{"id":1858,"date":"2020-02-13T00:30:57","date_gmt":"2020-02-12T21:30:57","guid":{"rendered":"http:\/\/nalog.fr\/ltka-siulo-uzsienio-fondu-turto\/"},"modified":"2020-02-13T00:30:57","modified_gmt":"2020-02-12T21:30:57","slug":"ltka-siulo-uzsienio-fondu-turto","status":"publish","type":"post","link":"https:\/\/nalog.fr\/lt\/ltka-siulo-uzsienio-fondu-turto\/","title":{"rendered":"K\u0105 si\u016blo u\u017esienio fond\u0173 turto"},"content":{"rendered":"<p>Apklausa, kuri\u0105 jis praleido Tranio 2017 metais, parod\u0117: dauguma \u0440\u0438\u0435\u043b\u0442\u043e\u0440\u043e\u0432 (81 %) mano, kad \u0440\u0443\u0441\u0441\u043a\u043e\u044f\u0437\u044b\u0447\u043d\u044b\u0435 investuotojai retai investuoja pinigus \u012f fond\u0173 turto. <\/p>\n<p>Ta\u010diau netrukus toks b\u016bdas investuoti gali tapti labiau populiarus. &#8222;Pagal m\u016bs\u0173 prognozes, 2017-2018 metais \u0440\u043e\u0441\u0441\u0438\u044f\u043d\u0435 bus daugiau su\u017einosite apie \u0444\u043e\u043d\u0434\u0430\u0445 turto ir bus palaipsniui jud\u0117ti \u0161ia kryptimi. Da\u017enai tai yra patogesnis formatas, nei patys pirkti ir po valdymo objektas&#8221;,\u2014 sako vykdantysis partneris Tranio Georgijus \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<p>\u0160iame straipsnyje mes paai\u0161kinti, kaip, naudojant fondus investuoti \u012f projektus, susijusius su statyba ir prie\u017ei\u016bra, nekilnojamojo turto.<\/p>\n<p><strong>Fondai, nekilnojamojo turto dirba pagal toki\u0105 schem\u0105:<\/strong><\/p>\n<li>fondas skiria valdymo \u012fmon\u0119 (vadovai fondo);<\/li>\n<li>investuotojai investuoja kapitalo fondas;<\/li>\n<li>\u012f gaut\u0105 pinig\u0173 fondo valdytojai \u012fsigyja nekilnojamojo turto aukcionai;<\/li>\n<li>vadovai fondo formuoja ir nukreipia pelno fondas;<\/li>\n<li>pelno dalis paskirstoma tarp investuotoj\u0173: jie u\u017edirba \u012f tai, kad proporcingai savo dole \u012f \u0444\u043e\u043d\u0434\u0435 gauna dal\u012f pajam\u0173 i\u0161 nuomos ar\/ir perparduoti.<\/li>\n<p><strong>J\u016bs investicijas \u012f fondus daug privalum\u0173:laim\u0117jusi\u0173<\/strong><\/p>\n<ul>\n<li>ma\u017eas slenkstis patekti \u2014 nuo 1 t\u016bkst. iki 30 t\u016bkst. eur\u0173 (palyginimui: perkant \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u043e\u0439 butai, reikia bent 100 t\u016bkst. eur\u0173);<\/li>\n<li>paprasta pirkimo pardavimo akcij\u0173 ir \u043f\u0430\u0435\u0432 (atviro kodo \u0444\u043e\u043d\u0434\u0430\u0445 tai galima padaryti bet kuri\u0105 darbo dien\u0105);<\/li>\n<li>profesionalus valdymas (nereikia gai\u0161ti asmeninis laiko valdymas);<\/li>\n<li>diversifikuoti investicij\u0173 portfel\u012f;<\/li>\n<li>didelis likvidumas palyginti su \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0446\u0438\u044f\u043c\u0438 tiesiogiai i\u0161 nekilnojamojo turto aukcion\u0105.<\/li>\n<\/ul>\n<p><strong>Ta\u010diau yra ir esminis minusas<\/strong>: \u043d\u0435\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u0430\u043c sunku investuoti \u012f u\u017esienio fondai. <\/p>\n<p>\u041a\u043e\u043c\u043c\u0435\u043d\u0442\u0438\u0440\u0443\u0435\u0442 ekspertas Tranio Aleksandras \u010cernovas: &#8222;Investuoti \u012f jav fondai, fiziniams asmenims \u2013 \u043d\u0435\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u0430\u043c sunku d\u0117l daugelio prie\u017eas\u010di\u0173. Dauguma platform\u0173 organizuoti kaip investavimo \u0442\u0440\u0430\u0441\u0442\u044b nekilnojamojo turto (Real Estate Investment Trusts, REITs), kurie atleisti nuo mokes\u010di\u0173 ir perkelti na\u0161t\u0105 mokes\u010di\u0173 pajamos i\u0161 investicij\u0173 \u012f nekilnojam\u0105j\u012f turt\u0105 savo akcinink\u0173 (investuotoj\u0173). Tokia strukt\u016bra yra naudinga \u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u0430\u043c JAV, kurie da\u017enai naudoja kapitalo investicij\u0173 l\u0117\u0161\u0173 i\u0161 savo pensij\u0173 investicini\u0173 s\u0105skait\u0173, kurios, savo ruo\u017etu, taip pat turi atid\u0117jimo re\u017eimas mokes\u010di\u0173. Ta\u010diau u\u017esienio investuotojams, \u0432\u043a\u043b\u0430\u0434\u044b\u0432\u0430\u044e\u0449\u0438\u043c \u012f tokius jav fond\u0173, tur\u0117s mok\u0117ti didel\u0119 gyventoj\u0173 pajam\u0173 mokes\u010dio ir savaranki\u0161kai pateikti mokes\u010di\u0173 deklaracijos \u012f JAV, nes fondai n\u0117ra pasisako u\u017e mokes\u010di\u0173 agentai. Prie to paties, odinis deklaracija \u2014 daug pastang\u0173 ir \u0437\u0430\u0442\u0440\u0430\u0442\u043d\u044b\u0439 procesas. Potencial\u016bs investuotojai i\u0161 Rusijos, taip pat susidurs su sunkumais, kai \u043f\u0435\u0440\u0435\u0447\u0438\u0441\u043b\u0435\u043d\u0438\u0438 priemones i\u0161 rusijos bank\u0173 \u012f jav s\u0105skaitos fond\u0173 ir gr\u0105\u017eindami kapitalo s\u0105skaitos \u012f MF. Dauguma platform\u0173 n\u0117ra skirtos dirbti su \u0438\u043d\u043e\u0441\u0442\u0440\u0430\u043d\u0446\u0430\u043c\u0438 ir rodo, kad investuotojai yra banko s\u0105skaitos \u012f JAV. Tokiu atveju atidaryti s\u0105skait\u0105 jav banke be socialinio draudimo numeriai, adresai, JAV ar ilgalaik\u0117s vizos problemi\u0161kas ir bet kokiu atveju reik\u0117s asmeninio buvimo ir kelion\u0117s \u012f \u0161i\u0105 \u0161al\u012f&#8221;.<\/p>\n<p>Ta\u010diau, pasak direktoriaus, pagal finansini\u0173 paslaug\u0173 Tranio Kirilo Schmidt, investuoti \u012f REIT galima ir bir\u017eoje \u2014 kaip \u012f vertybinius popierius. &#8222;Esant tokiam scenarijui pateikti mokes\u010di\u0173 deklaracij\u0105 d\u0117l JAV nereikia&#8221;,\u2014 sako jis.<\/p>\n<h2>Tipai fond\u0173<\/h2>\n<p>Tiems, kurie vis dar i\u0161dr\u012fso \u012f toki\u0173 investicij\u0173, prad\u0117ti svarbu su\u017einoti tipas fondo, siekiant suprasti, kaip ir per kok\u012f laikotarp\u012f bus paskirta pelno.<\/p>\n<p>Yra keletas tip\u0173 fond\u0173.<\/p>\n<p><strong>1) naudojant pelno:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Kaupimo fondas<br \/>\n(Accumulation, Acc)<\/th>\n<th width=\"40%\">Fondas orientuotas<br \/>\npajamos<br \/>\n(*Income, Inc)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Kaip naudoti pelno<\/strong><\/td>\n<td>Pelno \u0440\u0435\u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0440\u0443\u0435\u0442\u0441\u044f atgal \u012f fond\u0105 pirkti daugiau objekt\u0173 arba akcij\u0173<\/td>\n<td>Pelno skai\u010diuojama \u012f investuotojo banko s\u0105skait\u0105<\/td>\n<\/tr>\n<tr>\n<td><strong>Fondo tikslas<\/strong><\/td>\n<td>Augim\u0105 ir padidinti baz\u0117s objekt\u0173 generavimo papildomos gr\u0105\u017eos<\/td>\n<td>Tik gauti pajam\u0173<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Dauguma fond\u0173, siekiama tuo pa\u010diu metu ir pl\u0117sti, ir gauti pajam\u0173.<\/p>\n<p><strong>2) dalyvauti kainos bir\u017eoje:<\/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 bir\u017eoje<br \/>\n(listed)<\/th>\n<th width=\"40%\">Ne \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f bir\u017eoje<br \/>\n(non-listed)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Leidimas akcij\u0173<\/strong><\/td>\n<td>Spaudai akcijos<\/td>\n<td>Ne spaudai akcijos<\/td>\n<\/tr>\n<tr>\n<td><strong>Teisinis statusas<\/strong><\/td>\n<td>\u2014 investavimo \u0442\u0440\u0430\u0441\u0442\u044b nekilnojamojo turto (Real Estate Investment Trusts, REITs)<br \/>\n\u2014 \u012fmon\u0117s turto \u2014 akcin\u0117s bendrov\u0117s<\/td>\n<td>\u2014 investicini\u0173 fond\u0173 (unit trusts arba mutual funds)<br \/>\n\u2014 pensij\u0173 fond\u0173 (pension schemes)<br \/>\n\u2014 \u016bkin\u0117s bendrijos yra ribotos atsakomyb\u0117s \u012fmon\u0117 (limited partnerships)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8222;Informacija apie ne \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0445\u0441\u044f bir\u017eose \u0444\u043e\u043d\u0434\u0430\u0445 yra prieinama investuotojams ne ma\u017eiau, nei apie \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0445\u0441\u044f bir\u017eoje. Tai gerai \u043e\u0442\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u0430\u044f pramon\u0117. Investuoti \u012f \u043f\u0430\u0435\u0432\u044b\u0439 investicij\u0173 fondas \u0440\u043e\u0437\u043d\u0438\u0447\u043d\u043e\u043c\u0443 investuotojui net lengviau, nei fond\u0173 bir\u017eoje, ir \u0161is rinkos segmentas maksimaliai skaidri&#8221;,\u2014 sak\u0117 Kirilas Schmidt. <\/p>\n<p><strong>3) pagal investavimo termin\u0173:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Atvira<br \/>\n(open-ended)<\/th>\n<th width=\"40%\">U\u017edaryti<br \/>\n(closed-ended)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Laiko iki pardavimo \u043f\u0430\u0435\u0432 <\/strong><\/td>\n<td>Investuotojas gali pirkti \u043f\u0430\u0438 arba pristatyti \u043f\u0430\u0438 prie \u0432\u044b\u043a\u0443\u043f\u0443 valdymo bendrov\u0117s \u012f bet kuri\u0105 darbo dien\u0105<\/td>\n<td>Sukurtas ribot\u0105 laik\u0105 (5-10 met\u0173). Per \u0161\u012f laikotarp\u012f investuotojas negali pasiimti savo l\u0117\u0161as i\u0161 fondo. Gr\u0105\u017einimo \u043f\u0430\u0435\u0432 atsitinka, kai fondo likvidavimo<\/td>\n<\/tr>\n<tr>\n<td><strong>Likvidumas<\/strong><\/td>\n<td>Didelis<\/td>\n<td>Ma\u017eas<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>L\u0117\u0161as, kurios specializuojasi saugoti nekilnojamojo turto nuomos, gali b\u016bti atidarytas ir u\u017edarytas. Ta\u010diau dauguma fond\u0173, u\u017esiimanti statyba,\u2014 u\u017edaryta, nes kol \u0432\u043e\u0437\u0432\u043e\u0434\u0438\u0442\u0441\u044f objektas, pinigus naudoti negalima: jie dedami \u012f sklyp\u0105, \u043a\u043e\u0442\u043b\u043e\u0432\u0430\u043d, \u0441\u0442\u0440\u043e\u044f\u0449\u0435\u0435\u0441\u044f pastatas. I\u0161eiti i\u0161 investicij\u0173 galima po statybos pabaigos ir pardavimas, pastato, kai i\u0161 fondo atsiranda priemon\u0117s (ta\u010diau investuotojas gali parduoti savo dal\u012f kitam investuotojui). Pavyzd\u017eiui, fondas bus atidarytas 2015 metais, surenka reikiam\u0105 kiek\u012f l\u0117\u0161\u0173 i\u0161 investuotoj\u0173 ir stato \u012f \u0161iuos pinigus objektus per penkerius metus. Po to, kaip pinigus surinkti, fondas pareik\u0161tas u\u017edarytos, 2020 metais ji parduoda objekt\u0173 ir \u0432\u044b\u0440\u0443\u0447\u0435\u043d\u043d\u044b\u0435 priemon\u0117s moka investuotojams peln\u0105.<\/p>\n<p>Nuo fondus reik\u0117t\u0173 atskirti <strong>\u043a\u0440\u0430\u0443\u0434\u0444\u0430\u043d\u0434\u0438\u043d\u0433\u043e\u0432\u044b\u0435 platforma<\/strong>, taip pat tokias rimtas kolektyvinio investavimo schemos. &#8222;Pagrindinis skirtumas yra tai, kad skirtingai nei fond\u0173, \u012f \u043a\u0440\u0430\u0443\u0434\u0444\u0430\u043d\u0434\u0438\u043d\u0433\u0435 investuotojas da\u017enai pats pasirenka, kokie konkret\u016bs projektai investuoti, ir ne taip sau \u012fsipareigojim\u0173 i\u0161 anksto&#8221;,\u2014 sako Aleksandras \u010cernovas. <\/p>\n<h2>Investavimo strategija<\/h2>\n<p>Investuotojui svarbu \u017einoti, kokia strategija veikia fondas, siekiant \u012fvertinti rizik\u0105 ir pelningum\u0105. Strategija b\u016bna keturi\u0173 r\u016b\u0161i\u0173. <\/p>\n<\/p>\n<h3>Investavimo strategija<\/h3>\n<p>Duomenys Tranio<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Strategija<\/th>\n<th>Kitos<br \/>\npavadinimas<\/th>\n<th>Esm\u0117<\/th>\n<th>Rizika<\/th>\n<th>Na\u0161umas*<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Core<\/strong><\/td>\n<td rowspan=\"2\">Buy and Hold&#8221;<br \/>\n(&#8222;pirkimas ir atsakomyb\u0117&#8221;)<\/td>\n<td>Nekilnojamojo turto pirkimas nuomai tikslai be pritraukti paskolos<\/td>\n<td>\u017demas<\/td>\n<td>Ma\u017eas<br \/>\n(2-3 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Core Plus<\/strong><\/td>\n<td>Nekilnojamojo turto pirkimas nuomai tikslai yra \u043d\u0435\u0446\u0435\u043d\u0442\u0440\u0430\u043b\u044c\u043d\u044b\u0445 \u043b\u043e\u043a\u0430\u0446\u0438\u044f\u0445 naudoja finansin\u012f svert\u0105<\/td>\n<td>Vidutin\u0117s<\/td>\n<td>Vidutinis<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;prieaugio vert\u0117s&#8221;)<\/td>\n<td>\u0420\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442 (pirkimo objekt\u0173 rekonstrukcijos, remonto v\u0117liau, ir parduoti u\u017e didesn\u0119 kain\u0105)<\/td>\n<td>Vidutin\u0117s-auk\u0161tos<\/td>\n<td>Vidutin\u0117s-auk\u0161tos<br \/>\n(7-10 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Opportunistic<\/strong><\/td>\n<td>Statybos, pirkimo \u043d\u0435\u043e\u0441\u0432\u043e\u0435\u043d\u043d\u044b\u0445 \u017eemi\u0173 objektai su \u043e\u0431\u0440\u0435\u043c\u0435\u043d\u0435\u043d\u0438\u044f\u043c\u0438<\/td>\n<td>Auk\u0161tas<\/td>\n<td>Didelis<br \/>\n(daugiau 10 %)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>* Vakar\u0173 Europoje ir JAV<\/p>\n<p>Dauguma fond\u0173, dirba tik viena i\u0161 strategij\u0173. Bet kai kurie renkasi i\u0161 karto du ar trys \u2014 pavyzd\u017eiui, Core, Core Plus &#8221; ir &#8221; Value Added. &#8222;Europoje ir JAV pagal gamybos dominuoja kapitalo fondai Core ir Core Plus, nes juose yra didelis procentas vis\u0173 brangiausia ir dideli\u0173 institucini\u0173 objektai yra&#8221;,\u2014 sako Aleksandras \u010cernovas.<\/p>\n<p>Tie fondai, kad dirba pagal strategijos Core, renkasi \u0443\u0441\u0442\u043e\u044f\u0432\u0448\u0438\u0435\u0441\u044f, \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u044b\u0435 rinkas su pastoviu paklausos ir did\u0117jan\u010di\u0173 kain\u0173, ir d\u0117l to si\u016blo ma\u017eas nuomos derlius (2-3 %). Fondai, kurie strategij\u0105 Core Plus &#8221; suteikia didesn\u012f pelningum\u0105 (iki 7 %), kadangi investuoja ma\u017eiau centriniai vietoje ir naudojasi kredito svirtis. Pagaliau, fondai, kurios specializuojasi Value Added, gali pateikti galutiniam na\u0161umas iki 10 % d\u0117l to, kad investuoti investuotojai besivystan\u010diose rinkose, pavyzd\u017eiui, \u012f tokius, kur tikimasi \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f, ir \u012fgauna objektus pagal tuniso ir v\u0117liau perparduoti u\u017e didesn\u0119 kain\u0105.<\/p>\n<h2>Pavyzd\u017eiai fond\u0173 ir j\u0173 strategijas<\/h2>\n<p>&#8222;Mes investuotoj\u0173 skirtingas u\u017eduotis: kam nors reikia i\u0161saugoti kapitalo su minimaliomis rizikos ir gr\u0105\u017e\u0105, o kai kas yra pasireng\u0119s daug rizikuoti ir tikisi auk\u0161tesni\u0173 procent\u0173 investuoto kapitalo. Vakar\u0173 rinkos fond\u0173 turto si\u016blo plat\u0173 asortiment\u0105 \u012fvairi\u0173 strategij\u0173, rizik\u0105 ir pelningum\u0105, savo klientams&#8221;,\u2014 sako Georgijus \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<\/p>\n<h3>Kai kurie u\u017esienio fond\u0173 turto ir j\u0173 strategija<\/h3>\n<p>Duomenys fond\u0173<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Fondas<\/th>\n<th>Aberdeen Property Trust<\/th>\n<th>Henderson<\/th>\n<th>Legal &amp; General<\/th>\n<th>PropFund<\/th>\n<th>&#8222;US Masters Residential Property Fund<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Fondo tipas<\/strong><\/td>\n<td>Atviras, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Atviras, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Atviras, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Privatus, ne \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Atviras, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<\/tr>\n<tr>\n<td><strong>Jurisdikcija<\/strong><\/td>\n<td>Did\u017eioji britanija<\/td>\n<td>Did\u017eioji britanija<\/td>\n<td>Did\u017eioji britanija<\/td>\n<td>Vokietija<\/td>\n<td>Australija<\/td>\n<\/tr>\n<tr>\n<td><strong>Strategija<\/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>Minimalus biud\u017eetas<\/strong><\/td>\n<td>5 000 \u00a3<\/td>\n<td>1 000 \u00a3 (Acc),<br \/>\n3 000 000 \u00a3 (Inc)<\/td>\n<td>500 \u00a3<\/td>\n<td>30 000 \u20ac<\/td>\n<td>N\/d<\/td>\n<\/tr>\n<tr>\n<td><strong>Geografija<br \/>\nobjektai<\/strong><\/td>\n<td>Jungtin\u0117 Karalyst\u0117 (Londonas)<\/td>\n<td>Jungtin\u0117 Karalyst\u0117 (Pietry\u010di\u0173-Ryt\u0173 Anglija)<\/td>\n<td>Did\u017eioji britanija<\/td>\n<td>Vokietija (Berlynas ir apylink\u0117s, o taip pat su miesto gyventoj\u0173 ir daugiau nei 50 t\u016bkst. \u017emoni\u0173)<\/td>\n<td>JAV (Niujorkas, Naujasis D\u017eersis; \u043d\u0435\u0434\u043e\u043e\u0446\u0435\u043d\u0435\u043d\u043d\u044b\u0435 vietoje)<\/td>\n<\/tr>\n<tr>\n<td><strong>Tipai<br \/>\nobjektai<\/strong><\/td>\n<td>50 % \u2014 prekybos \u012frengini\u0173, 20 % \u2014 biurai<\/td>\n<td>Prekybos ir biuro nekilnojamojo turto<\/td>\n<td>22 % \u2014pramon\u0117s objektus; kita \u2014 parduotuv\u0117s, biurai, \u0440\u0438\u0442\u0435\u0439\u043b park\u0173, sand\u0117li\u0173<\/td>\n<td>Butai<\/td>\n<td>Pig\u016bs namuose 1-4 \u0161eimos ir \u043c\u043d\u043e\u0433\u043e\u043a\u0432\u0430\u0440\u0442\u0438\u0440\u043d\u044b\u0435 pastato \u012f 20-100 but\u0173<\/td>\n<\/tr>\n<tr>\n<td><strong>Na\u0161umas,<br \/>\n% per metus<\/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\/d<\/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\/d<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Pagal tyrim\u0173 duomenis Europos investuotoj\u0173 asociacijos ne \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f akcij\u0173 fond\u0173 turto (European Association for Investors in Non-Listed Real Estate Vehicles, INREV), dauguma apklaust\u0173 investuotoj\u0173 2016 metais pasirinko strategij\u0105 Value Added arba Core. Palyginus su 2015 met\u0173 dalis Core Value Added padid\u0117jo (nuo 82,2 iki 86,2 proc.), o Oportunistic \u2014 suma\u017e\u0117jo (nuo 17,8 iki 13,8 %). Tai sako apie tai, kad 2016 metais investuotojai buvo ma\u017eiau pasiruo\u0161\u0119s eiti \u012f rizik\u0105 nei anks\u010diau. Tyrime taip pat prane\u0161ama, kad populiariausi rinkas investicijos \u2014 \u0161alyje su \u017eemos rizikos (Vokietija, Pranc\u016bzija ir did\u017eioji Britanija).<\/p>\n<p>     <i><\/i><\/p>\n<p>Atskir\u0173 rink\u0173 dalis oportunistas strategijas gali b\u016bti didesnis. Pavyzd\u017eiui, pasak JLL, Ispanijoje 2015 metais tai sudar\u0117 28 % (tuo tarpu Core ir Core Plus \u2014 35 %). \u0160i \u0161alis pasi\u017eymi didel\u0117s rizikos, nei, pavyzd\u017eiui, jungtin\u0117 karalyst\u0117 ir Vokietija, ir investuotojai, \u0432\u044b\u0431\u0438\u0440\u0430\u044e\u0449\u0438\u0435 Ispanij\u0105, kaip taisykl\u0117, yra pasireng\u0119 eiti \u012f didel\u012f pavoj\u0173.<\/p>\n<h2>Suma\u017einti rizika ir diversifikacija<\/h2>\n<p>Derlius \u012f \u0444\u043e\u043d\u0434\u0430\u0445 investuotojams negarantuojamas. Ji priklauso nuo to, \u0434\u043e\u0440\u043e\u0436\u0430\u044e\u0442 arba \u0434\u0435\u0448\u0435\u0432\u0435\u044e\u0442 turt\u0105, o taip pat nuo paklausos nuoma ir garsiakalbiai \u0430\u0440\u0435\u043d\u0434\u043d\u044b\u0445 normos.<\/p>\n<p>Kaip ir bet kokio tipo investicij\u0173, priedai fond\u0173 turto \u012ftakoja rizikos. Kuo didesnis derlius, tuo didesn\u0117 rizika. <\/p>\n<p>&#8222;Vienas i\u0161 pagrindini\u0173 rizikos fondas \u2014 nes\u0105\u017einingi valdyti. Svarbu pasirinkti kompanija su gera istorija, reputacij\u0105, skaidrus \u043e\u0442\u0447\u0435\u0442\u043d\u043e\u0441\u0442\u044c\u044e ir suprantami strategija&#8221;,\u2014 sako Georgijus \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<p>Dauguma fond\u0173 stengiasi suma\u017einti rizik\u0105, derinant skirtingas strategijas ir \u0434\u0438\u0432\u0435\u0440\u0441\u0438\u0444\u0438\u0446\u0438\u0440\u0443\u044f portfel\u012f.<\/p>\n<\/p>\n<h3>Pagrindin\u0117s rizikos ir b\u016bd\u0173 jas suma\u017einti<\/h3>\n<p>Duomenys Tranio<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Rizika<\/th>\n<th>Kaip fondai \u0441\u0442\u0440\u0430\u0445\u0443\u044e\u0442\u0441\u044f nuo rizikos<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>\u041c\u0430\u043a\u0440\u043e\u044d\u043a\u043e\u043d\u043e\u043c\u0438\u0447\u0435\u0441\u043a\u0438\u0435 rizik\u0105<\/strong><br \/>\n(kriz\u0117, infliacija ir tt)<\/td>\n<td rowspan=\"4\">Pasirinkimas stabilios rinkose (pavyzd\u017eiui, investicijos \u012f &#8222;did\u017ei\u0105j\u0105 \u0441\u0435\u043c\u0435\u0440\u043a\u0443&#8221; Vokietijos) ir diversifikacija (pvz., 80 % kapitalo gali pasiry\u017e\u0119 investuoti \u012f prekybos centr\u0173 ar biur\u0173 ir 20 % \u2014 logistikos kompleksai ir seneli\u0173 namai)<\/td>\n<\/tr>\n<tr>\n<td><strong>Rinkos rizika<\/strong><br \/>\n(suma\u017e\u0117jo nekilnojamojo turto kainos, \u0443\u0434\u0435\u0448\u0435\u0432\u043b\u0435\u043d\u0438\u0435 nuoma)<\/td>\n<\/tr>\n<tr>\n<td><strong>U\u017esienio valiutos rizika<\/strong><br \/>\n(pvz., prid\u0117jus australijos fondo JAV yra rizika nukristi kurso jav dolerio)<\/td>\n<\/tr>\n<tr>\n<td><strong>Teis\u0117s rizika<\/strong><br \/>\n(keisti teis\u0117s aktus)<\/td>\n<\/tr>\n<tr>\n<td><strong>Pardavimo kaina ma\u017eesn\u0117 pirkimo<\/strong><\/td>\n<td>Pirkimas i\u0161 pamir\u0161ti teritorijose, kuriose pa\u017eeidimai arba vykdomos \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f arba regeneracija<\/td>\n<\/tr>\n<tr>\n<td><strong>Rizika, susijusi su finansavimu<\/strong><br \/>\n(ateityje fondas gali gauti palankios s\u0105lygos d\u0117l paskol\u0173)<\/td>\n<td>Paskolos su fiksuotais mietai, LTV ne daugiau 50 %<\/td>\n<\/tr>\n<tr>\n<td><strong>\u041d\u0435\u0443\u043f\u043b\u0430\u0442\u0430 nuomos nuomininkams<\/strong><\/td>\n<td>Patikimi nuomininkai su gera kredito istorija (didel\u0117s bendrov\u0117s, pavyzd\u017eiui, Sainsbury&#8217;s, valstybin\u0117s \u012fmon\u0117s), keletas nuominink\u0173<\/td>\n<\/tr>\n<tr>\n<td><strong>Rizika neveiksnum\u0105<\/strong><\/td>\n<td>Pasirinkimas jau \u0441\u0434\u0430\u043d\u043d\u044b\u0445, nuoma, nekilnojamojo turto objektai su minimaliu \u0437\u0430\u043f\u043e\u043b\u043d\u044f\u0435\u043c\u043e\u0441\u0442\u044c\u044e 80-95 % srityse i\u0161sivys\u010diusios transporto \u017einute ir rinkos darbo; \u043f\u0440\u043e\u0434\u043e\u043b\u0436\u0438\u0442\u0435\u043b\u044c\u043d\u044b\u0435 ir kietos nuomos sutarties<\/td>\n<\/tr>\n<tr>\n<td><strong>Rizika padid\u0117jusi i\u0161laid\u0173 turinys<\/strong><\/td>\n<td>Pasirinkimas kokybi\u0161k\u0173 objekt\u0173 (patalpos, ne \u0442\u0440\u0435\u0431\u0443\u044e\u0449\u0435\u0435 remontas, &#8222;\u017eali\u0173j\u0173&#8221; A klas\u0117s biur\u0173 pastatai ir t. t.)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Daugelis fond\u0173 \u0434\u0438\u0432\u0435\u0440\u0441\u0438\u0444\u0438\u0446\u0438\u0440\u0443\u044e\u0442 savo investicij\u0173 portfel\u012f, tai yra investuoti investuotojai vienu metu \u012f nekilnojam\u0105j\u012f turt\u0105, keli\u0173 r\u016b\u0161i\u0173 skirtingose \u0161alyse, naudojant tam tikras strategijas ir kryp\u010di\u0173 investicij\u0173. Be nekilnojamojo turto fondai gali laikyti nedidel\u0119 dal\u012f l\u0117\u0161\u0173, pinig\u0173 ar vertybini\u0173 popieri\u0173. Taip pat yra fondai, kurie investuoja tiesiogiai \u012f objektus, o investuoti \u012f kitus fondus ar \u012fmon\u0117s, u\u017esiiman\u010dios nekilnojamojo turto.<\/p>\n<p> Pavyzdys strukt\u016brinio rodymo portfelio fondo atsi\u017evelgiant \u012f diversifikacijos <i><\/i><\/p>\n<h2>Kaip investuoti?<\/h2>\n<p>Projektai Core ir Core Plus \u2014 ma\u017eiausiai rizikinga, bet galima daugiau u\u017edirbti, naudojant strategij\u0105 Value Added. <\/p>\n<p>&#8222;Vieninga rekomendacij\u0173 n\u0117ra. Pasirinkimas priklauso nuo investavimo tikslus ir vietos investicij\u0173 portfel\u012f klientui. Pvz., jei 80 % l\u0117\u0161\u0173 jau investuota \u012f patikimi \u012frankiai ir reikia priemon\u0117 padidinti pelningum\u0105, tai dar 20 % galima nukreipti \u012f projektus Value Added&#8221;,\u2014 sako Aleksandras \u010cernovas.<\/p>\n<p>Pasak \u0413\u0435\u043e\u0440\u0433\u0438\u044f \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432\u0430, tiems, kurie nori investuoti \u012f Value Added, ypa\u010d rekomenduojama pasirinkti \u017eiaur\u016bs rinkas ir patikimas l\u0117\u0161as, iki minimumo suma\u017einti rizik\u0105.<\/p>\n<p>&#8222;Rekomenduojama pasirinkti fondai su \u017eadantys strategijas, pavyzd\u017eiui, investuoti \u012f tokios klas\u0117s turto, kuri bus naudinga d\u0117l horizonto 10-20 met\u0173,\u2014 sako Georgijus \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.\u2014 M\u016bs\u0173 nuomone, tai \u043c\u0438\u043a\u0440\u043e\u0430\u043f\u0430\u0440\u0442\u0430\u043c\u0435\u043d\u0442\u044b ir slaugos namuose. Taip pat svarbu pasirinkti besivystantis rajonas, kur vyksta \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f, kuris objektyviai prie\u017eas\u010di\u0173 tapti daugiau \u043b\u0438\u043a\u0432\u0438\u0434\u043d\u044b\u043c per 10 met\u0173. Fondai, \u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0435 \u012f ateit\u012f ir aktualijos strategija didel\u0117 tikimyb\u0117, kad atne\u0161 investuotojui pajamos&#8221;.<\/p>\n<h2>Programa: Ypa\u010d europos fond\u0173 turto<\/h2>\n<\/p>\n<p>Duomenys PwC<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>\u0160alis<\/th>\n<th>Teisinis statusas<\/th>\n<th>Reikalavimai fondui<\/th>\n<th>Privalumai<\/th>\n<th>Tr\u016bkumai<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td rowspan=\"2\">Austrija<\/td>\n<td>Fondo turto (Immobilien-Sonderverm\u00f6gen) \u2014 fondas atviro tipo, n\u0117ra juridinis asmuo; kontroliuoja \u0430\u0432\u0441\u0442\u0440\u0438\u0439\u0441\u043a\u043e\u0439 valdymo \u012fmon\u0117s (Kapitalanlagegesellschaft, KAG) \u2014 tai arba SIA (Gesellschaft mit beschr\u00e4nkter Haftung, GmbH), arba AB (Aktiengesellschaft, AG)<\/td>\n<td>Investuoti ma\u017eiausiai 10 kart\u0173 per 4 metus<\/td>\n<td>Bet investuotojams; n\u0117ra apmokestinimo lygio fondo; gera \u043e\u0442\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u044c; fondas \u0432\u044b\u043a\u0443\u043f\u0430\u0435\u0442 \u043f\u0430\u0438 pagal pageidavim\u0105 investuotojams<\/td>\n<td>Apribojim\u0173 tipai turto; prieaugio vert\u0117s turto apmokestinami, nesvarbu, ar jis yra parduodamas<\/td>\n<\/tr>\n<tr>\n<td>Special\u0173 fond\u0105, nekilnojamojo turto (Immobilien-Spezialsonderverm\u00f6gen) \u2014 fondas yra u\u017edaro tipo, ne juridinis asmuo; kontroliuoja \u0430\u0432\u0441\u0442\u0440\u0438\u0439\u0441\u043a\u043e\u0439 valdymo \u012fmon\u0117s (KAG) \u2014 tai arba SIA (GmbH), arba AB (AG)<\/td>\n<td>Investicijos ma\u017eiausiai 5 kartus per 4 metus<\/td>\n<td>Lanksti priemon\u0117, skirta instituciniams investuotojams<\/td>\n<td>Apribojimai d\u0117l tam tikr\u0173 r\u016b\u0161i\u0173 turto; fondas tik juridini\u0173 asmen\u0173; paprastai tik ilgalaiki\u0173 investicij\u0173; prieaugio vert\u0117s turto apmokestinami, nesvarbu, ar jis yra parduodamas<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Did\u017eioji britanija<\/td>\n<td>Fondai \u2014 partneryst\u0117s su ribotos atsakomyb\u0117s \u012fmon\u0117 (Limited partneryst\u0117s projektu)<\/td>\n<td>N\u0117ra<\/td>\n<td>N\u0117ra mokes\u010di\u0173 lygio fondo; suma\u017eina s\u016bki\u0173 la\u017eyb\u0173 mokes\u010di\u0173 investuotojams-\u043d\u0435\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u043e\u0432<\/td>\n<td>Strukt\u016bra labiau tinka fond\u0173, u\u017edaro tipo<\/td>\n<\/tr>\n<tr>\n<td>\u0424\u0438\u0441\u043a\u0430\u043b\u044c\u043d\u043e permatomi fond\u0173 (Tax Transparent Funds, TTFs): \u012fgaliotas ir reguliuojamas partneryst\u0119 su ribotos atsakomyb\u0117s (authorised and regulated limited partneryst\u0117s projektu vehicle, ALP) ir strukt\u016bra, pagr\u012fsta sutarties bendros nuosavyb\u0117s (contractual co-ownership arrangement, CCA)<\/td>\n<td>N\u0117ra<\/td>\n<td>N\u0117ra mokes\u010di\u0173 lygio fondo; suma\u017eina s\u016bki\u0173 la\u017eyb\u0173 mokes\u010di\u0173 investuotojams-\u043d\u0435\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u043e\u0432; \u043d\u0435\u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u044b gali b\u016bti atleisti nuo mokes\u010dio kapitalo prieaugio<\/td>\n<td>TTF \u2014 naujas re\u017eimas veikimo fondo turto, t. h. egzistuoja netikrumas \u012f klausim\u0105 pripa\u017einimo tarptautin\u0117mis organizacijomis<\/td>\n<\/tr>\n<tr>\n<td>Atpa\u017einkite fondo investicij\u0173 \u012f nekilnojam\u0105j\u012f turt\u0105 (nekilnojamas turtas Authorised Investment Fund, PAIF), investicin\u0117 bendrov\u0117, atviro tipo (open-ended investment company, OEIC)<\/td>\n<td>Terminai aptariami individualiai<\/td>\n<td>Dauguma straipsni\u0173 pajam\u0173 fondo atleisti nuo verslo mokes\u010di\u0173 (bet investuotoj\u0173 pajamos apmokestinamos mokes\u010di\u0173)<\/td>\n<td>Tvirtas reguliavimas veiklos fondo (Bendrojo kontroliuoti per finansini\u0173 operacij\u0173, Finansini\u0173 Conduct Authority)<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\">Vokietija<\/td>\n<td>Fondo turto (Immobilien-Sonderverm\u00f6gen) \u2014fondas atviro tipo, n\u0117ra juridinis asmuo; valdoma vokietijos valdymo \u012fmon\u0117s (KAG) \u2014 tai arba SIA (GmbH), arba AB (AG), nors SIA ir \u043a\u043e\u043c\u043c\u0430\u043d\u0434\u0438\u0442\u043d\u043e\u0435 bi\u010diulyst\u0119 (Gesellschaft mit beschr\u00e4nkter Haftung &amp; Compagnie Kommanditgesellschaft, GmbH &amp; Co.&#8221;. KG)<\/td>\n<td>Bank\u0173 finansavimas yra ne daugiau 30 % nuo visos kainos \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u044b\u0445 turto<\/td>\n<td>Paplit\u0119s ir patikimas \u012frankis, skirtas bet koki\u0173 investuotojams; n\u0117ra apmokestinimo lygio fondo<\/td>\n<td>Iki u\u017edarymo \u043f\u0430\u0435\u0432 \u2014 minimalus \u0434\u0432\u0443\u0445\u043b\u0435\u0442\u043d\u0438\u0439 laikotarp\u012f nuosavyb\u0117s ir metinio pa\u017eangos prane\u0161imo apie i\u0161\u0117jim\u0105<\/td>\n<\/tr>\n<tr>\n<td>Specialus vie\u0161ojo fondas (Spezial-Sonderverm\u00f6gen) \u2014 n\u0117ra juridinis asmuo; valdoma vokietijos valdymo \u012fmon\u0117s (KAG) \u2014 tai arba SIA (GmbH), arba AB (AG), nors SIA ir \u043a\u043e\u043c\u043c\u0430\u043d\u0434\u0438\u0442\u043d\u043e\u0435 bi\u010diulyst\u0119 (GmbH &amp; Co.&#8221;. KG)<\/td>\n<td>Bank\u0173 finansavimas yra ne daugiau kaip 50% nuo visos kainos \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u044b\u0445 turto<\/td>\n<td>N\u0117ra mokes\u010di\u0173 lygio fondo<\/td>\n<td>Tik profesinius ar \u043f\u043e\u043b\u0443\u043f\u0440\u043e\u0444\u0435\u0441\u0441\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u044b\u0445 investuotojams<\/td>\n<\/tr>\n<tr>\n<td>Privatus fondas (geschlossene Investmentkommanditgesellschaft, Investment-KG) \u2014 partneryst\u0117s su ribotos atsakomyb\u0117s; pagrindinis partneris \u2014 paprastai, UAB (GmbH); investuotojai yra partneriai yra ribotos turtin\u0117s atsakomyb\u0117s \u012fmon\u0117<\/td>\n<td>Bank\u0173 finansavimas yra ne daugiau kaip 60 % nuo visos kainos \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u044b\u0445 turto<\/td>\n<td>Bet investuotojams; n\u0117ra pajam\u0173 mokes\u010dio, pajam\u0173 paskirstymas<\/td>\n<td>Nepasiekiami sutarties dvigubo apmokestinimo i\u0161vengimo ir europos direktyvos; fondas gali \u043e\u0431\u043b\u0430\u0433\u0430\u0442\u044c\u0441\u044f vokietijos mokes\u010di\u0173 \u012f prekybos veikla<\/td>\n<\/tr>\n<tr>\n<td>Specialus fondas yra u\u017edaro tipo (Spezial-Investment-KG); investicinis AB (Investmentaktiengesellschaft), arba partneryst\u0117s su ribotos atsakomyb\u0117s \u012fmon\u0117 (Investment-KG); pagrindinis partneris \u2014 paprastai, UAB (GmbH); investuotojai yra partneriai yra ribotos turtin\u0117s atsakomyb\u0117s \u012fmon\u0117<\/td>\n<td>N\u0117ra<\/td>\n<td>N\u0117ra mokes\u010di\u0173, pajam\u0173 lygio fondo<\/td>\n<td>Nepasiekiami sutarties dvigubo apmokestinimo i\u0161vengimo ir europos direktyvos; tik profesini\u0173 ar \u043f\u043e\u043b\u0443\u043f\u0440\u043e\u0444\u0435\u0441\u0441\u0438\u043e\u043d\u0430\u043b\u044c\u043d\u044b\u0445 investuotojams<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Liuksemburgas<\/td>\n<td>Fondai, \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f susitarim\u0105 d\u0117l kolektyvini\u0173 investicij\u0173 (Undertakings for Collective Investments, UCIs): fondo bendrai apgyvendinimo (Fonds Commun de Placement, FCP), investicin\u0117 bendrov\u0117, su kintama kapitalu (Soci\u00e9t\u00e9 d &#8216;Investissement \u00e0 Capital Variable, SICAV), investicin\u0117 bendrov\u0117, su nuolat kapitalu (Soci\u00e9t\u00e9 d&#8217; Investissement \u00e0 Capital Fixe, SICAF); valdomas \u043b\u044e\u043a\u0441\u0435\u043c\u0431\u0443\u0440\u0433\u0441\u043a\u043e\u0439 valdymo \u012fmon\u0117s (Alternative Investment Fund Manager, AIFM)<\/td>\n<td>Daugiausia 20 % l\u0117\u0161\u0173 gali b\u016bti investuota \u012f vieno investicij\u0173 objektas; bank\u0173 finansavimas yra ne daugiau kaip 50% nuo visos kainos \u043d\u0435\u0434\u0432\u0438\u0436\u0438\u043c\u044b\u0445 turto; minimali turto vert\u0117 \u2014 1,25 mln eur\u0173<\/td>\n<td>Lankstus \u012frankis investuoti, populiarus pas u\u017esienio investuotojams; n\u0117ra apmokestinimo lygio fondo<\/td>\n<td>Mokes\u010diai investuotoj\u0173 priklauso nuo \u0161alies \u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u0441\u0442\u0432\u0430<\/td>\n<\/tr>\n<tr>\n<td>Re\u017eimas specializuot\u0173 \u0438\u043d\u0432\u0435\u0441\u0442\u0444\u043e\u043d\u0434\u043e\u0432 (Specialised Investment Funds, SIF): FCP, SICAV, SICAF<\/td>\n<td>Daugiausiai 30 % l\u0117\u0161\u0173 gali b\u016bti investuota \u012f vieno investicij\u0173 objektas; minimali turto vert\u0117 \u2014 1,25 mln eur\u0173<\/td>\n<td>N\u0117ra mokes\u010di\u0173 lygio fondo<\/td>\n<td>Investuotojams gali b\u016bti tik \u012fmon\u0117s, profesional\u016bs investuotojai ar fiziniai asmenys, \u0432\u043a\u043b\u0430\u0434\u044b\u0432\u0430\u044e\u0449\u0438\u0435 ma\u017eiausiai 125 t\u016bkst. eur\u0173 arba paruo\u0161ti pateikti dokumentus turite patirties investavimo; mokes\u010diai investuotoj\u0173 priklauso nuo \u0161alies \u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u0441\u0442\u0432\u0430<\/td>\n<\/tr>\n<tr>\n<td>Visuomen\u0117 investuoti \u012f rizikingas kapitalas (Soci\u00e9t\u00e9 d &#8216; Investissement en \u00e0 Capital Risque, SICAR); gali b\u016bti skirtingos formos juridinio asmens (UAB, partneryst\u0117 yra ribotos turtin\u0117s atsakomyb\u0117s ir kitos)<\/td>\n<td>Ne, nes investicijos \u043e\u043f\u043f\u043e\u0440\u0442\u0443\u043d\u0438\u0441\u0442\u0438\u0447\u0435\u0441\u043a\u0438\u0435)<\/td>\n<td>N\u0117ra mokes\u010di\u0173 lygio fondo<\/td>\n<td>Tik profesionali\u0173 investuotoj\u0173; mokes\u010diai investuotoj\u0173 priklauso nuo \u0161alies \u0440\u0435\u0437\u0438\u0434\u0435\u043d\u0442\u0441\u0442\u0432\u0430<\/td>\n<\/tr>\n<tr>\n<td>Pranc\u016bzija<\/td>\n<td>Investicij\u0173 fondo turto (Fonds de Placement Immobilier, FPI) ir bendrov\u0117, kieno \u043f\u0440\u0435\u0438\u043c\u0443\u0449\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 veikla yra operacijos su nekilnojamojo turto (Soci\u00e9t\u00e9 de Placement \u00e0 Pr\u00e9pond\u00e9rance Immobili\u00e8re, SPPICAV); valdomas pranc\u016bz\u0173 arba registruota kitoje \u0161alyje ES valdymo \u012fmon\u0117s<\/td>\n<td>Kapital\u0105 nuo 500 t\u016bkst. eur\u0173 per pirmuosius 3 metus nuo \u012fk\u016brimo; ma\u017eiausiai 60 % turto tur\u0117t\u0173 b\u016bti nekilnojamojo turto objektus; bent 85 % nuomos pajam\u0173 ir (jei SPPICAV) 100 % kapitalo prieaugio, pasigirsta investuotojams<\/td>\n<td>N\u0117ra mokes\u010di\u0173 lygio fondo; vie\u0161\u0173j\u0173 fond\u0173, galb\u016bt atleidimas nuo 3-procentin\u0119 mokes\u010dio<\/td>\n<td>Nepasiekiami sutarties dvigubo apmokestinimo i\u0161vengimo; fond\u0173 FPI \u043c\u0430\u043b\u043e\u0447\u0438\u0441\u043b\u0435\u043d\u043d\u044b<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0160i med\u017eiaga gali b\u016bti naudojama tik bandom\u0105sias tikslais. Investicijos \u012f nekilnojam\u0105j\u012f turt\u0105 \u012ftakoja rizikos, \u012fskaitant rizikos nuostoli\u0173 sumos prid\u0117tos kapitalo. Sutvarkyti \u043d\u044e\u0430\u043d\u0441\u0430\u0445 jums pad\u0117s kvalifikuoti ekspertai investicij\u0173. Tranio rekomenduoja kreiptis \u012f j\u012f prie\u0161 priedu l\u0117\u0161\u0173.<\/p>\n<p>Katerina \u041a\u043e\u0436\u0435\u0432\u043d\u0438\u043a\u043e\u0432\u0430, Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Apklausa, kuri\u0105 jis praleido Tranio 2017 metais, parod\u0117: dauguma \u0440\u0438\u0435\u043b\u0442\u043e\u0440\u043e\u0432 (81 %) mano, kad \u0440\u0443\u0441\u0441\u043a\u043e\u044f\u0437\u044b\u0447\u043d\u044b\u0435 investuotojai retai investuoja pinigus \u012f<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[145],"tags":[],"class_list":["post-1858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mokesciu-informacija-prancuzijoje"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"lt","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":false,"content":false,"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":true,"content":true,"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\/lt\/wp-json\/wp\/v2\/posts\/1858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/comments?post=1858"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/posts\/1858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/media?parent=1858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/categories?post=1858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/lt\/wp-json\/wp\/v2\/tags?post=1858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}