8 a\u017e 13,8 %). To hovo\u0159\u00ed o tom, \u017ee v roce 2016 investo\u0159i byli m\u00e9n\u011b ochotni j\u00edt do rizika, ne\u017e d\u0159\u00edve. Ve studii se tak\u00e9 uv\u00e1d\u00ed, \u017ee nejpopul\u00e1rn\u011bj\u0161\u00ed trhy pro investice \u2014 zem\u011b s n\u00edzk\u00fdm rizikem (N\u011bmecko, Francie a velk\u00e1 Brit\u00e1nie).<\/p>\n<p>     <i><\/i><\/p>\n<p>Na vybran\u00fdch trz\u00edch pod\u00edl oportunistick\u00fdch strategi\u00ed m\u016f\u017ee b\u00fdt vy\u0161\u0161\u00ed. Nap\u0159\u00edklad, podle JLL, ve \u0160pan\u011blsku v roce 2015 \u010dinil 28 % (zat\u00edmco Core a Core Plus \u2014 35 %). Tato zem\u011b se vyzna\u010duje velk\u00fdm rizikem, ne\u017e nap\u0159\u00edklad velk\u00e1 Brit\u00e1nie a N\u011bmecko, a investo\u0159i vyb\u00edraj\u00ed \u0160pan\u011blska, jako pravidlo, jsou ochotni j\u00edt do v\u011bt\u0161\u00edho rizika.<\/p>\n<h2>Minimalizace rizik a diverzifikace<\/h2>\n<p>V\u00fdnos fond\u016f investor\u016fm nen\u00ed zaru\u010dena. To z\u00e1vis\u00ed na tom, dra\u017e\u0161\u00ed, nebo levn\u011bj\u0161\u00ed aktiva, ale tak\u00e9 z popt\u00e1vky na pron\u00e1jem a dynamiky n\u00e1jemn\u00e9ho.<\/p>\n<p>Stejn\u011b jako jak\u00fdkoli druh investice, investice do fond\u016f nemovitost\u00ed je spojen\u00fd s rizikem. \u010c\u00edm v\u011bt\u0161\u00ed v\u00fdnos, t\u00edm vy\u0161\u0161\u00ed riziko. <\/p>\n<p>&#8222;Jedn\u00edm z hlavn\u00edch rizik v\u00fdzkum \u2014 bezohledn\u00ed mana\u017ee\u0159i. Je d\u016fle\u017eit\u00e9 vybrat spole\u010dnost, s dobrou histori\u00ed, pov\u011bst\u00ed, transparentn\u00ed pod\u00e1v\u00e1n\u00ed zpr\u00e1v a srozumiteln\u00e9 strategie,&#8220; \u0159\u00edk\u00e1 Ji\u0159\u00ed \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<p>V\u011bt\u0161ina fond\u016f se sna\u017e\u00ed minimalizovat rizika t\u00edm, \u017ee kombinuje r\u016fzn\u00e9 strategie a \u0434\u0438\u0432\u0435\u0440\u0441\u0438\u0444\u0438\u0446\u0438\u0440\u0443\u044f portfolio.<\/p>\n<\/p>\n<h3>Hlavn\u00ed rizika a cesty k jejich minimalizaci<\/h3>\n<p>\u00dadaje Tranio<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Rizika<\/th>\n<th>Jak fondy \u0441\u0442\u0440\u0430\u0445\u0443\u044e\u0442\u0441\u044f od rizika<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Makroekonomick\u00e1 rizika<\/strong><br \/>\n(krize, inflace, atd.)<\/td>\n<td rowspan=\"4\">V\u00fdb\u011br stabiln\u00edch trh\u016f (nap\u0159\u00edklad investice do &#8222;velk\u00e9 \u0441\u0435\u043c\u0435\u0440\u043a\u0443&#8220; v N\u011bmecku) a diverzifikace (nap\u0159\u00edklad 80 % kapit\u00e1lu m\u016f\u017ee investovat v n\u00e1kupn\u00ed centra nebo kancel\u00e1\u0159e, a 20 % \u2014 v logistick\u00e9 are\u00e1ly a domy s pe\u010dovatelskou slu\u017ebou)<\/td>\n<\/tr>\n<tr>\n<td><strong>Tr\u017en\u00ed riziko<\/strong><br \/>\n(pokles cen nemovitost\u00ed, levn\u011bj\u0161\u00ed pron\u00e1jem)<\/td>\n<\/tr>\n<tr>\n<td><strong>M\u011bnov\u00e9 riziko<\/strong><br \/>\n(nap\u0159\u00edklad p\u0159i p\u0159\u00edlohy australsk\u00fd v\u00fdzkum v USA existuje riziko p\u00e1du americk\u00e9ho dolaru)<\/td>\n<\/tr>\n<tr>\n<td><strong>Legislativn\u00ed riziko<\/strong><br \/>\n(zm\u011bny v legislativ\u011b)<\/td>\n<\/tr>\n<tr>\n<td><strong>Prodej za cenu ni\u017e\u0161\u00ed ne\u017e kupn\u00ed<\/strong><\/td>\n<td>N\u00e1kup podhodnocen\u00fdch oblast\u00ed, v nich\u017e jsou o\u010dek\u00e1v\u00e1ny nebo jsou prov\u00e1d\u011bny \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f nebo regenerace<\/td>\n<\/tr>\n<tr>\n<td><strong>Riziko spojen\u00e9 s financov\u00e1n\u00edm<\/strong><br \/>\n(v budoucnu fond nem\u016f\u017ee z\u00edskat lep\u0161\u00ed podm\u00ednky na p\u016fj\u010dky)<\/td>\n<td>\u00dav\u011bry s fixn\u00edmi sazbami, LTV v\u00edce ne\u017e 50 %<\/td>\n<\/tr>\n<tr>\n<td><strong>Neplacen\u00ed n\u00e1jemn\u00e9ho n\u00e1jemci<\/strong><\/td>\n<td>Spolehliv\u00e9 n\u00e1jemn\u00edky s dobrou \u00fav\u011brovou histori\u00ed (velk\u00e9 spole\u010dnosti, jako je Sainsbury &#8218; s, st\u00e1tn\u00ed podniky), v\u00edce n\u00e1jemc\u016f<\/td>\n<\/tr>\n<tr>\n<td><strong>Riziko prostoj\u016f<\/strong><\/td>\n<td>V\u00fdb\u011br je ji\u017e vykonan\u00fdch d\u00edl\u010d\u00edch pron\u00e1jem objekt\u016f s minim\u00e1ln\u00ed \u0437\u0430\u043f\u043e\u043b\u043d\u044f\u0435\u043c\u043e\u0441\u0442\u044c\u044e 80 a\u017e 95 % v oblastech s vysp\u011bl\u00fdm dopravn\u00edm spojen\u00edm a trhem pr\u00e1ce; vytrval\u00e9 a pevn\u00e9 n\u00e1jemn\u00ed smlouvy<\/td>\n<\/tr>\n<tr>\n<td><strong>Riziko zv\u00fd\u0161en\u00fdch n\u00e1klad\u016f na \u00fadr\u017ebu<\/strong><\/td>\n<td>V\u00fdb\u011br kvalitn\u00edch objekt\u016f (bydlen\u00ed, vy\u017eaduje opravu, &#8222;zelen\u00e9&#8220; kancel\u00e1\u0159sk\u00e9 budovy t\u0159\u00eddy a, a, atd.)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Mnoho fond\u016f roz\u0161\u00ed\u0159ily sv\u00e9 investi\u010dn\u00ed portfolio, tj. investuj\u00ed investo\u0159i sou\u010dasn\u011b v majetku n\u011bkolika typ\u016f v r\u016fzn\u00fdch zem\u00edch pomoc\u00ed v\u00edce strategi\u00ed a investi\u010dn\u00edch destinac\u00ed. Krom\u011b nemovitost\u00ed, fondy mohou dr\u017eet mal\u00fd pod\u00edl finan\u010dn\u00edch prost\u0159edk\u016f v hotovosti nebo cenn\u00fdch pap\u00edr\u016f. Tam jsou tak\u00e9 fondy, kter\u00e9 nejsou investuj\u00ed p\u0159\u00edmo v za\u0159\u00edzen\u00ed, a investuj\u00ed do jin\u00fdch fond\u016f nebo spole\u010dnost\u00ed, zab\u00fdvaj\u00edc\u00ed se nemovitostmi.<\/p>\n<p> P\u0159\u00edklad strukturov\u00e1n\u00ed portfolia fondu s ohledem na diverzifikaci <i><\/i><\/p>\n<h2>Jak tedy investovat?<\/h2>\n<p>Projekty Core a Core Plus \u2014 nejm\u00e9n\u011b rizikov\u00e9, ale m\u016f\u017eete vyd\u011blat v\u00edce pen\u011bz pomoc\u00ed strategie Value Added. <\/p>\n<p>&#8222;Jednotn\u00e9 doporu\u010den\u00ed neexistuje. V\u00fdb\u011br z\u00e1le\u017e\u00ed na \u00fa\u010delu investice a m\u00edsta investice v portfoliu klienta. Nap\u0159\u00edklad, pokud 80% prost\u0159edk\u016f ji\u017e jsou zakotveny v robustn\u00ed n\u00e1stroje a pot\u0159ebujete n\u00e1stroj pro zv\u00fd\u0161en\u00ed v\u00fdnosu, pak je\u0161t\u011b 20 % je mo\u017en\u00e9 poslat do projekt\u016f Value Added&#8220;,\u2014 \u0159\u00edk\u00e1 Alexander Nedomov\u00e1.<\/p>\n<p>Podle George \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432\u0430, pro ty, kdo cht\u011bj\u00ed investovat do Value Added, a to zejm\u00e9na se doporu\u010duje zvolit transparentn\u00ed trhy a spolehliv\u00e9 fondy, aby se minimalizovalo riziko.<\/p>\n<p>&#8222;Doporu\u010duje se vybrat si fondy s nad\u011bjnou strategi\u00ed, nap\u0159\u00edklad, investovat do takov\u00e9 t\u0159\u00eddy nemovitost\u00ed, kter\u00e9 budou v popt\u00e1vce v horizontu 10-20 let,\u2014 \u0159\u00edk\u00e1 George \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.\u2014 Podle na\u0161eho n\u00e1zoru, to \u043c\u0438\u043a\u0440\u043e\u0430\u043f\u0430\u0440\u0442\u0430\u043c\u0435\u043d\u0442\u044b a d\u016fm s pe\u010dovatelskou slu\u017ebou. Je tak\u00e9 d\u016fle\u017eit\u00e9 rozhodnout se rozv\u00edjej\u00edc\u00ed oblast, kde se vyskytuje \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f, kter\u00fd z objektivn\u00edch d\u016fvod\u016f bude v\u00edce likvidn\u00ed p\u0159es 10 let. Fondy investuj\u00edc\u00ed do slibn\u00e9 a aktu\u00e1ln\u00ed strategie, s velkou pravd\u011bpodobnost\u00ed p\u0159inese investorovi p\u0159\u00edjmy&#8220;.<\/p>\n<h2>Aplikace: Zejm\u00e9na evropsk\u00fdch fond\u016f nemovitost\u00ed<\/h2>\n<\/p>\n<p>\u00dadaje PwC<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Zem\u011b<\/th>\n<th>Pr\u00e1vn\u00ed status<\/th>\n<th>Po\u017eadavky k fondu<\/th>\n<th>Klady<\/th>\n<th>Z\u00e1pory<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td rowspan=\"2\">Rakousko<\/td>\n<td>Realitn\u00ed fond (Immobilien-Sonderverm\u00f6gen) \u2014 fond otev\u0159en\u00e9ho typu, nen\u00ed pr\u00e1vnick\u00e1 osoba; je \u0159\u00edzena rakousk\u00e9 veden\u00ed spole\u010dnosti (Kapitalanlagegesellschaft, KAG) \u2014 je to bu\u010f LLC (Gesellschaft mit beschr\u00e4nkter Haftung, GmbH) nebo AO (Aktiengesellschaft, AG)<\/td>\n<td>Investice minim\u00e1ln\u011b 10 kr\u00e1t za 4 roky<\/td>\n<td>Pro v\u0161echny investory; \u017e\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fondu; dobr\u00fd \u043e\u0442\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u044c; fond vykupuje akcie na p\u0159\u00e1n\u00ed investor\u016f<\/td>\n<td>Omezen\u00ed na typy nemovitost\u00ed; zv\u00fd\u0161en\u00ed hodnoty nemovitosti osvobozeny od dan\u011b, bez ohledu na to, zda to prod\u00e1v\u00e1<\/td>\n<\/tr>\n<tr>\n<td>Speci\u00e1ln\u00ed fond nemovitost\u00ed (Immobilien-Spezialsonderverm\u00f6gen) \u2014 fond uzav\u0159en\u00e9ho typu, nen\u00ed pr\u00e1vnick\u00e1 osoba; je \u0159\u00edzena rakousk\u00e9 veden\u00ed spole\u010dnosti (KAG) \u2014 je to bu\u010f LLC (GmbH), a to bu\u010f TYPOLOGIE (AG)<\/td>\n<td>Investice minim\u00e1ln\u011b 5 kr\u00e1t za 4 roky<\/td>\n<td>Flexibiln\u00ed n\u00e1stroj pro institucion\u00e1ln\u00ed investory<\/td>\n<td>Omezen\u00ed na n\u011bkter\u00e9 typy nemovitost\u00ed; fond pouze pro pr\u00e1vnick\u00e9 osoby; obvykle pouze pro dlouhodob\u00e9 investice; zv\u00fd\u0161en\u00ed hodnoty nemovitosti osvobozeny od dan\u011b, bez ohledu na to, zda to prod\u00e1v\u00e1<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Velk\u00e1 brit\u00e1nie<\/td>\n<td>Fondy, partnerstv\u00ed s ru\u010den\u00edm omezen\u00fdm (Limited Partnership)<\/td>\n<td>Ne<\/td>\n<td>\u017d\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fondu; sn\u00ed\u017een\u00e9 sazby dan\u011b pro investora-nerezident<\/td>\n<td>Struktura je vhodn\u011bj\u0161\u00ed pro fondy uzav\u0159en\u00e9ho typu<\/td>\n<\/tr>\n<tr>\n<td>\u0424\u0438\u0441\u043a\u0430\u043b\u044c\u043d\u043e transparentn\u00ed fondy (Tax Transparent Funds, TTFs): pov\u011b\u0159en\u00fd a nastaviteln\u00fd partnerstv\u00ed s ru\u010den\u00edm omezen\u00fdm (authorised and regulated limited partnership vehicle, ALP) a struktura, zalo\u017een\u00e1 na smlouv\u011b spole\u010dn\u00e9ho vlastnictv\u00ed (contractual co-ownership arrangement, CCA)<\/td>\n<td>Ne<\/td>\n<td>\u017d\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fondu; sn\u00ed\u017een\u00e9 sazby dan\u011b pro investora-nerezident; nerezidenti mohou b\u00fdt osvobozeny od dan\u011b z kapit\u00e1lov\u00fdch v\u00fdnos\u016f<\/td>\n<td>TTF \u2014 nov\u00fd re\u017eim fungov\u00e1n\u00ed fondu nemovitost\u00ed, tedy hod. existuje nejistota v ot\u00e1zce uzn\u00e1n\u00ed mezin\u00e1rodn\u00edmi organizacemi<\/td>\n<\/tr>\n<tr>\n<td>Autorizovan\u00fd fond investice do nemovitost\u00ed (Property Authorised Investment Fund, sdru\u017een\u00ed paif), investi\u010dn\u00ed spole\u010dnost otev\u0159en\u00e9ho typu (open-ended investment company, OEIC)<\/td>\n<td>Podm\u00ednky jsou \u0159e\u0161eny individu\u00e1ln\u011b<\/td>\n<td>V\u011bt\u0161ina \u010dl\u00e1nk\u016f p\u0159\u00edjmy fondu osvobozeny od korpor\u00e1tn\u00ed dan\u011b, ale p\u0159\u00edjmy investor\u016f jsou dan\u00ed)<\/td>\n<td>P\u0159\u00edsn\u00e1 regulace \u010dinnosti v\u00fdzkum (\u00da\u0159ad pro dohled nad finan\u010dn\u00edmi transakcemi, Financial Conduct Authority)<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\">N\u011bmecko<\/td>\n<td>Realitn\u00ed fond (Immobilien-Sonderverm\u00f6gen) \u2014fond otev\u0159en\u00e9ho typu, nen\u00ed pr\u00e1vnick\u00e1 osoba; je \u0159\u00edzena n\u011bmeck\u00e9 veden\u00ed spole\u010dnosti (KAG) \u2014 je to bu\u010f LLC (GmbH), a to bu\u010f TYPOLOGIE (AG), nebo LLC a \u043a\u043e\u043c\u043c\u0430\u043d\u0434\u0438\u0442\u043d\u043e\u0435 spole\u010dnost (Gesellschaft mit beschr\u00e4nkter Haftung &amp; Compagnie Kommanditgesellschaft, GmbH &amp; Co. KG)<\/td>\n<td>Bankovn\u00ed financov\u00e1n\u00ed nen\u00ed v\u00edce ne\u017e 30 % z celkov\u00e9 hodnoty aktiv \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u044b\u0445<\/td>\n<td>B\u011b\u017en\u00fd a spolehliv\u00fd n\u00e1stroj pro v\u0161echny investory; \u017e\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fondu<\/td>\n<td>Do uzav\u0159en\u00ed akci\u00ed \u2014 minim\u00e1ln\u00ed dvoulet\u00e9 obdob\u00ed vlastnictv\u00ed a ro\u010dn\u00ed obdob\u00ed ozn\u00e1men\u00ed o ukon\u010den\u00ed<\/td>\n<\/tr>\n<tr>\n<td>Speci\u00e1ln\u00ed venkovn\u00ed fond (Spezial-Sonderverm\u00f6gen) \u2014 nen\u00ed pr\u00e1vnick\u00e1 osoba; je \u0159\u00edzena n\u011bmeck\u00e9 veden\u00ed spole\u010dnosti (KAG) \u2014 je to bu\u010f LLC (GmbH), a to bu\u010f TYPOLOGIE (AG), nebo LLC a \u043a\u043e\u043c\u043c\u0430\u043d\u0434\u0438\u0442\u043d\u043e\u0435 spole\u010dnost (GmbH &amp; Co. KG)<\/td>\n<td>Bankovn\u00ed \u00fav\u011bry v\u00edce ne\u017e 50 % z celkov\u00e9 hodnoty aktiv \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u044b\u0445<\/td>\n<td>\u017d\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fondu<\/td>\n<td>Pouze pro profesion\u00e1ln\u00ed nebo \u043f\u043e\u043b\u0443\u043f\u0440\u043e\u0444\u0435\u0441\u0441\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u044b\u0445 investor\u016f<\/td>\n<\/tr>\n<tr>\n<td>Uzav\u0159en\u00fd fond (geschlossene Investmentkommanditgesellschaft, Investment KG) \u2014 partnerstv\u00ed s ru\u010den\u00edm omezen\u00fdm; z\u00e1kladn\u00ed partner \u2014 obvykle LLC (GmbH); investo\u0159i jsou partnery s ru\u010den\u00edm majetku omezen\u00fdm<\/td>\n<td>Bankovn\u00ed financov\u00e1n\u00ed nen\u00ed v\u00edce ne\u017e 60 % z celkov\u00e9 hodnoty aktiv \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u044b\u0445<\/td>\n<td>Pro v\u0161echny investory; \u017e\u00e1dn\u00e1 da\u0148 na rozd\u011blen\u00ed p\u0159\u00edjm\u016f<\/td>\n<td>K dispozici smlouvy o zamezen\u00ed dvoj\u00edho zdan\u011bn\u00ed a evropsk\u00e9 sm\u011brnice; fond m\u016f\u017ee b\u00fdt n\u011bmeck\u00fd da\u0148 na obchodn\u00ed \u010dinnost<\/td>\n<\/tr>\n<tr>\n<td>Speci\u00e1ln\u00ed fond uzav\u0159en\u00e9ho typu (Spezial-Investment KG); investi\u010dn\u00ed TYPOLOGIE (Investmentaktiengesellschaft) nebo partnerstv\u00ed s ru\u010den\u00edm omezen\u00fdm (Investment KG); hlavn\u00ed partner \u2014 obvykle LLC (GmbH); investo\u0159i jsou partnery s ru\u010den\u00edm majetku omezen\u00fdm<\/td>\n<td>Ne<\/td>\n<td>\u017d\u00e1dn\u00e9 zdan\u011bn\u00ed p\u0159\u00edjm\u016f na \u00farovni fondu<\/td>\n<td>K dispozici smlouvy o zamezen\u00ed dvoj\u00edho zdan\u011bn\u00ed a evropsk\u00e9 sm\u011brnice; pouze pro profesion\u00e1ln\u00ed nebo \u043f\u043e\u043b\u0443\u043f\u0440\u043e\u0444\u0435\u0441\u0441\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u044b\u0445 investor\u016f<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Lucembursko<\/td>\n<td>Fondy, \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f dohody o kolektivn\u00ed investov\u00e1n\u00ed (Undertakings for Collective Investments, UCIs): fond co-um\u00edst\u011bn\u00ed (Fonds Commun de Placement, FCP), investi\u010dn\u00ed spole\u010dnost s variabiln\u00edm kapit\u00e1lem (Soci\u00e9t\u00e9 d &#8218;Investissement \u00e0 Capital Variable, SICAV), investi\u010dn\u00ed spole\u010dnost s konstantn\u00edm kapit\u00e1lem (Soci\u00e9t\u00e9 d&#8216; Investissement \u00e0 Capital Fixe, SICAF); jsou \u0159\u00edzeny lucembursk\u00e9 veden\u00ed spole\u010dnosti (Alternative Investment Fund Manager, AIFM)<\/td>\n<td>Maxim\u00e1ln\u011b 20 % prost\u0159edk\u016f mohou b\u00fdt investov\u00e1ny do jednoho investi\u010dn\u00edho objektu; bankovnictv\u00ed finan\u010dn\u00ed prost\u0159edky ne v\u00edce ne\u017e 50% z celkov\u00e9 ceny \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u044b\u0445 majetku; minim\u00e1ln\u00ed hodnota aktiv \u2014 1,25 milion\u016f eur<\/td>\n<td>Flexibiln\u00ed n\u00e1stroj pro investov\u00e1n\u00ed, popul\u00e1rn\u00ed u zahrani\u010dn\u00edch investor\u016f; \u017e\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fondu<\/td>\n<td>Zdan\u011bn\u00ed investor\u016f z\u00e1vis\u00ed na zemi bydli\u0161t\u011b<\/td>\n<\/tr>\n<tr>\n<td>Re\u017eim specializovan\u00fdch investi\u010dn\u00edch fond\u016f (Specialised Investment Funds, SIF): FCP, SICAV, SICAF<\/td>\n<td>Maxim\u00e1ln\u011b 30 % finan\u010dn\u00edch prost\u0159edk\u016f mohou b\u00fdt investov\u00e1ny do jednoho investi\u010dn\u00edho objektu; minim\u00e1ln\u00ed hodnota aktiv \u2014 1,25 milion\u016f eur<\/td>\n<td>\u017d\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fondu<\/td>\n<td>Investory mohou b\u00fdt pouze spole\u010dnosti, profesion\u00e1ln\u00ed investo\u0159i osoby nebo fyzick\u00e9 osoby investovat minim\u00e1ln\u011b 125 tis\u00edc eur, nebo jsou p\u0159ipraveny poskytnout dokumenty o dostupnosti, zku\u0161enost\u00ed investice; zdan\u011bn\u00ed investor\u016f z\u00e1vis\u00ed na zemi bydli\u0161t\u011b<\/td>\n<\/tr>\n<tr>\n<td>Spole\u010dnost investovat do riskantn\u00ed kapit\u00e1lem (Soci\u00e9t\u00e9 d &#8218; Investissement en Capital \u00e0 Risque, SICAR); m\u016f\u017ee m\u00edt r\u016fzn\u00e9 formy pr\u00e1vnick\u00e9 osoby (SRO, partnerstv\u00ed s ru\u010den\u00edm omezen\u00fdm a dal\u0161\u00ed)<\/td>\n<td>Ne (proto\u017ee investice \u043e\u043f\u043f\u043e\u0440\u0442\u0443\u043d\u0438\u0441\u0442\u0438\u0447\u0435\u0441\u043a\u0438\u0435)<\/td>\n<td>\u017d\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fondu<\/td>\n<td>Pouze pro profesion\u00e1ln\u00ed investory; zdan\u011bn\u00ed investor\u016f z\u00e1vis\u00ed na zemi bydli\u0161t\u011b<\/td>\n<\/tr>\n<tr>\n<td>Francie<\/td>\n<td>Investi\u010dn\u00ed realitn\u00ed fond (Fonds de Placement Immobilier, FPI) a firma, jej\u00ed\u017e prim\u00e1rn\u00edm \u010dinnosti jsou \u010dinnosti v oblasti nemovitost\u00ed (Soci\u00e9t\u00e9 de Placement \u00e0 Pr\u00e9pond\u00e9rance Immobili\u00e8re, SPPICAV); je \u0159\u00edzen francouzskou nebo registrovan\u00e9 v jin\u00e9 zemi EU, veden\u00ed spole\u010dnosti<\/td>\n<td>Kapit\u00e1l ve v\u00fd\u0161i 500 tis\u00edc eur v prvn\u00edch 3 letech po zalo\u017een\u00ed; minim\u00e1ln\u011b 60 % aktiv mus\u00ed b\u00fdt objekty nemovitost\u00ed; nejm\u00e9n\u011b 85 % n\u00e1jemn\u00edho p\u0159\u00edjm\u016f a (pro SPPICAV) 100 % kapit\u00e1lov\u00e9 sly\u0161et investor\u016fm<\/td>\n<td>\u017d\u00e1dn\u00e9 zdan\u011bn\u00ed na \u00farovni fond\u016f, ve\u0159ejn\u00fdch fond\u016f je mo\u017en\u00e9 osvobozen\u00ed od 3-procentn\u00ed dan\u011b<\/td>\n<td>K dispozici smlouvy o zamezen\u00ed dvoj\u00edho zdan\u011bn\u00ed; fondy FPI jsou mal\u00e9 co do po\u010dtu<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Tento materi\u00e1l m\u016f\u017ee b\u00fdt pou\u017eit pouze pro informa\u010dn\u00ed \u00fa\u010dely. Investice do nemovitost\u00ed zahrnuj\u00ed rizika, v\u010detn\u011b rizika ztr\u00e1ty \u010d\u00e1stky investovan\u00e9ho kapit\u00e1lu. Pochopit nuance v\u00e1m pomohou kvalifikovan\u00ed odborn\u00edci na investice. Tranio doporu\u010duje obr\u00e1tit se k nim p\u0159ed investic\u00ed finan\u010dn\u00edch prost\u0159edk\u016f.<\/p>\n<p>Julia \u041a\u043e\u0436\u0435\u0432\u043d\u0438\u043a\u043e\u0432\u0430, Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Pr\u016fzkum proveden\u00fd Tranio v roce 2017, uk\u00e1zal: v\u011bt\u0161ina realitn\u00edch kancel\u00e1\u0159\u00ed (81 %) se domn\u00edvaj\u00ed, \u017ee rusky mluv\u00edc\u00ed investo\u0159i z\u0159\u00eddka investuj\u00ed<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[133],"tags":[],"class_list":["post-969","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-danove-informace-ve-francii"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"cs","enabled_languages":["ru","uk","en","de","fr","it","es","pl","pt","bg","cs","da","et","fi","hr","hu","lt","lv","mk","no","ro","sk","sl","sq","sr","tr","nl","am","ca","sv"],"languages":{"ru":{"title":false,"content":false,"excerpt":false},"uk":{"title":false,"content":false,"excerpt":false},"en":{"title":false,"content":false,"excerpt":false},"de":{"title":false,"content":false,"excerpt":false},"fr":{"title":false,"content":false,"excerpt":false},"it":{"title":false,"content":false,"excerpt":false},"es":{"title":false,"content":false,"excerpt":false},"pl":{"title":false,"content":false,"excerpt":false},"pt":{"title":false,"content":false,"excerpt":false},"bg":{"title":false,"content":false,"excerpt":false},"cs":{"title":true,"content":true,"excerpt":false},"da":{"title":false,"content":false,"excerpt":false},"et":{"title":false,"content":false,"excerpt":false},"fi":{"title":false,"content":false,"excerpt":false},"hr":{"title":false,"content":false,"excerpt":false},"hu":{"title":false,"content":false,"excerpt":false},"lt":{"title":false,"content":false,"excerpt":false},"lv":{"title":false,"content":false,"excerpt":false},"mk":{"title":false,"content":false,"excerpt":false},"no":{"title":false,"content":false,"excerpt":false},"ro":{"title":false,"content":false,"excerpt":false},"sk":{"title":false,"content":false,"excerpt":false},"sl":{"title":false,"content":false,"excerpt":false},"sq":{"title":false,"content":false,"excerpt":false},"sr":{"title":false,"content":false,"excerpt":false},"tr":{"title":false,"content":false,"excerpt":false},"nl":{"title":false,"content":false,"excerpt":false},"am":{"title":false,"content":false,"excerpt":false},"ca":{"title":false,"content":false,"excerpt":false},"sv":{"title":false,"content":false,"excerpt":false}}},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts\/969","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/comments?post=969"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/posts\/969\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/media?parent=969"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/categories?post=969"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/cs\/wp-json\/wp\/v2\/tags?post=969"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}