{"id":1783,"date":"2020-02-12T23:51:11","date_gmt":"2020-02-12T20:51:11","guid":{"rendered":"http:\/\/nalog.fr\/lvko-piedava-arvalstu-nekustama-ipasuma-fondi\/"},"modified":"2020-02-12T23:51:11","modified_gmt":"2020-02-12T20:51:11","slug":"lvko-piedava-arvalstu-nekustama-ipasuma-fondi","status":"publish","type":"post","link":"https:\/\/nalog.fr\/lv\/lvko-piedava-arvalstu-nekustama-ipasuma-fondi\/","title":{"rendered":"Ko pied\u0101v\u0101 \u0101rvalstu nekustam\u0101 \u012bpa\u0161uma fondi"},"content":{"rendered":"<p>Veikt\u0101 aptauja, Tranio 2017. gad\u0101, liecina: liel\u0101k\u0101 da\u013ca realtors (81 %) uzskata, ka krievvalod\u012bgie investori reti kas iegulda naudu, nekustam\u0101 \u012bpa\u0161uma fondi. <\/p>\n<p>Tom\u0113r dr\u012bz t\u0101ds veids, k\u0101 ieguld\u012bt var k\u013c\u016bt popul\u0101r\u0101ka. &#8220;Saska\u0146\u0101 ar m\u016bsu prognoz\u0113m, 2017-2018 gados krievi b\u016bs vair\u0101k uzzin\u0101t par fondiem, nekustamo \u012bpa\u0161umu un pak\u0101peniski virz\u012bties \u0161aj\u0101 virzien\u0101. Bie\u017ei vien tas ir \u0113rt\u0101ks form\u0101ts nek\u0101 patst\u0101v\u012bga ieg\u0101d\u0101ties un p\u0113c tam vad\u012bbas objektu&#8221;,\u2014 saka vado\u0161ais partneris Tranio Georgijs \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<p>\u0160aj\u0101 rakst\u0101 m\u0113s past\u0101st\u012bsim, k\u0101, izmantojot fondu ieguld\u012bt projektos, kas saist\u012bti ar b\u016bvniec\u012bbu un ekspluat\u0101ciju nekustamo \u012bpa\u0161umu.<\/p>\n<p><strong>Nekustam\u0101 \u012bpa\u0161uma fondi darbojas saska\u0146\u0101 ar \u0161o sh\u0113mu:<\/strong><\/p>\n<li>fonds iece\u013c p\u0101rvaldo\u0161\u0101 sabiedr\u012bba (vad\u012bt\u0101ji fonda);<\/li>\n<li>investori invest\u0113 fonds;<\/li>\n<li>par ieg\u016bto naudu vad\u012bt\u0101jiem fonda ieg\u0101d\u0101jas nekustamo \u012bpa\u0161umu;<\/li>\n<li>vad\u012bt\u0101ji fonda rada un virza pe\u013c\u0146a fonds;<\/li>\n<li>pe\u013c\u0146as da\u013ca tiek sadal\u012bta starp investoriem: vi\u0146i pelna uz to, ka proporcion\u0101li sava da\u013ca \u0161aj\u0101 fond\u0101 sa\u0146em da\u013cu ien\u0101kumu no nomas vai\/un t\u0101l\u0101kp\u0101rdo\u0161anas.<\/li>\n<p><strong>Pie invest\u012bciju fondos ir daudz plusu:<\/strong><\/p>\n<ul>\n<li>neliels slieksnis, lai pieteiktos \u2014 no 1 t\u016bkst. l\u012bdz 30 t\u016bkst. eiro (sal\u012bdzin\u0101jumam: lai ieg\u0101d\u0101tos likv\u012bds dz\u012bvok\u013ci, nepiecie\u0161ams vismaz 100 t\u016bkst. eiro);<\/li>\n<li>viegli ieg\u0101d\u0101ties akcijas p\u0101rdot un akciju (atv\u0113rtajos fondos ir iesp\u0113jams veikt jebkur\u0101 darba dien\u0101);<\/li>\n<li>profesion\u0101la p\u0101rvald\u012b\u0161ana (nav nepiecie\u0161ams t\u0113r\u0113t laiku uz mened\u017ements);<\/li>\n<li>invest\u012bciju portfe\u013ca diversifik\u0101cija;<\/li>\n<li>liela likvidit\u0101te, sal\u012bdzinot ar ieguld\u012bjumiem tie\u0161i nekustamo \u012bpa\u0161umu.<\/li>\n<\/ul>\n<p><strong>Tom\u0113r ir ar\u012b b\u016btisks m\u012bnuss<\/strong>: nerezidentiem ir gr\u016bti ieguld\u012bt \u0101rvalstu fondi. <\/p>\n<p>Koment\u0113 eksperts Tranio Aleksandrs \u0427\u0435\u0440\u043d\u043e\u0432: &#8220;Ieguld\u012bt asv fondi fizisk\u0101m person\u0101m \u2013 nerezidentiem ir gr\u016bti vair\u0101ku iemeslu d\u0113\u013c. Liel\u0101k\u0101 da\u013ca platformas organiz\u0113tas k\u0101 ieguld\u012bjumu fondi, nekustam\u0101 \u012bpa\u0161uma (Real Estate Investment Trusts, notika n\u012bit), kas ir atbr\u012bvoti no nodok\u013ciem un panest slogu nodok\u013cu nomaksas par ien\u0101kumiem no nekustamo \u012bpa\u0161umu invest\u012bcij\u0101m uz to akcion\u0101ru (investoriem). \u0160\u0101da strukt\u016bra ir izdev\u012bga ASV rezidenti, kas bie\u017ei izmanto kapit\u0101lieguld\u012bjumiem naudu no saviem pensiju ieguld\u012bjumu kontus, kas, savuk\u0101rt, ar\u012b ir atvieglots nodok\u013cu re\u017e\u012bms. Bet \u0101rvalstu investoriem, \u0432\u043a\u043b\u0430\u0434\u044b\u0432\u0430\u044e\u0449\u0438\u043c l\u012bdz\u012bgas asv fondos, b\u016bs j\u0101maks\u0101 iev\u0113rojama iedz\u012bvot\u0101ju ien\u0101kuma nodoklis un patst\u0101v\u012bgi iesniegt nodok\u013cu deklar\u0101ciju ASV, jo l\u012bdzek\u013ci nav uzst\u0101jas nodok\u013cu a\u0123entiem. Turkl\u0101t, deklar\u0101ciju noform\u0113\u0161ana ir darbietilp\u012bgs un d\u0101rgs process. Potenci\u0101lie investori no Krievijas ar\u012b saskarsies ar gr\u016bt\u012bb\u0101m p\u0101rskaitot l\u012bdzek\u013cus no krievijas bank\u0101m asv konta fondu un atdodot kapit\u0101la konta uz krieviju. Liel\u0101k\u0101 da\u013ca platformas nav paredz\u0113tas darbam ar \u0101rzemniekiem, un liecina, ka investoriem ir bankas konti ASV. \u0160aj\u0101 atv\u0113rt kontu asv bank\u0101 bez soci\u0101l\u0101s apdro\u0161in\u0101\u0161anas numurus, adreses, ASV vai ilgtermi\u0146a v\u012bzas problem\u0101tiska, un jebkur\u0101 gad\u012bjum\u0101 b\u016bs nepiecie\u0161ama personas kl\u0101tb\u016btne, un braucienu uz \u0161o valsti.&#8221;<\/p>\n<p>Tom\u0113r, saska\u0146\u0101 ar direktora finan\u0161u pakalpojumu Tranio Kirila Schmidt, ieguld\u012bt REIT var bir\u017e\u0101 \u2014 k\u0101 v\u0113rtspap\u012bros. &#8220;\u0160\u0101d\u0101 scen\u0101rij\u0101 iesniegt nodok\u013cu deklar\u0101ciju ASV neb\u016bs&#8221;,\u2014 vi\u0146\u0161 saka.<\/p>\n<h2>Fondu veidi<\/h2>\n<p>Tiem, kuri tom\u0113r izl\u0113mu\u0161i par \u0161\u0101du ieguld\u012bjumu, lai s\u0101ktu, ir svar\u012bgi uzzin\u0101t, k\u0101da veida fonda, lai saprastu, k\u0101 un uz ilgu laiku tiks apr\u0113\u0137in\u0101ta pe\u013c\u0146a.<\/p>\n<p>Past\u0101v vair\u0101ki veidi fondu.<\/p>\n<p><strong>1) izmantojot pe\u013c\u0146u:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Uzkr\u0101juma fonds<br \/>\n(Accumulation, Acc)<\/th>\n<th width=\"40%\">Fonds, kas v\u0113rsta<br \/>\nien\u0101kumi<br \/>\n(Income, Inc)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Veids, k\u0101 izmantot pe\u013c\u0146as<\/strong><\/td>\n<td>Pe\u013c\u0146a \u0440\u0435\u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0440\u0443\u0435\u0442\u0441\u044f atpaka\u013c fond\u0101, lai ieg\u0101d\u0101tos papildus objektu vai akciju<\/td>\n<td>Pe\u013c\u0146a tiek ieskait\u012bta bankas kont\u0101 investors<\/td>\n<\/tr>\n<tr>\n<td><strong>Fonda m\u0113r\u0137is<\/strong><\/td>\n<td>Izaugsmi un palielin\u0101t b\u0101zes objektus, lai \u0123ener\u0113tu vair\u0101k ienes\u012bguma<\/td>\n<td>Tikai ien\u0101kumu sa\u0146em\u0161ana<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Liel\u0101k\u0101 da\u013ca fondu m\u0113r\u0137is vienlaic\u012bgi un papla\u0161in\u0101\u0161ana, k\u0101 ar\u012b uz ie\u0146\u0113mumu sa\u0146em\u0161anu.<\/p>\n<p><strong>2) piedal\u012bties izsol\u0113 bir\u017e\u0101:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Kas kot\u0113jas bir\u017e\u0101<br \/>\n(uzskait\u012bti)<\/th>\n<th width=\"40%\">Nav kot\u0113tas bir\u017e\u0101<br \/>\n(non-listed)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Akciju emisijas<\/strong><\/td>\n<td>Ra\u017eo akcijas<\/td>\n<td>Neizlai\u017e akcijas<\/td>\n<\/tr>\n<tr>\n<td><strong>Juridiskais statuss<\/strong><\/td>\n<td>\u2014 ieguld\u012bjumu fondi, nekustam\u0101 \u012bpa\u0161uma (Real Estate Investment Trusts, notika n\u012bit)<br \/>\n\u2014 nekustam\u0101 \u012bpa\u0161uma uz\u0146\u0113mumam \u2014 akciju sabiedr\u012bbas<\/td>\n<td>\u2014 fondos (unit trusts vai mutual funds)<br \/>\n\u2014 pensiju fondi (pension schemes)<br \/>\n\u2014 sabiedr\u012bbas ar ierobe\u017eotu atbild\u012bbu (limited partnerships)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8220;Inform\u0101cija, kas netiek kot\u0113tas fondu bir\u017e\u0101s ir pieejama investoriem nav maz\u0101k, nek\u0101 par bir\u017e\u0101 kot\u0113to. Tas ir labi \u043e\u0442\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u0430\u044f nozare. Ieguld\u012bt \u043f\u0430\u0435\u0432\u044b\u0439 invest\u012bciju fonds \u0440\u043e\u0437\u043d\u0438\u0447\u043d\u043e\u043c\u0443 investoram ir pat viegl\u0101k, nek\u0101 fondu bir\u017e\u0101, un \u0161is tirgus segments ir maksim\u0101li caursp\u012bd\u012bgs&#8221;,\u2014 teica Kirils \u0160mits. <\/p>\n<p><strong>3) attiec\u012bb\u0101 uz ieguld\u012bjumu:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Atv\u0113rt<br \/>\n(open-ended)<\/th>\n<th width=\"40%\">Sl\u0113gts<br \/>\n(closed-ended)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Termi\u0146i pirms p\u0101rdo\u0161anas akcijas <\/strong><\/td>\n<td>Investors var pirkt akcijas, vai veikt akcijas izpirk\u0161anu p\u0101rvaldes sabiedr\u012bba jebkur\u0101 darba dien\u0101<\/td>\n<td>Ir izveidota uz ierobe\u017eotu termi\u0146u (5-10 gadiem). \u0160aj\u0101 termi\u0146\u0101 ieguld\u012bt\u0101js var sa\u0146emt savus l\u012bdzek\u013cus no fonda. Atmaksa akcijas notiek, ja fonda likvid\u0101cijas<\/td>\n<\/tr>\n<tr>\n<td><strong>Likvidit\u0101te<\/strong><\/td>\n<td>Augsta<\/td>\n<td>Zems<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Fondi, kas specializ\u0113jas \u012bpa\u0161umus iz\u012br\u0113t, var b\u016bt atv\u0113rtas un aizv\u0113rtas. Tom\u0113r liel\u0101k\u0101 da\u013ca fondu, kas nodarbojas ar b\u016bvniec\u012bbu,\u2014 sl\u0113gts, jo pa\u0161laik tiek b\u016bv\u0113ts objekts, naudu iz\u0146emt nevar: vi\u0146i ieguld\u012bti gabals, bedre, \u0441\u0442\u0440\u043e\u044f\u0449\u0435\u0435\u0441\u044f \u0113ka. Iziet no ieguld\u012bjumiem var p\u0113c b\u016bvniec\u012bbas beig\u0101m un \u0113ku p\u0101rdo\u0161anas, kad fonda par\u0101d\u0101s l\u012bdzek\u013ci (tom\u0113r, investors var p\u0101rdot savu da\u013cu citam investoram). Piem\u0113ram, fonds ir atv\u0113rts 2015. gad\u0101, apkopo nepiecie\u0161amo l\u012bdzek\u013cu apjoms ar investoriem un b\u016bv\u0113 par \u0161o naudu objekti piecu gadu laik\u0101. P\u0113c tam, k\u0101 nauda ir sav\u0101kta, fonds izsludina sl\u0113gtu, 2020. gad\u0101 vi\u0146\u0161 p\u0101rdod objektus un ieg\u016btos l\u012bdzek\u013cus izmaks\u0101 investoriem pe\u013c\u0146u.<\/p>\n<p>No fondiem ir j\u0101no\u0161\u0137ir <strong>\u043a\u0440\u0430\u0443\u0434\u0444\u0430\u043d\u0434\u0438\u043d\u0433\u043e\u0432\u044b\u0435 platformas<\/strong>, ar\u012b kas p\u0101rst\u0101v kolekt\u012bvo sh\u0113mas ieguld\u012bjumu. &#8220;Galven\u0101 at\u0161\u0137ir\u012bba ir t\u0101, ka at\u0161\u0137ir\u012bb\u0101 no fondu \u043a\u0440\u0430\u0443\u0434\u0444\u0430\u043d\u0434\u0438\u043d\u0433\u0435 investors bie\u017ei pats izv\u0113las, k\u0101das tie\u0161i projekti ieguld\u012bt, un nesaista sevi ar saist\u012bb\u0101m iepriek\u0161&#8221;,\u2014 saka Aleksandrs \u0427\u0435\u0440\u043d\u043e\u0432. <\/p>\n<h2>Invest\u012bciju strat\u0113\u0123ija<\/h2>\n<p>Ieguld\u012bt\u0101jam ir svar\u012bgi zin\u0101t, k\u0101da strat\u0113\u0123ija darbojas fonds, lai nov\u0113rt\u0113tu risku un ienes\u012bgumu. Strat\u0113\u0123ijas ir \u010detru veidu. <\/p>\n<\/p>\n<h3>Strat\u0113\u0123ijas ieguld\u012bjumu<\/h3>\n<p>Dati Tranio<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Strat\u0113\u0123ija<\/th>\n<th>Citi<br \/>\nnosaukums<\/th>\n<th>B\u016bt\u012bba<\/th>\n<th>Riski<\/th>\n<th>Ienes\u012bgums*<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Core<\/strong><\/td>\n<td rowspan=\"2\">Buy and Hold<br \/>\n(&#8220;ieg\u0101di un glab\u0101\u0161anu&#8221;)<\/td>\n<td>Buying \u012bpa\u0161uma iznom\u0101\u0161anai, neiesaistot kred\u012btu<\/td>\n<td>Zems<\/td>\n<td>Zems<br \/>\n(2-3 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Core Plus<\/strong><\/td>\n<td>Buying \u012bpa\u0161uma iznom\u0101\u0161anai \u0101rpus centra var\u0113tu viet\u0101s, izmantojot sviras<\/td>\n<td>Vid\u0113jie<\/td>\n<td>Vid\u0113j\u0101<br \/>\n(5-7 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Value Added<\/strong><\/td>\n<td rowspan=\"2\">Value Added<br \/>\n(&#8220;v\u0113rt\u012bbas pieaugums&#8221;)<\/td>\n<td>\u0420\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442 (pirkuma objektu rekonstrukcijas, v\u0113l\u0101k remonta un p\u0101rdot par augst\u0101ku cenu)<\/td>\n<td>Vid\u0113ja augsta<\/td>\n<td>Vid\u0113ji augsta<br \/>\n(7-10 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Opportunistic<\/strong><\/td>\n<td>Celtniec\u012bba, ieg\u0101de neapstr\u0101d\u0101t\u0101s zemes, objektu \u043e\u0431\u0440\u0435\u043c\u0435\u043d\u0435\u043d\u0438\u044f\u043c\u0438<\/td>\n<td>Augsts<\/td>\n<td>Augsta<br \/>\n(vair\u0101k par 10 %)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>* Rietumeirop\u0101 un ASV<\/p>\n<p>Liel\u0101k\u0101 da\u013ca fondu str\u0101d\u0101 tikai viena no strat\u0113\u0123ijas. Bet da\u017ei izv\u0113las uzreiz divas vai tr\u012bs \u2014 piem\u0113ram, Core, Core Plus un Value Added. &#8220;Eirop\u0101 un ASV attiec\u012bb\u0101 uz kapit\u0101la domin\u0113 fondi Core un Core Plus, jo tiem ir b\u016btiska da\u013ca no visiem visd\u0101rg\u0101ko un lielo institucion\u0101lo objektu&#8221;,\u2014 saka Aleksandrs \u0427\u0435\u0440\u043d\u043e\u0432.<\/p>\n<p>Tie fondi, kas darbojas saska\u0146\u0101 ar strat\u0113\u0123iju Core, izv\u0113las nostabiliz\u0113ju\u0161\u0101s, \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u044b\u0435 tirgi ar stabilu piepras\u012bjumu un cenu pieaugumu, un t\u0101d\u0113\u013c pied\u0101v\u0101 zemu \u012bres ienes\u012bgums (2-3 %). Fondi, kas izv\u0113las strat\u0113\u0123iju Core Plus, dod liel\u0101ku atdevi (l\u012bdz 7 %), jo iegulda maz\u0101k k\u0101 centr\u0101l\u0101s vietas un izmanto kred\u012btu svira. Visbeidzot, fondi, kas specializ\u0113jas Value Added, var sniegt m\u0113r\u0137a ienes\u012bgums l\u012bdz 10 % sakar\u0101 ar to, ka iegulda investori jaunajos tirgos, piem\u0113ram, t\u0101das, kur paredz\u0113ts \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f, un ieg\u016bst objektus zem rekonstrukciju, lai v\u0113l\u0101k to p\u0101rdotu t\u0101l\u0101k par augst\u0101ku cenu.<\/p>\n<h2>Piem\u0113ri fondu un strat\u0113\u0123ijas<\/h2>\n<p>&#8220;Investori ir da\u017e\u0101di uzdevumi: nepiecie\u0161ams, lai k\u0101ds kapit\u0101la saglab\u0101\u0161ana ar minim\u0101lu risku un ienes\u012bgumu, bet k\u0101ds ir gatavs lielam riskam un gaida lab\u0101kus procentus no ieguld\u012bt\u0101 kapit\u0101la. Rietumu tirgus fondu nekustam\u0101 \u012bpa\u0161uma, kas pied\u0101v\u0101 pla\u0161u kl\u0101stu da\u017e\u0101du strat\u0113\u0123iju, riska pak\u0101pi un ienes\u012bguma saviem klientiem&#8221;,\u2014 saka Georgijs \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<\/p>\n<h3>Da\u017ei \u0101rvalstu nekustam\u0101 \u012bpa\u0161uma fondi un to strat\u0113\u0123iju<\/h3>\n<p>Dati fondu<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Fonds<\/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>Fonda veids<\/strong><\/td>\n<td>Atv\u0113rts, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Atv\u0113rts, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Atv\u0113rts, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Sl\u0113gta, nav \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Atv\u0113rts, \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>Lielbrit\u0101nija<\/td>\n<td>Lielbrit\u0101nija<\/td>\n<td>Lielbrit\u0101nija<\/td>\n<td>V\u0101cija<\/td>\n<td>Austr\u0101lija<\/td>\n<\/tr>\n<tr>\n<td><strong>Strat\u0113\u0123ija<\/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\u0101lais bud\u017eets<\/strong><\/td>\n<td>5 000 lvl<\/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\/a<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0122eogr\u0101fija<br \/>\napskates vietas<\/strong><\/td>\n<td>Lielbrit\u0101nija (Londona)<\/td>\n<td>Apvienot\u0101 Karaliste (Dienvidaustrumu Anglija)<\/td>\n<td>Lielbrit\u0101nija<\/td>\n<td>V\u0101cija (Berl\u012bne un apkaime, k\u0101 ar\u012b pils\u0113tas ar iedz\u012bvot\u0101ju skaitu vair\u0101k nek\u0101 50 t\u016bkst. cilv\u0113ku)<\/td>\n<td>ASV (new York, New Jersey; nenov\u0113rt\u0113ts vietas)<\/td>\n<\/tr>\n<tr>\n<td><strong>Veidi<br \/>\napskates vietas<\/strong><\/td>\n<td>50 % \u2014 tirdzniec\u012bbas objekti, 20 % \u2014 biroji<\/td>\n<td>Pre\u010du un biroja nekustam\u0101 \u012bpa\u0161uma<\/td>\n<td>22 % \u2014ra\u017eo\u0161anas objekti; p\u0101r\u0113jais \u2014 veikali, biroji, retail-parki, noliktavas<\/td>\n<td>Dz\u012bvok\u013ci<\/td>\n<td>Cheap m\u0101jas 1-4 \u0123imenes un daudzdz\u012bvok\u013cu \u0113kas dz\u012bvok\u013cu 20-100<\/td>\n<\/tr>\n<tr>\n<td><strong>Ienes\u012bgums,<br \/>\n% gad\u0101<\/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>Saska\u0146\u0101 ar p\u0113t\u012bjumu Eiropas investoru asoci\u0101cijas nav kot\u0113tas bir\u017e\u0101 nekustam\u0101 \u012bpa\u0161uma fondi (European Association for Investors in Non-Listed Real Estate Vehicles, INREV), liel\u0101k\u0101 da\u013ca aptauj\u0101to investoru 2016. gad\u0101 izv\u0113l\u0113j\u0101s strat\u0113\u0123iju Value Added vai Core. Sal\u012bdzinot ar 2015 gadu da\u013ca Core un Value Added pieauga (ar 82,2 l\u012bdz 86,2 %), bet Oportunistic \u2014 samazin\u0101jusies (no 17,8 l\u012bdz 13,8 %). Tas liecina par to, ka 2016. gad\u0101 investori ir maz\u0101k gatavas iet uz risku, nek\u0101 iepriek\u0161. P\u0113t\u012bjum\u0101 ar\u012b tiek zi\u0146ots, ka popul\u0101r\u0101k\u0101s tirgus invest\u012bcij\u0101m \u2014 valsts ar zemu risku (V\u0101cija, Francija un Lielbrit\u0101nija).<\/p>\n<p>     <i><\/i><\/p>\n<p>Atsevi\u0161\u0137os tirgos da\u013ca oport\u016bnistiskas strat\u0113\u0123ijas var b\u016bt liel\u0101ks. Piem\u0113ram, saska\u0146\u0101 ar JLL, Sp\u0101nij\u0101 2015. gad\u0101 tas sast\u0101d\u012bja 28 % (t\u0101 k\u0101 Core un Core Plus \u2014 35 %). \u0160\u012b valsts raksturojas ar liel\u0101ku risku, nek\u0101, piem\u0113ram, Lielbrit\u0101nija un V\u0101cija, un investori, kuri Sp\u0101niju, k\u0101 parasti, ir gatavi iet uz lielu risku.<\/p>\n<h2>Samazinot risku un diversifik\u0101cija<\/h2>\n<p>Atdevi fondu investoriem netiek garant\u0113ta. Tas ir atkar\u012bgs no t\u0101, k\u013c\u016bst d\u0101rg\u0101kas vai l\u0113t\u0101kas akt\u012bviem, k\u0101 ar\u012b ar piepras\u012bjumu p\u0113c \u012bres un dinamiku nomas cenu.<\/p>\n<p>T\u0101pat k\u0101 ar jebkura veida invest\u012bcijas, ieguld\u012bjumi fondos nekustamo \u012bpa\u0161umu saist\u012btas ar risku. Jo liel\u0101ks ienes\u012bgums, jo liel\u0101ks risks. <\/p>\n<p>&#8220;Viens no galvenajiem riska fonda \u2014 negodpr\u0101t\u012bgi apsaimniekot\u0101ji. Svar\u012bgi ir izv\u0113l\u0113ties uz\u0146\u0113mumus ar labu v\u0113sturi, reput\u0101ciju, p\u0101rskat\u0101mu atskai\u0161u un saprotamu strat\u0113\u0123iju&#8221;,\u2014 saka Georgijs \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<p>Liel\u0101k\u0101 da\u013ca fondu cen\u0161as samazin\u0101t riskus, kombin\u0113jot da\u017e\u0101das strat\u0113\u0123ijas un da\u017e\u0101dojot portfeli.<\/p>\n<\/p>\n<h3>Galvenie riski un k\u0101 tos samazin\u0101t<\/h3>\n<p>Dati Tranio<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Riski<\/th>\n<th>K\u0101 fondi ir apdro\u0161in\u0101ti pret risku<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Makroekonomiskie riski<\/strong><br \/>\n(kr\u012bze, infl\u0101cija utt)<\/td>\n<td rowspan=\"4\">Izv\u0113le stabiliem tirgiem (piem\u0113ram, invest\u012bcijas &#8220;liel\u0101ko septi\u0146niek\u0101&#8221; V\u0101cij\u0101) un diversifik\u0101cija (piem\u0113ram, 80 % kapit\u0101la var tikt ieguld\u012bti tirdzniec\u012bbas centri vai birojos un 20% lo\u0123istikas kompleksi un veco \u013cau\u017eu pansion\u0101ti)<\/td>\n<\/tr>\n<tr>\n<td><strong>Tirgus risks<\/strong><br \/>\n(kritums nekustam\u0101 \u012bpa\u0161uma cenas, samazinot nomas)<\/td>\n<\/tr>\n<tr>\n<td><strong>\u0100rvalstu val\u016btas risks<\/strong><br \/>\n(piem\u0113ram, ieguldot austr\u0101lijas fonda ASV past\u0101v risks krist asv dol\u0101ra)<\/td>\n<\/tr>\n<tr>\n<td><strong>Likumdo\u0161anas risks<\/strong><br \/>\n(izmai\u0146as likumdo\u0161an\u0101)<\/td>\n<\/tr>\n<tr>\n<td><strong>P\u0101rdo\u0161ana par cenu, kas ir zem\u0101ka pirkuma<\/strong><\/td>\n<td>Pirkums p\u0101rpratusi rajonos, kur gaid\u0101mi vai notiek \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f vai re\u0123ener\u0101cija<\/td>\n<\/tr>\n<tr>\n<td><strong>Risks, kas saist\u012bts ar finans\u0113jumu<\/strong><br \/>\n(n\u0101kotn\u0113 fonds nevar sa\u0146emt izdev\u012bg\u0101kus nosac\u012bjumus kred\u012btu)<\/td>\n<td>Aiz\u0146\u0113mumi ar fiks\u0113t\u0101m likm\u0113m, LTV ne vair\u0101k k\u0101 50 %<\/td>\n<\/tr>\n<tr>\n<td><strong>Nemaks\u0101\u0161ana noma \u012brniekiem<\/strong><\/td>\n<td>Uzticamu nomnieki ar labu kred\u012btv\u0113sturi (lielie uz\u0146\u0113mumi, t\u0101di k\u0101 Sainsbury &#8216; s, valsts uz\u0146\u0113mumi), vair\u0101kiem \u012brniekiem<\/td>\n<\/tr>\n<tr>\n<td><strong>D\u012bkst\u0101ves risku<\/strong><\/td>\n<td>Izv\u0113le jau ir neiz\u012br\u0113tu objektu ar minim\u0101lo \u0437\u0430\u043f\u043e\u043b\u043d\u044f\u0435\u043c\u043e\u0441\u0442\u044c\u044e 80-95 % rajonos ar att\u012bst\u012btu transporta saites un darba tirgu; ilgsto\u0161s un gr\u016bts nomas l\u012bguma<\/td>\n<\/tr>\n<tr>\n<td><strong>Risks ir paaugstin\u0101ts uztur\u0113\u0161anas izdevumu<\/strong><\/td>\n<td>Izv\u0113le kvalitat\u012bvu objekti (naktsm\u012btnes, nav vajadz\u012bgs remonts, &#8220;za\u013cie&#8221; biroja \u0113kas klases un t\u0101 t\u0101l\u0101k)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Daudzi fondi \u0434\u0438\u0432\u0435\u0440\u0441\u0438\u0444\u0438\u0446\u0438\u0440\u0443\u044e\u0442 savu invest\u012bciju portfeli, tas ir, iegulda l\u012bdzek\u013cus no investoriem, vienlaic\u012bgi nekustam\u0101 \u012bpa\u0161uma vair\u0101ku tipu da\u017e\u0101d\u0101s valst\u012bs, izmantojot vair\u0101kus strat\u0113\u0123ijas un invest\u012bciju virzieniem. Iz\u0146emot nekustamo \u012bpa\u0161umu, fondi var glab\u0101t nelielu da\u013cu l\u012bdzek\u013cu skaidras naudas vai v\u0113rtspap\u012bru. Ir ar\u012b fondi, kas nav invest\u0113 ar\u012b tie\u0161i objektos, bet iegulda citos fondos vai uz\u0146\u0113mums, kas nodarbojas ar nekustamo \u012bpa\u0161umu.<\/p>\n<p> Piem\u0113rs struktur\u0113\u0161anas fonda portfe\u013ca \u0146emot v\u0113r\u0101 da\u017e\u0101do\u0161ana <i><\/i><\/p>\n<h2>K\u0101 invest\u0113t?<\/h2>\n<p>Projekti Core un Core Plus \u2014 vismaz\u0101k riskanti, bet var vair\u0101k nopeln\u012bt, izmantojot strat\u0113\u0123iju Value Added. <\/p>\n<p>&#8220;Vienotu ieteikumu nav. Izv\u0113le ir atkar\u012bga no invest\u012bciju m\u0113r\u0137u un vietas ieguld\u012bjumu portfel\u012b klienta. Piem\u0113ram, ja 80% l\u012bdzek\u013cu jau ieguld\u012bts uzticami instrumenti un nepiecie\u0161ams instruments, lai palielin\u0101tu ienes\u012bgumu, tad v\u0113l 20 % var nos\u016bt\u012bt projekti Value Added&#8221;,\u2014 saka Aleksandrs \u0427\u0435\u0440\u043d\u043e\u0432.<\/p>\n<p>Saska\u0146\u0101 ar George \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432\u0430, tiem, kas v\u0113las ieguld\u012bt Value Added, \u012bpa\u0161i ieteicams izv\u0113l\u0113ties saprotamus tirgi un dro\u0161us l\u012bdzek\u013cus, lai samazin\u0101tu riskus.<\/p>\n<p>&#8220;Ieteicams izv\u0113l\u0113ties fondu ar potenci\u0101lajiem strat\u0113\u0123ij\u0101m, piem\u0113ram, ieguld\u012bt \u0161\u0101das klases nekustamo \u012bpa\u0161umu, kas b\u016bs piepras\u012bts, pie horizonta 10-20 gadus,\u2014 saka Georgijs \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.\u2014 P\u0113c m\u016bsu dom\u0101m, tas ir \u043c\u0438\u043a\u0440\u043e\u0430\u043f\u0430\u0440\u0442\u0430\u043c\u0435\u043d\u0442\u044b un pansion\u0101tos. Ir ar\u012b svar\u012bgi izv\u0113l\u0113ties audz\u0113\u0161anas rajons, kur notiek \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f, kas objekt\u012bvu iemeslu d\u0113\u013c k\u013c\u016bs vair\u0101k likv\u012bds p\u0113c 10 gadiem. Fondi, kas iegulda perspekt\u012bv\u0101s un aktu\u0101l\u0101 strat\u0113\u0123ijas, visticam\u0101k, dos investoram ien\u0101kumi&#8221;.<\/p>\n<h2>Pielikums: \u012apa\u0161i eiropas fondu nekustam\u0101 \u012bpa\u0161uma<\/h2>\n<\/p>\n<p>Dati PwC<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Valsts<\/th>\n<th>Juridiskais statuss<\/th>\n<th>Pras\u012bbas fondam<\/th>\n<th>Plusi<\/th>\n<th>M\u012bnusi<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td rowspan=\"2\">Austrija<\/td>\n<td>Nekustam\u0101 \u012bpa\u0161uma fonds (Immobilien-Sonderverm\u00f6gen) \u2014 &#8220;fonds&#8221; atkl\u0101t\u0101 tipa nav juridiska persona; vada austrijas uz\u0146\u0113muma (Kapitalanlagegesellschaft, KAG) \u2014 tas ir vai nu SIA (Gesellschaft mit beschr\u00e4nkter Haftung, GmbH), vai ar\u012b a \/ s (Aktiengesellschaft, AG)<\/td>\n<td>Invest\u012bcijas vismaz 10 reizi 4 gados<\/td>\n<td>Jebkuru investoru; nav nodok\u013cu l\u012bmen\u012b fonda; laba \u043e\u0442\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u044c; fonds izp\u0113rk akcijas p\u0113c v\u0113l\u0113\u0161an\u0101s investoriem<\/td>\n<td>Ierobe\u017eojumi veida nekustamo \u012bpa\u0161umu; nekustam\u0101 \u012bpa\u0161uma v\u0113rt\u012bbas pieaugumu ir apliekams ar nodokli, neatkar\u012bgi no t\u0101, vai p\u0101rdots, vai vi\u0146a<\/td>\n<\/tr>\n<tr>\n<td>\u012apa\u0161u nekustam\u0101 \u012bpa\u0161uma fonds (Immobilien-Spezialsonderverm\u00f6gen) \u2014 fonds ir sl\u0113gta tipa, kas nav juridiska persona; vada austrijas uz\u0146\u0113muma (KAG) \u2014 tas ir vai nu SIA (GmbH), vai ar\u012b a \/ s (AG)<\/td>\n<td>Invest\u012bcijas vismaz 5 reizes 4 gadiem<\/td>\n<td>Elast\u012bgs instruments, lai institucion\u0101lajiem investoriem<\/td>\n<td>Ierobe\u017eojumi attiec\u012bb\u0101 uz da\u017eu veidu nekustamo \u012bpa\u0161umu; fonds tikai juridisk\u0101m person\u0101m; parasti tikai ilgtermi\u0146a ieguld\u012bjumus; nekustam\u0101 \u012bpa\u0161uma v\u0113rt\u012bbas pieaugumu ir apliekams ar nodokli, neatkar\u012bgi no t\u0101, vai p\u0101rdots, vai vi\u0146a<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Lielbrit\u0101nija<\/td>\n<td>Fondi \u2014 partner\u012bba ar ierobe\u017eotu atbild\u012bbu (Limited Partnership)<\/td>\n<td>N\u0113<\/td>\n<td>Nav nodok\u013cu l\u012bmen\u012b fonda; samazin\u0101tas nodok\u013cu likmes investoriem-nerezidentiem<\/td>\n<td>Strukt\u016bra ir vair\u0101k piem\u0113rota fondu sl\u0113gts<\/td>\n<\/tr>\n<tr>\n<td>\u0424\u0438\u0441\u043a\u0430\u043b\u044c\u043d\u043e caursp\u012bd\u012bgas fondi (Tax Transparent Funds, TTFs): pilnvarot\u0101 un regul\u0113jama partner\u012bba ar ierobe\u017eotu atbild\u012bbu (authorised and regulated limited partnership vehicle, ALP) un strukt\u016brai, pamatojoties uz sadarb\u012bbas l\u012bgum\u0101 \u012bpa\u0161umties\u012bbas (contractual co-ownership arrangement, CCA)<\/td>\n<td>N\u0113<\/td>\n<td>Nav nodok\u013cu l\u012bmen\u012b fonda; samazin\u0101tas nodok\u013cu likmes investoriem-nerezidentiem; nerezidenti var tikt atbr\u012bvota no kapit\u0101la pieauguma nodoklis<\/td>\n<td>TTF \u2014 jaunais re\u017e\u012bms darb\u012bbu, nekustam\u0101 \u012bpa\u0161uma fonda, t.sk. past\u0101v nenoteikt\u012bba atz\u012b\u0161anu starptautiskaj\u0101m organiz\u0101cij\u0101m<\/td>\n<\/tr>\n<tr>\n<td>Pilnvarotais ieguld\u012bjumu fondu nekustam\u0101 \u012bpa\u0161uma (Property Authorised Investment Fund, PAIF), ieguld\u012bjumu sabiedr\u012bba atv\u0113rt\u0101 tipa (open-ended investment company, OEIC)<\/td>\n<td>Noteikumi tiek uzskat\u012bti individu\u0101li<\/td>\n<td>Liel\u0101k\u0101 da\u013ca rakstus fonda ien\u0101kumu atbr\u012bvoti no uz\u0146\u0113mumu ien\u0101kuma nodok\u013ca (bet investoru ien\u0101kumi tiek aplikti ar nodok\u013ciem)<\/td>\n<td>Stingr\u0101ks regul\u0113jums fonda darb\u012bbas (Dienests par kontroli p\u0101r finan\u0161u dar\u012bjumiem, Financial Conduct Authority)<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\">V\u0101cija<\/td>\n<td>Nekustam\u0101 \u012bpa\u0161uma fonds (Immobilien-Sonderverm\u00f6gen) \u2014 &#8220;fonds&#8221; atkl\u0101t\u0101 tipa nav juridiska persona; p\u0101rvalda v\u0101cu uz\u0146\u0113muma (KAG) \u2014 tas ir vai nu SIA (GmbH), vai ar\u012b a \/ s (AG), vai SIA un \u043a\u043e\u043c\u043c\u0430\u043d\u0434\u0438\u0442\u043d\u043e\u0435 sabiedr\u012bba (Gesellschaft mit beschr\u00e4nkter Haftung &amp; Compagnie Kommanditgesellschaft, GmbH &amp; Co. KG)<\/td>\n<td>Banku finans\u0113jums ir ne vair\u0101k k\u0101 30% no kop\u0113j\u0101m izmaks\u0101m nekustamiem akt\u012bviem<\/td>\n<td>Izplat\u012bt\u0101kais un uzticams l\u012bdzeklis, lai jebkuras investoriem; nav nodok\u013cu l\u012bmen\u012b fonda<\/td>\n<td>L\u012bdz akciju atpirk\u0161anas \u2014 minim\u0101lais divu gadu laik\u0101 \u012bpa\u0161umties\u012bbas un gada termi\u0146\u0161 pazi\u0146ojuma par izst\u0101\u0161anos<\/td>\n<\/tr>\n<tr>\n<td>\u012apa\u0161s atkl\u0101ts fonds (Spezial-Sonderverm\u00f6gen) \u2014 nav juridiska persona; p\u0101rvalda v\u0101cu uz\u0146\u0113muma (KAG) \u2014 tas ir vai nu SIA (GmbH), vai ar\u012b a \/ s (AG), vai SIA un \u043a\u043e\u043c\u043c\u0430\u043d\u0434\u0438\u0442\u043d\u043e\u0435 biedr\u012bba (GmbH &amp; Co. KG)<\/td>\n<td>Banku finans\u0113jums ir ne vair\u0101k k\u0101 50 % no kop\u0113j\u0101m izmaks\u0101m nekustamiem akt\u012bviem<\/td>\n<td>Nav nodok\u013cu l\u012bmen\u012b fonda<\/td>\n<td>Tikai profesion\u0101liem, vai da\u013c\u0113ji profesion\u0101lo investoru<\/td>\n<\/tr>\n<tr>\n<td>Sl\u0113gtais fonds (geschlossene Investmentkommanditgesellschaft, Investment-KG) \u2014 partner\u012bba ar ierobe\u017eotu atbild\u012bbu; galvenais partneris \u2014 parasti SIA (GmbH); investori ir partneri ar \u012bpa\u0161uma ierobe\u017eotu atbild\u012bbu<\/td>\n<td>Banku finans\u0113jums ir ne vair\u0101k k\u0101 60 % no kop\u0113j\u0101m izmaks\u0101m nekustamiem akt\u012bviem<\/td>\n<td>Jebkuru investoru; nav nodok\u013ca ie\u0146\u0113mumu sadali<\/td>\n<td>Pieejamas vieno\u0161an\u0101s par dubulto nodok\u013cu neaplik\u0161anu un eiropas direkt\u012bvas; fonds var aplikti v\u0101cu nodokli par tirdzniec\u012bbas darb\u012bb\u0101m<\/td>\n<\/tr>\n<tr>\n<td>\u012apa\u0161s fonds ir sl\u0113gta tipa (Spezial-Investment-KG); invest\u012bcijas AS (Investmentaktiengesellschaft) vai partnerattiec\u012bbas ar ierobe\u017eotu atbild\u012bbu (Investment-KG); galvenais partneris \u2014 parasti SIA (GmbH); investori ir partneri ar \u012bpa\u0161uma ierobe\u017eotu atbild\u012bbu<\/td>\n<td>N\u0113<\/td>\n<td>Nav nodok\u013cu ien\u0101kumu l\u012bme\u0146a fonds<\/td>\n<td>Pieejamas vieno\u0161an\u0101s par dubulto nodok\u013cu neaplik\u0161anu un eiropas direkt\u012bvas; tikai profesion\u0101liem, vai da\u013c\u0113ji profesion\u0101lo investoru<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Luksemburga<\/td>\n<td>Fondi, \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f vieno\u0161anos par kolekt\u012bvo ieguld\u012bjumu (Undertakings for Kolekt\u012bva Investments, UCIs): fonds sadarb\u012bbas izvieto\u0161anas (Fonds Commun de Placement, FCP), ieguld\u012bjumu sabiedr\u012bba ar main\u012bgu kapit\u0101lu (Soci\u00e9t\u00e9 d &#8216;Investissement \u00e0 Capital Variable, SICAV), ieguld\u012bjumu sabiedr\u012bba ar past\u0101v\u012bgu kapit\u0101lu (Soci\u00e9t\u00e9 d&#8217; Investissement \u00e0 Capital Fixe, SICAF); p\u0101rvalda \u043b\u044e\u043a\u0441\u0435\u043c\u0431\u0443\u0440\u0433\u0441\u043a\u043e\u0439 apsaimniekot\u0101ju (Alternative Investment Fund Manager, AIFM)<\/td>\n<td>Maksimums 20 % no l\u012bdzek\u013ciem var tikt ieguld\u012bti viens invest\u012bciju objekts; bankas finans\u0113jumu ne vair\u0101k k\u0101 50 % no kop\u0113j\u0101m izmaks\u0101m nekustamiem akt\u012bviem; minim\u0101l\u0101 akt\u012bvu v\u0113rt\u012bbu \u2014 1,25 miljonus eiro<\/td>\n<td>Elast\u012bgs instruments invest\u012bcij\u0101m, kas popul\u0101rs ar \u0101rvalstu investoru; nav nodok\u013cu l\u012bmen\u012b fonda<\/td>\n<td>Nodok\u013ci investoriem ir atkar\u012bgs no dz\u012bvesvietas valst\u012b<\/td>\n<\/tr>\n<tr>\n<td>Re\u017e\u012bms specializ\u0113tu \u0438\u043d\u0432\u0435\u0441\u0442\u0444\u043e\u043d\u0434\u043e\u0432 (Specialised Investment Funds, SIF): FCP, SICAV, SICAF<\/td>\n<td>L\u012bdz 30 % no l\u012bdzek\u013ciem var tikt ieguld\u012bti viens invest\u012bciju objekts; minim\u0101l\u0101 akt\u012bvu v\u0113rt\u012bbu \u2014 1,25 miljonus eiro<\/td>\n<td>Nav nodok\u013cu l\u012bmen\u012b fonda<\/td>\n<td>Investoriem var b\u016bt tikai tie uz\u0146\u0113mumi, profesion\u0101li ieguld\u012bt\u0101ji vai fiziskas personas, kas iegulda vismaz 125 t\u016bkst. eiro vai gatavi sniegt dokumentus par pieejam\u012bbu invest\u012bciju pieredzi; nodok\u013ci investoriem ir atkar\u012bgs no dz\u012bvesvietas valst\u012b<\/td>\n<\/tr>\n<tr>\n<td>Biedr\u012bba nekustamo riskants kapit\u0101lu (Soci\u00e9t\u00e9 d &#8216; Investissement en Capital \u00e0 Risque, SICAR); var pie\u0146emt da\u017e\u0101das formas juridiskas personas (SIA, partner\u012bba ar ierobe\u017eotu atbild\u012bbu un citi)<\/td>\n<td>N\u0113 (jo invest\u012bcijas oport\u016bnists)<\/td>\n<td>Nav nodok\u013cu l\u012bmen\u012b fonda<\/td>\n<td>Tikai profesion\u0101liem ieguld\u012bt\u0101jiem; nodok\u013ci investoriem ir atkar\u012bgs no dz\u012bvesvietas valst\u012b<\/td>\n<\/tr>\n<tr>\n<td>Francija<\/td>\n<td>Nekustamo \u012bpa\u0161umu invest\u012bciju fonds (Fonds de Placement Immobilier, FPI) un komp\u0101nija, kuru \u043f\u0440\u0435\u0438\u043c\u0443\u0449\u0435\u0441\u0442\u0432\u0435\u043d\u043d\u043e\u0439 darb\u012bbu, ir oper\u0101cijas ar nekustamo \u012bpa\u0161umu (Soci\u00e9t\u00e9 de Placement \u00e0 Pr\u00e9pond\u00e9rance Immobili\u00e8re, SPPICAV); p\u0101rvalda fran\u010du vai re\u0123istr\u0113ta cit\u0101 ES valst\u012b apsaimniekot\u0101ju<\/td>\n<td>Kapit\u0101la summu 500 t\u016bkst. eiro pirmajos 3 gados p\u0113c dibin\u0101\u0161anas; vismaz 60 % akt\u012bvu ir nekustam\u0101 \u012bpa\u0161uma objektiem; vismaz 85% no nomas ien\u0101kumiem, un (lai SPPICAV) 100 % kapit\u0101la pieauguma ir dzirdams, investoriem<\/td>\n<td>Nav nodok\u013cu l\u012bmen\u012b fonda; publisko fondu ir iesp\u0113jams atbr\u012bvot no 3 procentu nodok\u013ca<\/td>\n<td>Pieejamas vieno\u0161an\u0101s par izvair\u012b\u0161anos no dubult\u0101s aplik\u0161anas ar nodok\u013ciem; fondi FPI da\u017ei skaita<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u0160is materi\u0101ls var tikt izmantota tikai iepaz\u012b\u0161an\u0101s nol\u016bkos. Nekustam\u0101 \u012bpa\u0161uma invest\u012bcijas ir saist\u012btas ar risku, ieskaitot risku zaud\u0113t summas ieguld\u012bt\u0101 kapit\u0101la. Atrisin\u0101t nians\u0113m jums pal\u012bdz\u0113s kvalific\u0113ti eksperti ieguld\u012bjumu. Tranio iesaka sazin\u0101ties ar vi\u0146iem, pirms ieguld\u012bjumu veik\u0161anas.<\/p>\n<p>J\u016blija \u041a\u043e\u0436\u0435\u0432\u043d\u0438\u043a\u043e\u0432\u0430, Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Veikt\u0101 aptauja, Tranio 2017. gad\u0101, liecina: liel\u0101k\u0101 da\u013ca realtors (81 %) uzskata, ka krievvalod\u012bgie investori reti kas iegulda naudu, nekustam\u0101<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[144],"tags":[],"class_list":["post-1783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nodoklu-informacija-francija"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"lv","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":false,"content":false,"excerpt":false},"lv":{"title":true,"content":true,"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\/lv\/wp-json\/wp\/v2\/posts\/1783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/comments?post=1783"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/posts\/1783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/media?parent=1783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/categories?post=1783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/lv\/wp-json\/wp\/v2\/tags?post=1783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}