{"id":598,"date":"2020-02-11T15:33:03","date_gmt":"2020-02-11T12:33:03","guid":{"rendered":"http:\/\/nalog.fr\/sqkjo-oferte-e-huaj-e-pasurive-te-patundshme-fondet\/"},"modified":"2020-02-11T15:33:03","modified_gmt":"2020-02-11T12:33:03","slug":"sqkjo-oferte-e-huaj-e-pasurive-te-patundshme-fondet","status":"publish","type":"post","link":"https:\/\/nalog.fr\/sq\/sqkjo-oferte-e-huaj-e-pasurive-te-patundshme-fondet\/","title":{"rendered":"Kjo ofert\u00eb e huaj e pasurive t\u00eb patundshme fondet"},"content":{"rendered":"<p>Hulumtimi, i kryer nga Tranio n\u00eb vitin 2017, kan\u00eb treguar se shumica e realtors (81 %) besojn\u00eb se investitor\u00ebt rus rrall\u00eb e v\u00ebn\u00eb parat\u00eb n\u00eb real estate fondeve. <\/p>\n<p>S\u00eb shpejti, megjithat\u00eb, kjo metod\u00eb e investimit mund t\u00eb b\u00ebhet m\u00eb popullor. &#8220;Sipas ton\u00eb parashikimeve, n\u00eb vitet 2017-2018 do t\u00eb jet\u00eb e Rus\u00ebve p\u00ebr t\u00eb m\u00ebsuar m\u00eb shum\u00eb n\u00eb lidhje me pasuri t\u00eb patundshme fondeve, dhe gradualisht do t\u00eb l\u00ebvizin n\u00eb k\u00ebt\u00eb drejtim. Ajo shpesh \u00ebsht\u00eb m\u00eb i p\u00ebrshtatsh\u00ebm format se sa e pavarur t\u00eb bler\u00eb dhe t\u00eb m\u00ebvonshme t\u00eb menaxhimit t\u00eb institucionit,&#8221;\u2014 thot\u00eb menaxhimin partner Tranio Georgy Kachmazov.<\/p>\n<p>N\u00eb k\u00ebt\u00eb artikull ne do t\u00eb shpjegoj\u00eb se si duke p\u00ebrdorur fonde p\u00ebr t\u00eb investuar n\u00eb projekte q\u00eb lidhen me nd\u00ebrtimin dhe funksionimin e pasuris\u00eb s\u00eb patundshme.<\/p>\n<p><strong>Real estate fondet e pun\u00ebs n\u00eb skem\u00eb:<\/strong><\/p>\n<li>Fondi em\u00ebron nj\u00eb kompani t\u00eb menaxhimit (Fondi p\u00ebr menaxher\u00ebt);<\/li>\n<li>investitor\u00ebt t\u00eb investojn\u00eb n\u00eb Fond;<\/li>\n<li>parat\u00eb e menaxher\u00ebve t\u00eb Fondit p\u00ebr blerjen e pasurive t\u00eb patundshme;<\/li>\n<li>Menaxher\u00ebt e fondeve do t\u00eb gjeneroj\u00eb dhe t\u00eb d\u00ebrguar t\u00eb fitimit t\u00eb Fondit;<\/li>\n<li>pjes\u00eb nga fitimet q\u00eb shp\u00ebrndahen n\u00eb mesin e investitor\u00ebve: ata t\u00eb fituar n\u00eb proporcion me pjes\u00ebn e tyre n\u00eb Fond t\u00eb marrin nj\u00eb pjes\u00eb t\u00eb t\u00eb ardhurave nga qiraja ose rishitje.<\/li>\n<p><strong>E fondeve t\u00eb investimeve shum\u00eb avantazhe:<\/strong><\/p>\n<ul>\n<li>t\u00eb vogla pragun p\u00ebr t\u00eb hyr\u00eb n\u00eb t\u00eb \u2014 nga 1 mij\u00eb deri n\u00eb 30 mij\u00eb euro (p\u00ebr krahasim: p\u00ebr t\u00eb bler\u00eb t\u00eb l\u00ebngshme apartamente k\u00ebrkon nj\u00eb minimum prej 100 mij\u00eb euro);<\/li>\n<li>leht\u00ebsin\u00eb e blerjes-shitjes s\u00eb aksioneve dhe nj\u00ebsit\u00eb (n\u00eb fondet publike kjo mund t\u00eb b\u00ebhet n\u00eb \u00e7do koh\u00eb);<\/li>\n<li>menaxhimit profesional (nuk k\u00ebrkohet p\u00ebr t\u00eb shpenzuar personale menaxhimit t\u00eb koh\u00ebs);<\/li>\n<li>diversifikimi i portofolit t\u00eb investimeve;<\/li>\n<li>m\u00eb t\u00eb m\u00ebdha t\u00eb likuiditetit n\u00eb krahasim me investimet direkt n\u00eb pasuri t\u00eb patundshme.<\/li>\n<\/ul>\n<p><strong>Megjithat\u00eb, nuk \u00ebsht\u00eb nj\u00eb penges\u00eb t\u00eb konsiderueshme<\/strong>: \u00ebsht\u00eb e v\u00ebshtir\u00eb p\u00ebr jo-rezident\u00ebt p\u00ebr t\u00eb investuar n\u00eb fonde t\u00eb huaja. <\/p>\n<p>Thot\u00eb eksperti Tranio Alexander Chernov: &#8220;Investuar n\u00eb American fondet fizike t\u00eb subjekteve jo \u2013 rezidente \u00ebsht\u00eb e v\u00ebshtir\u00eb p\u00ebr nj\u00eb num\u00ebr arsyesh. M\u00eb platformat jan\u00eb t\u00eb organizuara si investimeve t\u00eb pasurive t\u00eb patundshme beson (Investimeve t\u00eb Pasurive t\u00eb patundshme Beson, REITs), t\u00eb cilat jan\u00eb t\u00eb liruara nga tatimi dhe p\u00ebr t\u00eb zhvendosur barr\u00ebn e taksave mbi t\u00eb ardhurat nga real estate investime p\u00ebr aksioner\u00ebve t\u00eb saj (investitor\u00ebt). Kjo struktur\u00eb \u00ebsht\u00eb e dobishme p\u00ebr banor\u00ebt e SHBA, e cila \u00ebsht\u00eb p\u00ebrdorur shpesh p\u00ebr t\u00eb investimeve nga fondet e tyre n\u00eb pension llogarit\u00eb e investimeve, t\u00eb cilat, nga ana tjet\u00ebr, kan\u00eb gjithashtu nj\u00eb m\u00ebnyr\u00eb preferenciale t\u00eb tatimeve. Por investitor\u00ebt e huaj q\u00eb t\u00eb investojn\u00eb n\u00eb t\u00eb tilla SHBA fondet do t\u00eb duhet t\u00eb paguajn\u00eb t\u00eb konsiderueshme t\u00eb t\u00eb ardhurave tatimore dhe vet\u00eb-paraqes\u00eb nj\u00eb kthim i taksave n\u00eb SHBA, pasi fondet nuk jan\u00eb agjent\u00ebt tatimor. P\u00ebrve\u00e7 k\u00ebsaj, Deklarata \u00ebsht\u00eb e mundimshme dhe i shtrenjt\u00eb. Investitor\u00ebt potencial\u00eb nga Rusia gjithashtu do t\u00eb p\u00ebrballen me v\u00ebshtir\u00ebsi kur b\u00ebhet transferimi i fondeve nga bankat ruse n\u00eb American Fondin e llogarive dhe p\u00ebr kthimin e kapitalit t\u00eb llogarit\u00eb n\u00eb Federat\u00ebn ruse. M\u00eb platformat nuk jan\u00eb projektuar p\u00ebr t\u00eb punuar me t\u00eb huajt dhe t\u00eb supozojm\u00eb se investitor\u00ebt kan\u00eb nj\u00eb llogari Bankare n\u00eb Shtetet e Bashkuara. N\u00eb t\u00eb nj\u00ebjt\u00ebn koh\u00eb p\u00ebr t\u00eb na hapur nj\u00eb llogari Bankare pa nj\u00eb num\u00ebr t\u00eb sigurimeve shoq\u00ebrore, nj\u00eb AMERIKAN, adres\u00ebn ose nj\u00eb viz\u00eb afatgjate \u00ebsht\u00eb problematike dhe n\u00eb \u00e7do rast t\u00eb k\u00ebrkoj\u00eb personale dhe prezenc\u00ebn e udh\u00ebtimit n\u00eb k\u00ebt\u00eb vend.&#8221;<\/p>\n<p>Megjithat\u00eb, sipas Drejtorit t\u00eb sh\u00ebrbimeve financiare Tranio Kirili Schmidt, p\u00ebr t\u00eb investuar n\u00eb REIT n\u00eb burs\u00eb \u2014 n\u00eb letra me vler\u00eb. &#8220;N\u00eb k\u00ebt\u00eb skenar t\u00eb paraqes\u00eb nj\u00eb kthim i taksave n\u00eb SHBA nuk kan\u00eb&#8221;, thot\u00eb ai.<\/p>\n<h2>Llojet e mjeteve<\/h2>\n<p>P\u00ebr ata q\u00eb ende i vendosur p\u00ebr investime t\u00eb tilla, p\u00ebr starters, ajo \u00ebsht\u00eb e r\u00ebnd\u00ebsishme t\u00eb dini llojin e Fondacionit p\u00ebr t\u00eb kuptuar se si dhe gjat\u00eb asaj periudhe do t\u00eb marr\u00eb nj\u00eb fitim.<\/p>\n<p>Ka disa lloje t\u00eb fondeve.<\/p>\n<p><strong>1) p\u00ebrdorimi i fitimit:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Grumbullimi I Fondit T\u00eb<br \/>\n(Grumbullimi, Acc)<\/th>\n<th width=\"40%\">Fondi p\u00ebr q\u00ebllim<br \/>\nt\u00eb ardhurat<br \/>\n(T\u00eb Ardhurat E Inc)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Metoda e p\u00ebrdorimit t\u00eb fitimeve<\/strong><\/td>\n<td>Fitimet jan\u00eb riinvestuar t\u00eb kthyer n\u00eb Fond p\u00ebr t\u00eb bler\u00eb karakteristika t\u00eb tjera ose t\u00eb aksioneve<\/td>\n<td>Fitimi \u00ebsht\u00eb kredituar p\u00ebr investitorin e llogari Bankare<\/td>\n<\/tr>\n<tr>\n<td><strong>Q\u00ebllimi i Fondit<\/strong><\/td>\n<td>Rritja dhe ngritja e baz\u00ebs objekte p\u00ebr t\u00eb gjeneruar shtes\u00eb t\u00eb jepnin<\/td>\n<td>Vet\u00ebm t\u00eb ardhurat e<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Shumica e fondeve jan\u00eb fokusuar edhe n\u00eb zgjerimin dhe sigurimin e t\u00eb ardhurave.<\/p>\n<p><strong>2) me an\u00eb t\u00eb ofertave mbi shk\u00ebmbimin:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">T\u00eb listuara<br \/>\n(t\u00eb sh\u00ebnuara)<\/th>\n<th width=\"40%\">Unlisted<br \/>\n(jo t\u00eb listuara)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>\u00c7\u00ebshtja e aksioneve<\/strong><\/td>\n<td>\u00c7\u00ebshtja e aksioneve<\/td>\n<td>Nuk \u00e7\u00ebshtja e aksioneve<\/td>\n<\/tr>\n<tr>\n<td><strong>Statusi ligjor<\/strong><\/td>\n<td>\u2014 investimeve t\u00eb pasurive t\u00eb patundshme beson (Investimeve t\u00eb Pasurive t\u00eb patundshme Beson, REITs)<br \/>\n\u2014 kompani t\u00eb pasurive t\u00eb patundshme kompani aksionare<\/td>\n<td>\u2014 fondet e nd\u00ebrsjella (nj\u00ebsia e beson, ose fondet e p\u00ebrbashk\u00ebta)<br \/>\n\u2014 fondet pensionale (skemat pensionale)<br \/>\ne nj\u00eb p\u00ebrgjegj\u00ebsi t\u00eb kufizuar, ortak\u00ebri (e kufizuar partneriteteve)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&#8220;Informacioni nuk \u00ebsht\u00eb i sh\u00ebnuar fondet n\u00eb dispozicion p\u00ebr investitor\u00ebt \u00ebsht\u00eb jo m\u00eb pak se t\u00eb listuara. Kjo \u00ebsht\u00eb nj\u00eb e mir\u00eb e rregulluar industrin\u00eb. Duke investuar n\u00eb t\u00eb nd\u00ebrsjell\u00eb t\u00eb investimeve t\u00eb Fondit t\u00eb shitjes me pakic\u00eb investitori m\u00eb e thjesht\u00eb se sa Fondi p\u00ebr t\u00eb k\u00ebmbimit, dhe t\u00eb k\u00ebtij segmenti t\u00eb tregut sa m\u00eb transparent&#8221;, thot\u00eb Kirill Schmidt. <\/p>\n<p><strong>3) n\u00eb kuptim t\u00eb investimeve:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">E hapur<br \/>\n(i hapur)<\/th>\n<th width=\"40%\">Mbyllur<br \/>\n(mbyllur pa fund)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Koh\u00eb para shitjes s\u00eb aksioneve <\/strong><\/td>\n<td>Investitori mund t\u00eb blej\u00eb nj\u00ebsi ose p\u00ebr t\u00eb paraqitur aksionet p\u00ebr shpengim p\u00ebr menaxhimin e kompanis\u00eb p\u00ebr \u00e7do dit\u00eb pune<\/td>\n<td>Krijuar p\u00ebr nj\u00eb periudh\u00eb t\u00eb kufizuar (5-10 vjet). Gjat\u00eb k\u00ebsaj periudhe investitori nuk mund t\u00eb t\u00ebrheqin fondet e tyre nga Fondi. Shpengimin e nj\u00eb nj\u00ebsie ndodh kur e likuidimit t\u00eb Fondit<\/td>\n<\/tr>\n<tr>\n<td><strong>Likuiditeti<\/strong><\/td>\n<td>T\u00eb lart\u00eb<\/td>\n<td>E ul\u00ebt<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Fondet e specializuar n\u00eb real estate qiradh\u00ebnie, ju mund t\u00eb hapur dhe t\u00eb mbyllur. Megjithat\u00eb, shumica e fondeve t\u00eb p\u00ebrfshira n\u00eb nd\u00ebrtimin e mbyllur, p\u00ebr sa koh\u00eb q\u00eb objekti \u00ebsht\u00eb duke u nd\u00ebrtuar, parat\u00eb p\u00ebr t\u00eb t\u00ebrhequr \u00ebsht\u00eb e pamundur: ata investuar n\u00eb komplot, nj\u00eb pus, nj\u00eb nd\u00ebrtes\u00eb n\u00eb nd\u00ebrtim e sip\u00ebr. T\u00eb t\u00ebrhequr nga investimi pas p\u00ebrfundimit t\u00eb nd\u00ebrtimit dhe shitjes s\u00eb nd\u00ebrtesave, kur Fondit t\u00eb shfaqet n\u00eb fondet (megjithat\u00eb, investitori mund t\u00eb rishes e tij ndaj nj\u00eb investitori). P\u00ebr shembull, Fondi hap n\u00eb vitin 2015, p\u00ebr t\u00eb mbledhur shum\u00ebn e d\u00ebshiruar t\u00eb fondeve nga investitor\u00ebt dhe t\u00eb mb\u00ebshtetet n\u00eb parat\u00eb e objekteve p\u00ebr pes\u00eb vjet. Pas parat\u00eb e mbledhura, Fondi \u00ebsht\u00eb i shtyr\u00eb, n\u00eb vitin 2020, ai shet objektin dhe paguan t\u00eb ardhurat e investitorit nj\u00eb fitim.<\/p>\n<p>Fondet duhet t\u00eb dallohen <strong>crowdfunding platforma<\/strong>, gjithashtu p\u00ebrb\u00ebjn\u00eb investimeve kolektive skemave. &#8220;Dallimi kryesor \u00ebsht\u00eb se ndryshe nga fondet n\u00eb crowdfunding investitor shpesh zgjedh q\u00eb projektet p\u00ebr t\u00eb investuar, dhe t\u00eb mos jet\u00eb e lidhur me detyrimet n\u00eb para,&#8221; thot\u00eb Alexander Chernov. <\/p>\n<h2>Strategjia investuese<\/h2>\n<p>Investitori \u00ebsht\u00eb e r\u00ebnd\u00ebsishme t\u00eb dini se \u00e7far\u00eb strategjie veprat e Fondit p\u00ebr t\u00eb vler\u00ebsuar rreziqet dhe profitabilitetit. Strategjia ka kat\u00ebr lloje. <\/p>\n<\/p>\n<h3>Strategjia investuese<\/h3>\n<p>Tranio T\u00eb Dh\u00ebnave<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Strategjia<\/th>\n<th>T\u00eb tjera<br \/>\nemrat<\/th>\n<th>Thelbi<\/th>\n<th>Rreziqet<\/th>\n<th>Yield*<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Core<\/strong><\/td>\n<td rowspan=\"2\">T\u00eb blejn\u00eb dhe t\u00eb Mbajn\u00eb<br \/>\n(&#8220;bler\u00eb dhe t\u00eb mbaj\u00eb&#8221;)<\/td>\n<td>Blerja e pron\u00ebs me qira, pa p\u00ebrfshirjen e huave<\/td>\n<td>E ul\u00ebt<\/td>\n<td>E ul\u00ebt<br \/>\n(2-3 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Core Plus<\/strong><\/td>\n<td>Blerja e pron\u00ebs me qira n\u00eb off-qendra vende p\u00ebrdorimin e levave<\/td>\n<td>Mesatare<\/td>\n<td>Mesatare<br \/>\n(5-7 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Vlera E Shtuar<\/strong><\/td>\n<td rowspan=\"2\">Vlera E Shtuar<br \/>\n(&#8220;rritja e kostos&#8221;)<\/td>\n<td>Rizhvillimit (blerjen e pronave p\u00ebr rinovim, riparime, dhe shitje me nj\u00eb \u00e7mim m\u00eb t\u00eb lart\u00eb)<\/td>\n<td>Mesme<\/td>\n<td>Mesme<br \/>\n(7-10 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Oportunist<\/strong><\/td>\n<td>Nd\u00ebrtim, blerje t\u00eb pazhvilluar e tok\u00ebs, objektet me barr\u00ebt<\/td>\n<td>T\u00eb lart\u00eb<\/td>\n<td>T\u00eb lart\u00eb<br \/>\n(10 %)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>* n\u00eb Evrop\u00ebn Per\u00ebndimore dhe n\u00eb Shtetet e Bashkuara t\u00eb amerik\u00ebs<\/p>\n<p>Shumica e fondeve t\u00eb pun\u00ebs vet\u00ebm n\u00eb nj\u00eb strategji. Por disa zgjedhin dy ose tre p\u00ebr shembull, Core, Core Plus dhe Vler\u00ebn e Shtuar. &#8220;N\u00eb Evrop\u00eb dhe Shtetet e Bashkuara n\u00eb kushtet e fondeve t\u00eb kapitalit \u00ebsht\u00eb e dominuar nga Core Core dhe m\u00eb shum\u00eb, si ata \u00ebsht\u00eb nj\u00eb sasi e konsiderueshme e t\u00eb gjitha m\u00eb e shtrenjt\u00eb dhe e madhe institucionale objektet,&#8221; thot\u00eb Alexander Chernov.<\/p>\n<p>Ato fonde q\u00eb t\u00eb veproj\u00eb n\u00ebn Thelb\u00ebsore t\u00eb strategjis\u00eb, zgjidhni nj\u00eb t\u00eb mir\u00eb-krijuar, me rrezikshm\u00ebri t\u00eb ul\u00ebt t\u00eb tregjeve me t\u00eb q\u00ebndrueshme t\u00eb k\u00ebrkes\u00ebs dhe \u00e7mimet m\u00eb t\u00eb larta, dhe p\u00ebr k\u00ebt\u00eb arsye ofrojn\u00eb nj\u00eb t\u00eb ul\u00ebt t\u00eb jepnin me qira (2-3 %). Fondet q\u00eb preferojn\u00eb nj\u00eb B\u00ebrtham\u00eb Plus strategji, t\u00eb jap\u00eb nj\u00eb rendimenteve m\u00eb t\u00eb larta (7 %), p\u00ebr shkak t\u00eb investuar n\u00eb m\u00eb pak Qendrore vende dhe p\u00ebrdorimin e levave. M\u00eb n\u00eb fund, fondet e specializuar n\u00eb Vler\u00ebn e Shtuar, mund t\u00eb siguroj\u00eb p\u00ebrfundimtar t\u00eb jepnin deri n\u00eb 10% p\u00ebr shkak t\u00eb faktit se investimi investitor\u00ebt &#8216; fonde n\u00eb tregjet e reja, p.sh. ato ku pritet gentrification, dhe t\u00eb marr\u00eb objektet n\u00ebn rind\u00ebrtim p\u00ebr rishitje n\u00eb nj\u00eb \u00e7mim m\u00eb t\u00eb lart\u00eb.<\/p>\n<h2>Shembuj t\u00eb fondeve dhe strategjit\u00eb e tyre<\/h2>\n<p>&#8220;Investitor\u00ebt kan\u00eb detyra t\u00eb ndryshme: dikush ka nevoj\u00eb p\u00ebr t\u00eb ruajtur kapitalin me rrezik minimal dhe kthim dhe dikush \u00ebsht\u00eb i gatsh\u00ebm p\u00ebr rrezik t\u00eb madh dhe pret t\u00eb lart\u00eb p\u00ebr qind n\u00eb kapitalit t\u00eb investuar. Per\u00ebndimore t\u00eb tregut t\u00eb pasurive t\u00eb patundshme fondet ofron nj\u00eb gam\u00eb t\u00eb gjer\u00eb t\u00eb strategjive, shkall\u00ebn e rrezikut dhe t\u00eb kthimit p\u00ebr klient\u00ebt e saj&#8221;,\u2014 tha Giorgi Kachmazov.<\/p>\n<\/p>\n<h3>Disa t\u00eb huaj t\u00eb pasurive t\u00eb patundshme fondeve dhe strategjit\u00eb e tyre<\/h3>\n<p>T\u00eb dh\u00ebnat e fondeve<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Fondi<\/th>\n<th>Aberdin Pron\u00ebn E Besimit<\/th>\n<th>Henderson<\/th>\n<th>Ligjore &amp; P\u00ebrgjithshme<\/th>\n<th>PropFund<\/th>\n<th>NA Master Pron\u00ebn Banesore Fondi<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Fondi lloji<\/strong><\/td>\n<td>N\u00eb natyr\u00eb t\u00eb listuara<\/td>\n<td>N\u00eb natyr\u00eb t\u00eb listuara<\/td>\n<td>N\u00eb natyr\u00eb t\u00eb listuara<\/td>\n<td>T\u00eb mbyllura, q\u00eb nuk jan\u00eb<\/td>\n<td>N\u00eb natyr\u00eb t\u00eb listuara<\/td>\n<\/tr>\n<tr>\n<td><strong>Juridiksioni<\/strong><\/td>\n<td>Mbret\u00ebria e BASHKUAR<\/td>\n<td>Mbret\u00ebria e BASHKUAR<\/td>\n<td>Mbret\u00ebria e BASHKUAR<\/td>\n<td>Gjermani<\/td>\n<td>Australi<\/td>\n<\/tr>\n<tr>\n<td><strong>Strategjia<\/strong><\/td>\n<td>Core<\/td>\n<td>Core<\/td>\n<td>Core<\/td>\n<td>Core Plus<\/td>\n<td>Vlera E Shtuar<\/td>\n<\/tr>\n<tr>\n<td><strong>Buxhet minimal<\/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\/a<\/td>\n<\/tr>\n<tr>\n<td><strong>Gjeografia<br \/>\nobjektet<\/strong><\/td>\n<td>BRITANIA e madhe (Lond\u00ebr)<\/td>\n<td>Mbret\u00ebria e BASHKUAR (South East Anglia)<\/td>\n<td>Mbret\u00ebria e BASHKUAR<\/td>\n<td>Gjermani (Berlin dhe rrethinat, dhe gjithashtu t\u00eb qyteteve me popullsi mbi 50 mij\u00eb njer\u00ebz)<\/td>\n<td>SHBA (new York, new Jersey; n\u00ebnvler\u00ebsuar vende)<\/td>\n<\/tr>\n<tr>\n<td><strong>Llojet<br \/>\nobjektet<\/strong><\/td>\n<td>Nj\u00eb 50% komerciale, 20% e zyrave<\/td>\n<td>Tregtare dhe zyra e pasurive t\u00eb patundshme<\/td>\n<td>22 % t\u00eb objekteve industriale; pjesa tjet\u00ebr \u2014 dyqanet, zyrat, shitjes me pakic\u00eb, parqe, depot<\/td>\n<td>Apartamente<\/td>\n<td>T\u00eb lir\u00eb n\u00eb sht\u00ebpi 1-4 familja dhe multi-familja e nd\u00ebrtesave n\u00eb 20 p\u00ebr 100 apartamente<\/td>\n<\/tr>\n<tr>\n<td><strong>Rendimenti,<br \/>\n% n\u00eb vit<\/strong><\/td>\n<td>2.0 p\u00ebr 2.5<\/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>N\u00eb ngarkes\u00ebn e borxhit<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>Sipas nj\u00eb studimi nga Shoqata Evropiane p\u00ebr investitor\u00ebt jo t\u00eb listuara pasurive t\u00eb patundshme fondeve (Shoqata Evropiane p\u00ebr Investitor\u00ebt Jo t\u00eb Listuara e Pasurive t\u00eb patundshme t\u00eb Automjeteve, INREV), shumica e investitor\u00ebve n\u00eb vitin 2016, e zgjodhi strategjin\u00eb Vler\u00ebn e Shtuar apo Core. N\u00eb krahasim me vitin 2015, p\u00ebrqindja e Thelbi dhe Vlera e Shtuar e rritur (nga 82,2 t\u00eb 86.2 %) dhe Oportunistic \u00ebsht\u00eb zvog\u00ebluar (prej 17.8 p\u00ebr 13.8 %). Kjo sugjeron se n\u00eb vitin 2016, investitor\u00ebt jan\u00eb m\u00eb pak t\u00eb gatsh\u00ebm p\u00ebr t\u00eb marr\u00eb rreziqe sesa m\u00eb par\u00eb. Studimi po ashtu ka raportuar se m\u00eb t\u00eb njohura n\u00eb tregjet p\u00ebr investime \u2014 rrezik t\u00eb ul\u00ebt (Gjermania, Franca dhe mbret\u00ebria e BASHKUAR).<\/p>\n<p>     <i><\/i><\/p>\n<p>N\u00eb disa tregje pjesa e oportunist strategjit\u00eb mund t\u00eb jen\u00eb m\u00eb t\u00eb larta. P\u00ebr shembull, sipas JLL, Spanj\u00eb n\u00eb vitin 2015, ajo ishte 28 % (nd\u00ebrsa Core dhe Thelbi Plus \u2014 35 %). Ky vend \u00ebsht\u00eb karakterizuar nga rreziqet m\u00eb t\u00eb madhe se sa, p\u00ebr shembull, BRITANIA e madhe dhe Gjermania, dhe investitor\u00ebt, t\u00eb cil\u00ebt zgjedhin Spanj\u00eb si rregull, jan\u00eb t\u00eb gatsh\u00ebm p\u00ebr t\u00eb marr\u00eb m\u00eb shum\u00eb rreziqe.<\/p>\n<h2>Rreziku p\u00ebr minimizimin dhe diversifikimin<\/h2>\n<p>T\u00eb jepnin fonde p\u00ebr investitor\u00ebt nuk \u00ebsht\u00eb e garantuar. Varet, jan\u00eb shum\u00eb m\u00eb t\u00eb shtrenjt\u00eb apo t\u00eb lir\u00eb t\u00eb pasurive, dhe k\u00ebrkesa p\u00ebr t\u00eb qiradh\u00ebnies dhe me qira normat e saja.<\/p>\n<p>Ashtu si me \u00e7do investimeve, investimet n\u00eb pasuri t\u00eb patundshme fondeve t\u00eb p\u00ebrfshijn\u00eb rreziqe. Sa m\u00eb i lart\u00eb t\u00eb jepnin, aq m\u00eb i lart\u00eb rreziku. <\/p>\n<p>&#8220;Nj\u00eb nga rreziqet kryesore t\u00eb Fondit \u2014 defaulting menaxher\u00ebt. \u00cbsht\u00eb e r\u00ebnd\u00ebsishme t\u00eb zgjidhni nj\u00eb kompani me nj\u00eb histori t\u00eb mir\u00ebfillt\u00eb, reputacion, transparent t\u00eb raportimit dhe strategji t\u00eb qart\u00eb&#8221;, thot\u00eb George Kachmazov.<\/p>\n<p>Shumica e fondeve t\u00eb p\u00ebrpiqet p\u00ebr t\u00eb minimizuar rrezikun duke kombinuar strategjit\u00eb e ndryshme dhe diversifikimin e portofolit.<\/p>\n<\/p>\n<h3>Drejtori rreziqet dhe m\u00ebnyrat p\u00ebr t\u00eb minimizuar ato<\/h3>\n<p>Tranio T\u00eb Dh\u00ebnave<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Rreziqet<\/th>\n<th>Pasi fondet jan\u00eb siguruar kund\u00ebr rreziqeve<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Rreziqet makroekonomike<\/strong><br \/>\n(krizave, inflacioni, etj.)<\/td>\n<td rowspan=\"4\">P\u00ebrzgjedhja e q\u00ebndrueshme tregjet (p.sh., investimet n\u00eb &#8220;big shtat\u00eb&#8221; n\u00eb Gjermani) dhe shum\u00ebllojshm\u00ebris\u00eb (p\u00ebr shembull, 80 % e kapitalit mund t\u00eb jen\u00eb t\u00eb investuar n\u00eb qendra tregtare apo zyra dhe 20% n\u00eb qendrat e logjistik\u00ebs dhe azilet)<\/td>\n<\/tr>\n<tr>\n<td><strong>Rreziku i tregut<\/strong><br \/>\n(bie \u00e7mimet e pasurive t\u00eb patundshme, t\u00eb lir\u00eb me qira)<\/td>\n<\/tr>\n<tr>\n<td><strong>Rrezikut t\u00eb monedh\u00ebs<\/strong><br \/>\n(p\u00ebr shembull, sistemi Australian i Fondit t\u00eb investimeve n\u00eb Shtetet e Bashkuara ekziston rreziku i zhvler\u00ebsimit t\u00eb dollarit AMERIKAN)<\/td>\n<\/tr>\n<tr>\n<td><strong>Legjislative rrezik<\/strong><br \/>\n(ndryshimet n\u00eb legjislacion)<\/td>\n<\/tr>\n<tr>\n<td><strong>Shitja me nj\u00eb \u00e7mim m\u00eb posht\u00eb blerjes<\/strong><\/td>\n<td>T\u00eb bler\u00eb n\u00eb n\u00ebnvler\u00ebsuar zonat q\u00eb pritet ose jan\u00eb gentrification ose rigjenerimin<\/td>\n<\/tr>\n<tr>\n<td><strong>Rrezik lidhur me financimin<\/strong><br \/>\n(n\u00eb t\u00eb ardhmen, Fondi mund t\u00eb mos e marr\u00eb t\u00eb favorshme kushtet p\u00ebr kredit\u00eb)<\/td>\n<td>Kredit\u00eb me normat fikse, LTV jo m\u00eb shum\u00eb se 50 %<\/td>\n<\/tr>\n<tr>\n<td><strong>Mos-pagesa e qiras\u00eb nga qiramarr\u00ebsit<\/strong><\/td>\n<td>T\u00eb besueshme t\u00eb qiramarr\u00ebsve me nj\u00eb t\u00eb mir\u00eb e historis\u00eb s\u00eb kredive (kompani t\u00eb madhe, t\u00eb tilla si Sainsbury e nd\u00ebrmarrjeve shtet\u00ebrore), disa qiramarr\u00ebsit<\/td>\n<\/tr>\n<tr>\n<td><strong>Rreziku i joproduktive<\/strong><\/td>\n<td>Zgjedhja tashm\u00eb \u00ebsht\u00eb dh\u00ebn\u00eb me qira t\u00eb objekteve me nj\u00eb minimum t\u00eb banimit shkalla e 80-95 % n\u00eb vendet me t\u00eb zhvilluara t\u00eb transportit dhe lidhjet e tregut t\u00eb pun\u00ebs; gjat\u00eb dhe t\u00eb v\u00ebshtir\u00eb t\u00eb qiras\u00eb<\/td>\n<\/tr>\n<tr>\n<td><strong>Rreziku i rritjes s\u00eb kostove t\u00eb mir\u00ebmbajtjes<\/strong><\/td>\n<td>Nj\u00eb p\u00ebrzgjedhje cil\u00ebsore t\u00eb objekteve (strehim, nuk ka nevoj\u00eb p\u00ebr riparim, &#8220;green&#8221; nd\u00ebrtese klasa A, etj.)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Shum\u00eb fonde diversifitsirovat portofolin tuaj t\u00eb investimeve, gjegj\u00ebsisht t\u00eb investuar, nj\u00eb investitor n\u00eb pasuri t\u00eb patundshme t\u00eb lloje t\u00eb shumta n\u00eb vende t\u00eb ndryshme, duke p\u00ebrdorur strategji t\u00eb ndryshme dhe fusha e investimeve. P\u00ebrve\u00e7 k\u00ebsaj p\u00ebr t\u00eb pasurive t\u00eb patundshme, nj\u00eb Fond q\u00eb mund t\u00eb mbaj\u00eb nj\u00eb pjes\u00eb t\u00eb vog\u00ebl t\u00eb fondeve n\u00eb para t\u00eb gatshme ose letrave me vler\u00eb. Ka edhe fonde q\u00eb t\u00eb mos investojn\u00eb drejtp\u00ebrdrejt n\u00eb pajisje, dhe t\u00eb investojn\u00eb n\u00eb fonde t\u00eb tjera apo kompanive t\u00eb p\u00ebrfshira n\u00eb pasuri t\u00eb patundshme.<\/p>\n<p> Nj\u00eb shembull i nd\u00ebrtimit t\u00eb struktur\u00ebs s\u00eb Fondit t\u00eb portofolit subjekt i diversifikimit <i><\/i><\/p>\n<h2>Si p\u00ebr t\u00eb investuar?<\/h2>\n<p>Projektet baz\u00eb dhe Thelb\u00ebsore Plus \u00ebsht\u00eb m\u00eb pak e rrezikshme, por ju mund t\u00eb fitojn\u00eb m\u00eb shum\u00eb p\u00ebrmes Vler\u00ebn e Shtuar strategjive. <\/p>\n<p>&#8220;Nj\u00eb e vetme rekomandimet nr. Zgjedhja varet nga q\u00ebllimet e investimeve dhe t\u00eb caktuara t\u00eb investimeve n\u00eb t\u00eb klientit t\u00eb portofolit. P\u00ebr shembull, n\u00eb qoft\u00eb se 80 % e fondeve kan\u00eb tashm\u00eb jan\u00eb investuar n\u00eb mjete t\u00eb besueshme dhe mjet t\u00eb nevojsh\u00ebm p\u00ebr rritjen e profitabilitetit, ajo \u00ebsht\u00eb ende e 20% mund t\u00eb jet\u00eb drejtuar p\u00ebr projekte n\u00eb Vler\u00eb t\u00eb Shtuar,&#8221; thot\u00eb Alexander Chernov.<\/p>\n<p>Sipas George Kachmazov, ata q\u00eb d\u00ebshirojn\u00eb t\u00eb investojn\u00eb n\u00eb Vler\u00ebn e Shtuar, ve\u00e7an\u00ebrisht ajo \u00ebsht\u00eb e rekomanduar p\u00ebr t\u00eb zgjedhur t\u00eb qart\u00eb tregjeve, si dhe sigurimin e fondeve p\u00ebr t\u00eb minimizuar rreziqet.<\/p>\n<p>&#8220;Ajo \u00ebsht\u00eb e rekomanduar p\u00ebr t\u00eb zgjedhur fonde me premtuese strategjit\u00eb, gjegj\u00ebsisht, duke investuar n\u00eb k\u00ebt\u00eb klas\u00eb t\u00eb pasurive t\u00eb patundshme q\u00eb do t\u00eb jet\u00eb n\u00eb k\u00ebrkesa n\u00eb horizont 10-20 vjet\u2014 tha Giorgi Kachmazov.\u2014 Sipas mendimit ton\u00eb, kjo micropatent dhe azilet. Ajo \u00ebsht\u00eb gjithashtu e r\u00ebnd\u00ebsishme p\u00ebr t\u00eb zgjedhur nj\u00eb rritje zon\u00eb ku nuk \u00ebsht\u00eb gentrification, i cili p\u00ebr arsye objektive, do t\u00eb b\u00ebhen m\u00eb t\u00eb l\u00ebngshme pas 10 vjet\u00ebsh. Fondet q\u00eb t\u00eb investoj\u00eb n\u00eb t\u00eb ardhsh\u00ebm dhe t\u00eb tanish\u00ebm t\u00eb strategjis\u00eb, do t\u00eb ngjar\u00eb t\u00eb sjell\u00eb investitori t\u00eb ardhurat.&#8221;<\/p>\n<h2>Shtojca: karakteristikat e Europiane t\u00eb pasurive t\u00eb patundshme fondet<\/h2>\n<\/p>\n<p>T\u00eb Dh\u00ebnat E PwC<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Vend<\/th>\n<th>Statusi ligjor<\/th>\n<th>K\u00ebrkesat p\u00ebr fonde t\u00eb<\/th>\n<th>Pro<\/th>\n<th>T\u00eb k\u00ebqijat<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td rowspan=\"2\">Austri<\/td>\n<td>Real estate Fondi Immobilien-Sonderverm\u00f6gen) \u00ebsht\u00eb nj\u00eb Fond i hapur lloji, nuk \u00ebsht\u00eb nj\u00eb entitet juridik; menaxhohet nga nj\u00eb Austriak menaxhimin e kompanis\u00eb (Kapitalanlagegesellschaft, KAG) \u00ebsht\u00eb ose OOO (Gesellschaft mit beschr\u00e4nkter Haftung, GmbH), ose kompani aksionere (Aktiengesellschaft, AG)<\/td>\n<td>Investime t\u00eb pakt\u00ebn 10 her\u00eb n\u00eb 4 vjet<\/td>\n<td>P\u00ebr t\u00eb gjith\u00eb investitor\u00ebt; nuk tatimi n\u00eb t\u00eb Fondit nivel; e mir\u00eb uregulirovanii; Fondi sh\u00eblben aksione n\u00eb baz\u00eb t\u00eb k\u00ebrkes\u00ebs s\u00eb investitor\u00ebve<\/td>\n<td>Kufizime mbi llojet e pasurive t\u00eb patundshme; rritja e vler\u00ebs s\u00eb pasurive t\u00eb paluajtshme \u00ebsht\u00eb i n\u00ebnshtrohen tatimit, pavar\u00ebsisht n\u00ebse ajo \u00ebsht\u00eb shitur<\/td>\n<\/tr>\n<tr>\n<td>Nj\u00eb e ve\u00e7ant\u00eb e pasurive t\u00eb patundshme t\u00eb Fondit (Immobilien-Spezialsonderverm\u00f6gen) \u00ebsht\u00eb nj\u00eb Fond, nuk \u00ebsht\u00eb nj\u00eb entitet juridik; menaxhohet nga nj\u00eb Austriak menaxhimin e kompanis\u00eb (KAG) \u00ebsht\u00eb ose OOO (GmbH) ose PAZ (AG)<\/td>\n<td>Investime t\u00eb pakt\u00ebn 5 her\u00eb n\u00eb 4 vjet<\/td>\n<td>Nj\u00eb mjet fleksib\u00ebl p\u00ebr investitor\u00ebt institucionale<\/td>\n<td>Kufizimet n\u00eb disa lloje t\u00eb pasurive t\u00eb patundshme; Fondi vet\u00ebm p\u00ebr personat juridik; zakonisht vet\u00ebm investimet afatgjata; rritja e vler\u00ebs s\u00eb pasurive t\u00eb paluajtshme \u00ebsht\u00eb i n\u00ebnshtrohen tatimit, pavar\u00ebsisht n\u00ebse ajo \u00ebsht\u00eb shitur<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Mbret\u00ebria e BASHKUAR<\/td>\n<td>Fondet jan\u00eb partneritet me p\u00ebrgjegj\u00ebsi t\u00eb kufizuar (Ortak\u00ebri e Kufizuar)<\/td>\n<td>Asnj\u00eb<\/td>\n<td>Nuk e tatimit n\u00eb Fondin e nivelit m\u00eb t\u00eb ul\u00ebt t\u00eb taksave p\u00ebr jo-rezident investitor\u00ebt<\/td>\n<td>Struktura \u00ebsht\u00eb m\u00eb i p\u00ebrshtatsh\u00ebm p\u00ebr fondet e mbyllur lloji<\/td>\n<\/tr>\n<tr>\n<td>Fiskal transparent t\u00eb fondeve (Tatimore Transparente Fondet, TTFs): autorizuar dhe rregulluar me p\u00ebrgjegj\u00ebsi t\u00eb kufizuar, ortak\u00ebri (i autorizuar dhe rregulluar ortak\u00ebri e kufizuar e automjeteve, ALP) dhe struktura e bazuar n\u00eb marr\u00ebveshje t\u00eb p\u00ebrbashk\u00ebt t\u00eb pron\u00ebsis\u00eb (kontraktuale bashk\u00eb-pron\u00ebsis\u00eb marr\u00ebveshje, CCA)<\/td>\n<td>Asnj\u00eb<\/td>\n<td>Nuk e tatimit n\u00eb Fondin e nivelit m\u00eb t\u00eb ul\u00ebt t\u00eb taksave p\u00ebr jo-rezident investitor\u00ebt; jo-rezident\u00ebt mund t\u00eb jen\u00eb t\u00eb liruara nga tatimi mbi fitimet kapitale<\/td>\n<td>TTF \u2014 t\u00eb reja p\u00ebr m\u00ebnyr\u00ebn e funksionimit t\u00eb Fondit, gjegj\u00ebsisht nuk \u00ebsht\u00eb pasiguria n\u00eb njohjen e organizatave nd\u00ebrkomb\u00ebtare<\/td>\n<\/tr>\n<tr>\n<td>Nj\u00eb autorizuar t\u00eb Fondit t\u00eb investimit n\u00eb pasuri t\u00eb patundshme (Pasuri t\u00eb Autorizuar t\u00eb Fondit t\u00eb Investimeve, PAIF), nj\u00eb kompani investimi i hapur lloji (t\u00eb hapura, t\u00eb investimeve t\u00eb kompanis\u00eb OEIC)<\/td>\n<td>Kushtet jan\u00eb diskutuar n\u00eb m\u00ebnyr\u00eb individuale<\/td>\n<td>Shumica e neneve t\u00eb Fondit t\u00eb ardhurat e liruara prej tatimit t\u00eb korporat\u00ebs (por t\u00eb ardhurat e investitor\u00ebve jan\u00eb t\u00eb tatohen)<\/td>\n<td>Rregullore strikte e aktiviteteve t\u00eb Fondit (Sh\u00ebrbimi p\u00ebr monitorimin e transaksioneve financiare, Financiare Sjelljes Autoriteti)<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\">Gjermani<\/td>\n<td>Real estate Fondi Immobilien-Sonderverm\u00f6gen) \u00ebsht\u00eb nj\u00eb Fond i hapur lloji, nuk \u00ebsht\u00eb nj\u00eb entitet juridik; menaxhohet nga nj\u00eb gjerman menaxhimin e kompanis\u00eb (KAG) \u00ebsht\u00eb ose OOO (GmbH) ose PAZ (AG) ose LLC dhe ortak\u00ebri e kufizuar (Gesellschaft mit beschr\u00e4nkter Haftung &amp; Compagnie Kommanditgesellschaft, GmbH &amp; Co. KG)<\/td>\n<td>Financimi i bank\u00ebs 30% e vler\u00ebs totale t\u00eb aseteve t\u00eb pasurive t\u00eb patundshme<\/td>\n<td>T\u00eb p\u00ebrbashk\u00ebt dhe mjet t\u00eb besueshme p\u00ebr t\u00eb gjith\u00eb investitor\u00ebt; jo tatimore n\u00eb nivelin e Fondit t\u00eb<\/td>\n<td>P\u00ebr t\u00eb riblerjes t\u00eb nj\u00ebsive minimale dy vje\u00e7are mbajtjen e periudh\u00ebs vjetore t\u00eb periudh\u00ebs s\u00eb njoftimit t\u00eb t\u00ebrheqjes<\/td>\n<\/tr>\n<tr>\n<td>N\u00eb natyr\u00eb Fond t\u00eb ve\u00e7ant\u00eb (Spezial-Sonderverm\u00f6gen) \u2014 nuk \u00ebsht\u00eb nj\u00eb entitet juridik; menaxhohet nga nj\u00eb gjerman menaxhimin e kompanis\u00eb (KAG) \u00ebsht\u00eb ose OOO (GmbH) ose PAZ (AG) ose LLC dhe ortak\u00ebri e kufizuar (GmbH &amp; Co. KG)<\/td>\n<td>Financimi i bank\u00ebs jo m\u00eb shum\u00eb se 50 % e vler\u00ebs totale t\u00eb aseteve t\u00eb pasurive t\u00eb patundshme<\/td>\n<td>Jo tatimore n\u00eb nivelin e Fondit t\u00eb<\/td>\n<td>Vet\u00ebm profesionale ose gjysm\u00eb-profesional investitor\u00ebt<\/td>\n<\/tr>\n<tr>\n<td>Nj\u00eb t\u00eb mbyllura n\u00eb fund t\u00eb Fondit (Investmentkommanditgesellschaft geschlossene Investimet KG) \u00ebsht\u00eb nj\u00eb p\u00ebrgjegj\u00ebsi t\u00eb kufizuar, ortak\u00ebri; partneri \u2014 zakonisht OOO (GmbH). investitor\u00ebt jan\u00eb partner\u00ebt me t\u00eb kufizuar detyrimi financiar<\/td>\n<td>Financimi i bank\u00ebs 60% e vler\u00ebs s\u00eb p\u00ebrgjithshme t\u00eb aseteve t\u00eb pasurive t\u00eb patundshme<\/td>\n<td>P\u00ebr t\u00eb gjith\u00eb investitor\u00ebt; nuk tatimi mbi shp\u00ebrndarjen e t\u00eb ardhurave<\/td>\n<td>Jo n\u00eb dispozicion marr\u00ebveshjeve p\u00ebr shmangien e tatimit t\u00eb dyfisht\u00eb dhe Direktiv\u00ebn Evropiane; Fondi mund t\u00eb jet\u00eb subjekt gjermane t\u00eb tregtis\u00eb tatimore<\/td>\n<\/tr>\n<tr>\n<td>Fond t\u00eb ve\u00e7ant\u00eb (Spezial-Investime-KG); investimeve SH.A. (Investmentaktiengesellschaft) ose me p\u00ebrgjegj\u00ebsi t\u00eb kufizuar, ortak\u00ebri (Investimet KG); partneri kryesor \u2014 zakonisht OOO (GmbH). investitor\u00ebt jan\u00eb partner\u00ebt me t\u00eb kufizuar detyrimi financiar<\/td>\n<td>Asnj\u00eb<\/td>\n<td>Nuk tatimet e t\u00eb ardhurave n\u00eb nivelin e Fondit<\/td>\n<td>Jo n\u00eb dispozicion marr\u00ebveshjeve p\u00ebr shmangien e tatimit t\u00eb dyfisht\u00eb dhe Direktiv\u00ebn Evropiane; ajo \u00ebsht\u00eb vet\u00ebm profesional, apo gjysm\u00eb-profesional investitor\u00ebt<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Luksemburg<\/td>\n<td>Fondet e rregulluar me marr\u00ebveshje n\u00eb skemat e investimeve kolektive (Nd\u00ebrmarrjet Kolektive t\u00eb Investimeve UCIs): Fondi colocation (Fonds Commun de Vendosje, FCP), nj\u00eb kompani investimi me variabile e kapitalit (Soci\u00e9t\u00e9 d&#8217;investissement \u00e0 Kapitalit t\u00eb Ndryshueshme, SICAV) kompani investimi me i fiksuar kapitale (Soci\u00e9t\u00e9 d&#8217;investissement \u00e0 Kapitale Fixe, SICAF); menaxhohet nga nj\u00eb Luksemburg t\u00eb menaxhimit t\u00eb kompanis\u00eb (Alternative t\u00eb Investimeve Menaxheri i Fondit t\u00eb AIFM)<\/td>\n<td>Nj\u00eb maksimum prej 20 % e fondeve t\u00eb mund t\u00eb investohen n\u00eb nj\u00eb t\u00eb vetme t\u00eb investimeve; financimit t\u00eb Bank\u00ebs jo m\u00eb shum\u00eb se 50% e vler\u00ebs totale t\u00eb aseteve t\u00eb pasurive t\u00eb patundshme; minimale vlera e aseteve \u2014 \u20ac 1.25 milion<\/td>\n<td>Fleksib\u00ebl instrumenti investimi, \u00ebsht\u00eb e njohur me investitor\u00ebt e huaj; jo tatimore n\u00eb nivelin e Fondit t\u00eb<\/td>\n<td>Tatimet e investitor\u00ebve t\u00eb varet nga vendi i banimit<\/td>\n<\/tr>\n<tr>\n<td>Mode e specializuar e fondeve t\u00eb investimeve (t\u00eb Specializuara, Fondet e Investimeve, SIF): i FCP, SICAV, SICAF<\/td>\n<td>Nj\u00eb maksimum prej 30 % t\u00eb fondeve mund t\u00eb investuar n\u00eb nj\u00eb t\u00eb vetme t\u00eb investimeve objekt; minimale vlera e aseteve \u2014 \u20ac 1.25 milion<\/td>\n<td>Jo tatimore n\u00eb nivelin e Fondit t\u00eb<\/td>\n<td>Investitor\u00ebt mund t\u00eb jen\u00eb vet\u00ebm kompanit\u00eb profesionale, investitor\u00ebt apo individ\u00ebve t\u00eb cil\u00ebt investojn\u00eb nj\u00eb minimum prej 125 mij\u00eb euro, ose i gatsh\u00ebm t\u00eb ofroj\u00eb dokumentacionin e p\u00ebrvoj\u00eb dhe investime; tatimet e investitor\u00ebve t\u00eb varet nga vendi i banimit<\/td>\n<\/tr>\n<tr>\n<td>Shoq\u00ebria e investimit n\u00eb rrezik t\u00eb kapitalit (Soci\u00e9t\u00e9 d&#8217;investissement en Kapitale \u00e0 i rreziksh\u00ebm, SICAR); mund t\u00eb merrni t\u00eb ndryshme t\u00eb formave ligjore (LLC, me p\u00ebrgjegj\u00ebsi t\u00eb kufizuar, ortak\u00ebri, dhe t\u00eb tjer\u00ebt)<\/td>\n<td>Jo (sepse investimeve \u00ebsht\u00eb oportunist)<\/td>\n<td>Jo tatimore n\u00eb nivelin e Fondit t\u00eb<\/td>\n<td>Vet\u00ebm profesionale investitor\u00ebt; tatimet e investitor\u00ebve t\u00eb varet nga vendi i banimit<\/td>\n<\/tr>\n<tr>\n<td>Franc\u00eb<\/td>\n<td>Real estate Fondit t\u00eb investimeve (Fonds de Vendosjen Immobilier, FPI) dhe kompania e t\u00eb cilit fillor aktivitete jan\u00eb operacionet me pasuri t\u00eb patundshme (Soci\u00e9t\u00e9 de Vendosjen \u00e0 Pr\u00e9pond\u00e9rance Immobili\u00e8re, SPPICAV); menaxhohet nga fr\u00ebngjisht ose t\u00eb regjistruar n\u00eb nj\u00eb vend i BE-s\u00eb t\u00eb menaxhimit t\u00eb kompanis\u00eb<\/td>\n<td>Kapitale n\u00eb shum\u00ebn e 500 mij\u00eb euro n\u00eb 3 vitet e para pas krijimit; t\u00eb pakt\u00ebn 60 % t\u00eb aseteve duhet t\u00eb jet\u00eb e pasurive t\u00eb patundshme; t\u00eb pakt\u00ebn 85% e t\u00eb ardhurave nga qiraja dhe (p\u00ebr SPPICAV) 100 % nga fitimet kapitale, \u00ebsht\u00eb e shp\u00ebrndar\u00eb p\u00ebr investitor\u00ebt<\/td>\n<td>Nuk e tatimit n\u00eb Fondin e nivelit t\u00eb fondeve publike mund t\u00eb jen\u00eb t\u00eb liruara nga 3 p\u00ebr qind t\u00eb taksave<\/td>\n<td>Jo n\u00eb dispozicion marr\u00ebveshjeve p\u00ebr shmangien e tatimit t\u00eb dyfisht\u00eb; fondet e FPI t\u00eb vogla<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Ky material mund t\u00eb p\u00ebrdoret vet\u00ebm p\u00ebr q\u00ebllime informative. Real estate investime p\u00ebrfshijn\u00eb rreziqe, duke p\u00ebrfshir\u00eb rrezikun e humbjes s\u00eb shum\u00ebs s\u00eb kapitalit t\u00eb investuar. P\u00ebr t\u00eb kuptuar nuanca ju do t\u00eb ndihmoj\u00eb ekspert\u00eb t\u00eb kualifikuar n\u00eb investime. Tranio rekomandon q\u00eb t\u00eb konsultoheni me t\u00eb para t\u00eb investuar.<\/p>\n<p>Yulia Kozhevnikova, Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hulumtimi, i kryer nga Tranio n\u00eb vitin 2017, kan\u00eb treguar se shumica e realtors (81 %) besojn\u00eb se investitor\u00ebt rus<\/p>\n","protected":false},"author":1,"featured_media":468,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[128],"tags":[],"class_list":["post-598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-informacione-tatimore-ne-france"],"translation":{"provider":"WPGlobus","version":"3.0.0","language":"sq","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":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":true,"content":true,"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\/sq\/wp-json\/wp\/v2\/posts\/598","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/comments?post=598"}],"version-history":[{"count":0,"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/posts\/598\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/media\/468"}],"wp:attachment":[{"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/media?parent=598"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/categories?post=598"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nalog.fr\/sq\/wp-json\/wp\/v2\/tags?post=598"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}