{"id":2674,"date":"2020-02-14T01:29:58","date_gmt":"2020-02-13T22:29:58","guid":{"rendered":"http:\/\/nalog.fr\/trteklif-yabanci-gayrimenkul-fonlari\/"},"modified":"2020-02-14T01:29:58","modified_gmt":"2020-02-13T22:29:58","slug":"trteklif-yabanci-gayrimenkul-fonlari","status":"publish","type":"post","link":"https:\/\/nalog.fr\/tr\/trteklif-yabanci-gayrimenkul-fonlari\/","title":{"rendered":"Teklif yabanc\u0131 gayrimenkul fonlar\u0131"},"content":{"rendered":"<p>Yap\u0131lan bir anket Tranio 2017 y\u0131l\u0131nda g\u00f6sterdi: \u00e7o\u011fu emlak\u00e7\u0131lar (81 %) inan\u0131yorum rus\u00e7a konu\u015fan yat\u0131r\u0131mc\u0131lar nadiren yat\u0131r\u0131m fonlar\u0131 gayrimenkul. <\/p>\n<p>Ancak, yak\u0131nda b\u00f6yle bir yat\u0131r\u0131m bir yolu olabilir daha pop\u00fcler. \u00abBizim tahminlerine g\u00f6re, 2017-2018 y\u0131llar\u0131nda ruslar daha fazla tan\u0131mak fonlar hakk\u0131nda emlak ve yava\u015f yava\u015f bu y\u00f6nde hareket. Bu genellikle daha uygun bir bi\u00e7imde, daha valesiz al\u0131\u015f ve bir sonraki y\u00f6netim nesnesi\u00bb\u2014 y\u00f6netici orta\u011f\u0131 diyor Tranio George \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<p>Bu yaz\u0131da, gibi kullanarak vak\u0131f yat\u0131r\u0131m projeleri ile ilgili in\u015faat ve s\u00f6m\u00fcr\u00fc emlak.<\/p>\n<p><strong>Gayrimenkul fonlar\u0131 \u00e7al\u0131\u015fan \u015femaya g\u00f6re:<\/strong><\/p>\n<li>vakf\u0131 atar y\u00f6netim \u015firketi (fon y\u00f6neticisi);<\/li>\n<li>yat\u0131r\u0131mc\u0131lar sermaye fonu;<\/li>\n<li>para y\u00f6neticileri vakf\u0131 kazanmaktad\u0131r gayrimenkul;<\/li>\n<li>fon y\u00f6neticileri olu\u015fturmak ve do\u011frudan kazan\u00e7 fonu;<\/li>\n<li>bir k\u0131sm\u0131 kar da\u011f\u0131t\u0131l\u0131r yat\u0131r\u0131mc\u0131lar aras\u0131nda: onlar kazanmak ne orant\u0131l\u0131 bir pay\u0131n\u0131 fon pay almak kira geliri ve\/veya sat\u0131lamaz.<\/li>\n<p><strong>Yat\u0131r\u0131m fonlar\u0131 bir \u00e7ok art\u0131lar\u0131:<\/strong><\/p>\n<ul>\n<li>k\u00fc\u00e7\u00fck bir e\u015fik giri\u015f \u2014 1 bin ila 30 bin euro (kar\u015f\u0131la\u015ft\u0131rma i\u00e7in: sat\u0131n almak i\u00e7in bir s\u0131v\u0131, bir daire i\u00e7in gerekli en az 100 bin euro);<\/li>\n<li>sat\u0131n alma kolayl\u0131\u011f\u0131 hisse sat\u0131\u015f\u0131 ve hisse (a\u00e7\u0131k fonlar bunu yapmak i\u00e7in herhangi bir i\u015f g\u00fcn\u00fc);<\/li>\n<li>profesyonel y\u00f6netim (harcamak i\u00e7in gerekli de\u011fildir, ki\u015fisel zaman y\u00f6netimi);<\/li>\n<li>\u00e7e\u015fitlendirme yat\u0131r\u0131m portf\u00f6y\u00fc;<\/li>\n<li>b\u00fcy\u00fck bir likidite ile kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda, yat\u0131r\u0131m, do\u011frudan gayrimenkul.<\/li>\n<\/ul>\n<p><strong>Ancak \u00f6nemli bir eksi<\/strong>: yurt d\u0131\u015f\u0131 yerle\u015fiklerin zor yabanc\u0131 yat\u0131r\u0131m fonlar\u0131. <\/p>\n<p>Yorum uzman Tranio Alexander Chernov: \u00abYat\u0131r\u0131m i\u00e7in amerikan fonlar\u0131 bireylere yerle\u015fik olmayan zor bir tak\u0131m nedenlerden i\u00e7in. \u00c7o\u011fu platformlar olarak d\u00fczenlenen gayrimenkul yat\u0131r\u0131m ortakl\u0131klar\u0131 (Real Estate Investment Trusts, Re\u0131ts), muaf vergi ve tahamm\u00fcl y\u00fck\u00fc vergi gelirleri yat\u0131r\u0131m emlak, bir hissedar (yat\u0131r\u0131mc\u0131). Bu yap\u0131, karl\u0131 ABD sakinleri i\u00e7in s\u0131k s\u0131k kulland\u0131\u011f\u0131n\u0131z yat\u0131r\u0131m ara\u00e7lar\u0131 ile kendi emeklilik yat\u0131r\u0131m hesaplar\u0131, hangi, s\u0131rayla, ayn\u0131 zamanda, tercihli vergi. Ama yabanc\u0131 yat\u0131r\u0131mc\u0131lar, \u0432\u043a\u043b\u0430\u0434\u044b\u0432\u0430\u044e\u0449\u0438\u043c benzer amerikan fonlar\u0131 \u00f6demek zorunda \u00f6nemli bir gelir vergisi ve kendi vergi beyannamesi ABD fonlar\u0131 \u00e7\u0131k\u0131nt\u0131 vergi ajanlar\u0131. Ayn\u0131 zamanda, zen bildirgesi \u2014 zaman al\u0131c\u0131 ve pahal\u0131 bir s\u00fcre\u00e7tir. Potansiyel yat\u0131r\u0131mc\u0131lar Rusya&#8217;dan da kar\u015f\u0131 kar\u015f\u0131ya gelecek zorluklar\u0131 ile listelenirken fon, rus bankalar\u0131n\u0131n abd&#8217;de fon hesaplar\u0131 ve iade sermaye hesaplar\u0131, RUSYA federasyonu. \u00c7o\u011fu platformlarda \u00e7al\u0131\u015fmak i\u00e7in uygun de\u011fildir, yabanc\u0131lar ve varsayal\u0131m ki, yat\u0131r\u0131mc\u0131lar var, banka hesaplar\u0131, AMER\u0130KA birle\u015fik devletleri. Bu durumda, a\u00e7\u0131k bir abd banka hesab\u0131na olmadan, sosyal g\u00fcvenlik numaralar\u0131, adresleri, ABD veya uzun vadeli vize sorunlu ve her durumda gerektirir, ki\u015fisel varl\u0131\u011f\u0131 ve gezi, bu \u00fclkeyi\u00bb.<\/p>\n<p>Ancak, y\u00f6netmen g\u00f6re finans hizmetlerine, Tranio Cyril Schmidt, yat\u0131r\u0131m GYO ve borsa gibi de\u011ferli bir ka\u011f\u0131t. \u00abBu senaryoda, bir vergi beyannamesi ABD&#8217;DE zorunda de\u011fil\u00bb diyor.<\/p>\n<h2>Fon t\u00fcrleri<\/h2>\n<p>Bu, t\u00fcm ayn\u0131 cesaret b\u00f6yle bir yat\u0131r\u0131m, bir ba\u015flang\u0131\u00e7 i\u00e7in \u00f6nemli bir bilgi t\u00fcr bir fon, anlamak i\u00e7in, nas\u0131l ve ne kadar s\u00fcre tahakkuk edecek kar.<\/p>\n<p>\u00c7e\u015fitli t\u00fcrleri vard\u0131r fonlar\u0131.<\/p>\n<p><strong>1) kullan\u0131m\u0131 kar:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Fon birikimi<br \/>\n(Accumulation, Acc)<\/th>\n<th width=\"40%\">Vakf\u0131, odakl\u0131<br \/>\ngelir<br \/>\n(Income, Inc)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Kullan\u0131m \u015fekli kar<\/strong><\/td>\n<td>Kar \u0440\u0435\u0438\u043d\u0432\u0435\u0441\u0442\u0438\u0440\u0443\u0435\u0442\u0441\u044f geri fonu sat\u0131n almak i\u00e7in ek nesne veya hisse senedi<\/td>\n<td>Kar tahakkuk banka hesab\u0131na yat\u0131r\u0131mc\u0131<\/td>\n<\/tr>\n<tr>\n<td><strong>Ama\u00e7 vakf\u0131<\/strong><\/td>\n<td>B\u00fcy\u00fcme ve artan veritaban\u0131 nesneleri olu\u015fturmak i\u00e7in daha fazla verim<\/td>\n<td>Sadece gelir elde etmek<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00c7o\u011fu fonlar hedef ayn\u0131 anda ve uzant\u0131s\u0131, ve almak i\u00e7in gelir.<\/p>\n<p><strong>2) ihale \u00fczerinde borsas\u0131:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">Listelenmeyen on borsas\u0131<br \/>\n(listed)<\/th>\n<th width=\"40%\">De\u011fil listelenmeyen on borsas\u0131<br \/>\n(non-listed)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Hisse sorunu<\/strong><\/td>\n<td>Serbest hisse senetleri<\/td>\n<td>Serbest hisse senetleri<\/td>\n<\/tr>\n<tr>\n<td><strong>Yasal durumu<\/strong><\/td>\n<td>\u2014 gayrimenkul yat\u0131r\u0131m ortakl\u0131klar\u0131 (Real Estate Investment Trusts, Re\u0131ts)<br \/>\n\u2014 gayrimenkul \u015firket \u2014 anonim \u015firket<\/td>\n<td>\u2014 yat\u0131r\u0131m fonlar\u0131 (unit trusts veya mutual funds)<br \/>\n\u2014 emeklilik fonlar\u0131 (pension schemes)<br \/>\n\u2014 s\u0131n\u0131rl\u0131 ortakl\u0131k (limited partnerships)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00abHakk\u0131nda bilgi olmayan borsalarda kote fonlar mevcut, yat\u0131r\u0131mc\u0131lar i\u00e7in daha az de\u011fil, daha hakk\u0131nda borsada kote. Bu iyi d\u00fczeltilmi\u015f sanayi. Yat\u0131r\u0131m i\u00e7in \u00f6deme yat\u0131r\u0131m fonu perakende yat\u0131r\u0131mc\u0131 bile daha kolay fonu, borsa, ve bu pazar segmentinde en \u015feffaf\u00bb,\u2014 diyor Cyril Schmidt. <\/p>\n<p><strong>3) \u00f6mr\u00fc yat\u0131r\u0131mlar:<\/strong><\/p>\n<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th width=\"15%\">\u00a0<\/th>\n<th width=\"40%\">A\u00e7\u0131k<br \/>\n(open-ended)<\/th>\n<th width=\"40%\">Kapal\u0131<br \/>\n(closed-ended)<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>S\u00fcrede sat\u0131\u015f \u00f6ncesinde hisse <\/strong><\/td>\n<td>Yat\u0131r\u0131mc\u0131 pay alma ya da mevcut hisselerin, kurtulu\u015f \u015firket y\u00f6netimi i\u00e7inde herhangi bir i\u015f g\u00fcn\u00fc<\/td>\n<td>Olu\u015fturulan s\u0131n\u0131rl\u0131 bir s\u00fcre i\u00e7in (5-10 y\u0131l). Bu d\u00f6nem i\u00e7inde yat\u0131r\u0131mc\u0131 alamaz para fonu. \u0130tfa pay\u0131 olu\u015fur tasfiye fonu<\/td>\n<\/tr>\n<tr>\n<td><strong>Likidite<\/strong><\/td>\n<td>Y\u00fcksek<\/td>\n<td>D\u00fc\u015f\u00fck<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Fonlar konusunda uzman\u0131m emlak kiral\u0131k-ebilmek var olmak a\u00e7\u0131k ve kapal\u0131. Ancak, \u00e7o\u011fu vak\u0131f yapan, in\u015faat,\u2014, \u00f6zel, gibi, kadar in\u015fa ediliyor nesne, para \u00e7ekmek m\u00fcmk\u00fcn de\u011fildir: onlar i\u00e7in yat\u0131r\u0131m, arsa, \u00e7ukur, yap\u0131m a\u015famas\u0131nda bina. \u00c7\u0131kmak i\u00e7in yat\u0131r\u0131m yap\u0131labilir in\u015faat sonras\u0131 ve sat\u0131l\u0131k bina, zaman fon g\u00f6r\u00fcn\u00fcr ara\u00e7lar\u0131 (ancak, bir yat\u0131r\u0131mc\u0131 satmak pay\u0131n\u0131 ba\u015fka bir yat\u0131r\u0131mc\u0131). \u00d6rne\u011fin, vak\u0131f, odalar, 2015 y\u0131l\u0131nda, toplar istenen para miktar\u0131 ile yat\u0131r\u0131mc\u0131lar olu\u015fturur bu para nesneleri be\u015f y\u0131l boyunca. Sonra para toplan\u0131r, vakf\u0131 bildirir kapal\u0131, 2020 y\u0131l\u0131nda satt\u0131\u011f\u0131 nesneleri ve gelirleri \u00f6der yat\u0131r\u0131mc\u0131lara kar.<\/p>\n<p>Kurumlardan ay\u0131rt edilmesi <strong>\u043a\u0440\u0430\u0443\u0434\u0444\u0430\u043d\u0434\u0438\u043d\u0433\u043e\u0432\u044b\u0435 platform<\/strong>da temsil eden kolektif yat\u0131r\u0131m planlar\u0131. \u00abTemel fark, aksine fon \u043a\u0440\u0430\u0443\u0434\u0444\u0430\u043d\u0434\u0438\u043d\u0433\u0435 yat\u0131r\u0131mc\u0131 s\u0131k s\u0131k kendisi se\u00e7er, i\u00e7inde, tam olarak hangi projeleri yat\u0131r\u0131m ve ba\u011flayan bir taahh\u00fct \u00f6nceden\u00bb,\u2014 diyor Alexander Chernov. <\/p>\n<h2>Yat\u0131r\u0131m stratejileri<\/h2>\n<p>Yat\u0131r\u0131mc\u0131 bilmek \u00f6nemlidir, hangi strateji \u00e7al\u0131\u015f\u0131r vakf\u0131, takdir etmek i\u00e7in riskleri ve getirileri. Stratejileri d\u00f6rt \u00e7e\u015fit. <\/p>\n<\/p>\n<h3>Yat\u0131r\u0131m stratejileri<\/h3>\n<p>Veri Tranio<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Strateji<\/th>\n<th>Di\u011fer<br \/>\nba\u015fl\u0131k<\/th>\n<th>\u00d6z\u00fc<\/th>\n<th>Riskleri<\/th>\n<th>Verim*<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Core<\/strong><\/td>\n<td rowspan=\"2\">Buy and Hold<br \/>\n(\u00absat\u0131n alma ve bulundurma\u00bb)<\/td>\n<td>Al\u0131\u015f emlak kiral\u0131k kredi kullanmadan<\/td>\n<td>En ucuz<\/td>\n<td>D\u00fc\u015f\u00fck<br \/>\n(2-3 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Core Plus<\/strong><\/td>\n<td>Emlak al\u0131m kiral\u0131k \u043d\u0435\u0446\u0435\u043d\u0442\u0440\u0430\u043b\u044c\u043d\u044b\u0445 yerlerde kullanarak kald\u0131ra\u00e7<\/td>\n<td>Orta<\/td>\n<td>Ortalama<br \/>\n(5-7 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Value-Added<\/strong><\/td>\n<td rowspan=\"2\">Value-Added<br \/>\n(\u00abmaliyet art\u0131\u015f\u0131\u00bb)<\/td>\n<td>\u0420\u0435\u0434\u0435\u0432\u0435\u043b\u043e\u043f\u043c\u0435\u043d\u0442 (al\u0131\u015f tesislerin yeniden in\u015fas\u0131 i\u00e7in, daha sonra onar\u0131m, sat\u0131\u015f ve daha y\u00fcksek bir fiyata)<\/td>\n<td>Orta-y\u00fcksek<\/td>\n<td>Orta-y\u00fcksek<br \/>\n(7-10 %)<\/td>\n<\/tr>\n<tr>\n<td><strong>Opportunistic<\/strong><\/td>\n<td>\u0130n\u015faat, al\u0131\u015f geli\u015fmemi\u015f arazi nesneleri ile \u043e\u0431\u0440\u0435\u043c\u0435\u043d\u0435\u043d\u0438\u044f\u043c\u0438<\/td>\n<td>Y\u00fcksek<\/td>\n<td>Y\u00fcksek<br \/>\n(daha fazla 10 %)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>* Bat\u0131 Avrupa ve AMER\u0130KA birle\u015fik devletleri<\/p>\n<p>\u00c7o\u011fu fonlar sadece \u00e7al\u0131\u015fmak i\u00e7in bir strateji. Ama baz\u0131 insan hemen iki ya da \u00fc\u00e7 \u2014 \u00f6rne\u011fin, Core, Core Plus ve Value Added. \u00abAvrupa ve ABD a\u00e7\u0131s\u0131ndan sermaye hakim fonlar\u0131 Core ve Core Plus, gibi, bunlardan \u00f6nemli bir pay\u0131 t\u00fcm en pahal\u0131 ve en b\u00fcy\u00fck kurumsal nesneleri\u00bb,\u2014 diyor Alexander Chernov.<\/p>\n<p>Bu fon, faaliyet stratejisi, Core insan k\u00f6kl\u00fc, \u043d\u0438\u0437\u043a\u043e\u0440\u0438\u0441\u043a\u043e\u0432\u044b\u0435 piyasalar\u0131 istikrarl\u0131 bir talep ve fiyat art\u0131\u015flar\u0131, \u00e7\u00fcnk\u00fc teklif, d\u00fc\u015f\u00fck kira getiri (%2-3 oran\u0131nda). Fonlar\u0131 tercih eden bir strateji Core Plus, daha fazla verim, y\u00fcksek verim (%7), \u00e7\u00fcnk\u00fc yat\u0131r\u0131m yapan, daha az merkezi yerlerde ve kulland\u0131klar\u0131 kredi kolu. Son olarak, uzmanla\u015fm\u0131\u015f fonlar Value Added, sa\u011flayabilir nihai getiri %10 olmas\u0131 nedeniyle, yat\u0131r\u0131m ara\u00e7lar\u0131, yat\u0131r\u0131mc\u0131lar, geli\u015fmekte olan piyasalar, \u00f6rne\u011fin, gibi, nerede bekleniyor \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f, ve elde nesneleri alt\u0131nda yeniden sat\u0131\u015f i\u00e7in daha y\u00fcksek bir fiyata.<\/p>\n<h2>\u00d6rnekleri fonlar\u0131 ve onlar\u0131n stratejileri<\/h2>\n<p>\u00abYat\u0131r\u0131mc\u0131lar farkl\u0131 g\u00f6revleri: birisi sermayenin korunmas\u0131 ile minimum risk ve getiri ve istekli birisi b\u00fcy\u00fck bir risk bekliyor, daha y\u00fcksek faiz yat\u0131r\u0131m sermayesi. Bat\u0131 pazar\u0131, gayrimenkul fonlar\u0131, geni\u015f bir yelpazede farkl\u0131 stratejiler, risk seviyesi ve getiri m\u00fc\u015fterileri i\u00e7in\u00bb,\u2014 diyor George \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<\/p>\n<h3>Baz\u0131 yabanc\u0131 gayrimenkul fonlar\u0131 ve onlar\u0131n stratejileri<\/h3>\n<p>Veri fonlar\u0131<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Vakf\u0131<\/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>Tipi fon<\/strong><\/td>\n<td>A\u00e7\u0131k, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>A\u00e7\u0131k, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>A\u00e7\u0131k, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>Kapal\u0131 de\u011fil \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<td>A\u00e7\u0131k, \u043a\u043e\u0442\u0438\u0440\u0443\u044e\u0449\u0438\u0439\u0441\u044f<\/td>\n<\/tr>\n<tr>\n<td><strong>Yarg\u0131<\/strong><\/td>\n<td>Birle\u015fik krall\u0131k<\/td>\n<td>Birle\u015fik krall\u0131k<\/td>\n<td>Birle\u015fik krall\u0131k<\/td>\n<td>Almanya<\/td>\n<td>Avustralya<\/td>\n<\/tr>\n<tr>\n<td><strong>Strateji<\/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>Minimum b\u00fct\u00e7e<\/strong><\/td>\n<td>5 000 tl<\/td>\n<td>1 000 \u00a3 (Acc),<br \/>\n3 000 000 tl (Inc)<\/td>\n<td>500 tl<\/td>\n<td>30 000 \u20ac<\/td>\n<td>N\/a<\/td>\n<\/tr>\n<tr>\n<td><strong>Co\u011frafya<br \/>\nnesne<\/strong><\/td>\n<td>Birle\u015fik Krall\u0131k (Londra)<\/td>\n<td>Birle\u015fik Krall\u0131k (G\u00fcney Do\u011fu \u0130ngiltere)<\/td>\n<td>Birle\u015fik krall\u0131k<\/td>\n<td>Almanya (Berlin ve \u00e7evresinin yan\u0131 s\u0131ra, kentin n\u00fcfusu 50 binden fazla ki\u015fi)<\/td>\n<td>AMER\u0130KA birle\u015fik devletleri (New-York, New-Jersey; g\u00f6zard\u0131 yerleri)<\/td>\n<\/tr>\n<tr>\n<td><strong>T\u00fcrleri<br \/>\nnesne<\/strong><\/td>\n<td>50 % \u2014 ticaret tesisleri, 20 % \u2014 ofisler<\/td>\n<td>Ticari ve ofis gayrimenkul<\/td>\n<td>22 % \u2014end\u00fcstriyel tesisler; gerisi ma\u011fazalar, ofisler, perakende parklar\u0131, depolar<\/td>\n<td>Daire<\/td>\n<td>Ucuz ev 1-4 aile ve multifamily bina 20-100 daire<\/td>\n<\/tr>\n<tr>\n<td><strong>Verim,<br \/>\ny\u0131lda % <\/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>Zakreditovannost konut<br \/>\n(LTV oran\u0131, %)<\/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>Ara\u015ft\u0131rmaya g\u00f6re, Avrupa birli\u011fi yat\u0131r\u0131mc\u0131lar de\u011fil listelenmeyen on borsa gayrimenkul fonlar\u0131 (European Association for Investors in Non-Listed Real Estate, Vehicles, \u0130NREV), \u00e7o\u011funluk yat\u0131r\u0131mc\u0131, 2016 y\u0131l\u0131nda se\u00e7ilmi\u015f strateji Value Added veya Core. \u0130le kar\u015f\u0131la\u015ft\u0131r\u0131ld\u0131\u011f\u0131nda, 2015 y\u0131l\u0131 pay\u0131 \u00c7ekirdekli ve Value Added artt\u0131 (ile 82,2 kadar 86,2 %) ve Oportunistic \u2014 azalm\u0131\u015f (ile 17,8 ila 13,8 %). Bu ne diyor, 2016 y\u0131l\u0131nda yat\u0131r\u0131mc\u0131lar olarak, daha az istekli riskleri daha \u00f6nce. \u00c7al\u0131\u015fmada ayr\u0131ca bildirildi\u011fine g\u00f6re, en pop\u00fcler marketler i\u00e7in yat\u0131r\u0131m, \u00fclkenin d\u00fc\u015f\u00fck risk (Almanya, Fransa ve birle\u015fik Krall\u0131k).<\/p>\n<p>     <i><\/i><\/p>\n<p>Bireysel pazarlarda pay f\u0131rsat\u00e7\u0131 stratejiler daha y\u00fcksek olabilir. \u00d6rne\u011fin, g\u00f6re, JLL, \u0130spanya&#8217;da 2015 y\u0131l\u0131nda %28 % (daha sonra Core ve Core Plus \u2014 35 %). Bu \u00fclke ile karakterize, b\u00fcy\u00fck riskler, daha, \u00f6rne\u011fin, birle\u015fik Krall\u0131k ve Almanya ve yat\u0131r\u0131mc\u0131lar se\u00e7erek \u0130spanya&#8217;ya, genellikle gitmek i\u00e7in haz\u0131r b\u00fcy\u00fck bir risk.<\/p>\n<h2>Riskini en aza indirmek ve \u00e7e\u015fitlendirme<\/h2>\n<p>Verim fonlar, yat\u0131r\u0131mc\u0131lar i\u00e7in bir garanti de\u011fildir. O ba\u011fl\u0131d\u0131r, daha pahal\u0131 veya daha ucuz varl\u0131klar\u0131, hem de talep kira ve dinamikleri kira bedelleri.<\/p>\n<p>Herhangi bir t\u00fcr yat\u0131r\u0131m, yat\u0131r\u0131m fonlar\u0131, gayrimenkul beraberinde baz\u0131 riskler getirir. Daha fazla verim, daha y\u00fcksek bir risk. <\/p>\n<p>\u00abBir ana bir risk fonu \u2014 vicdans\u0131z y\u00f6neticileri. \u00d6nemlidir se\u00e7meye \u015firket ile iyi bir ge\u00e7mi\u015fi olan, sayg\u0131n, \u015feffaf raporlama ve anla\u015f\u0131l\u0131r bir strateji,\u00bb diyor George \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.<\/p>\n<p>\u00c7o\u011fu vak\u0131f \u00e7al\u0131\u015f\u0131yorum riskleri en aza indirmek birle\u015ftirerek farkl\u0131 bir strateji ve \u0434\u0438\u0432\u0435\u0440\u0441\u0438\u0444\u0438\u0446\u0438\u0440\u0443\u044f portf\u00f6y.<\/p>\n<\/p>\n<h3>Temel riskler ve bunlar\u0131 en aza indirmek i\u00e7in yollar<\/h3>\n<p>Veri Tranio<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>Riskleri<\/th>\n<th>Fon sigortal\u0131 riskleri<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td><strong>Makroekonomik riskleri<\/strong><br \/>\n(kriz, enflasyon, vb)<\/td>\n<td rowspan=\"4\">Se\u00e7im istikrarl\u0131 piyasalar (\u00f6rne\u011fin, yat\u0131r\u0131m \u00abb\u00fcy\u00fck yedi\u00bb, Almanya) ve \u00e7e\u015fitlendirilmesi (\u00f6rne\u011fin, %80 sermaye yat\u0131r\u0131m al\u0131\u015fveri\u015f merkezleri veya ofis ve 20 % \u2014 lojistik kompleksleri ve huzurevi)<\/td>\n<\/tr>\n<tr>\n<td><strong>Piyasa riski<\/strong><br \/>\n(d\u00fc\u015fen gayrimenkul fiyatlar\u0131, ucuz kira)<\/td>\n<\/tr>\n<tr>\n<td><strong>Kur riski<\/strong><br \/>\n(\u00f6rne\u011fin, eklendi\u011finde, avustralya, fonun ABD i\u00e7in bir risk var d\u00fc\u015fen amerikan dolar\u0131)<\/td>\n<\/tr>\n<tr>\n<td><strong>Yasama riski<\/strong><br \/>\n(mevzuat de\u011fi\u015fiklikleri)<\/td>\n<\/tr>\n<tr>\n<td><strong>Sat\u0131\u015f alt\u0131nda bir fiyata sat\u0131n alma<\/strong><\/td>\n<td>Sat\u0131n alma g\u00f6zard\u0131 alanlar\u0131, hangi can veya d\u00fczenlenen \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f veya rejenerasyon<\/td>\n<\/tr>\n<tr>\n<td><strong>Risk finansman<\/strong><br \/>\n(gelecek vakf\u0131-ebilmek de\u011fil almak, uygun \u015fartlarda kredi)<\/td>\n<td>Kredi ile sabit oranlar\u0131, LTV %50&#8217;den<\/td>\n<\/tr>\n<tr>\n<td><strong>\u00d6denmemesi kira kirac\u0131<\/strong><\/td>\n<td>G\u00fcvenilir kirac\u0131lar ile iyi bir kredi ge\u00e7mi\u015fi (b\u00fcy\u00fck \u015firketler, sainsbury&#8217;s gibi, kamu iktisadi te\u015febb\u00fcslerinin), birden fazla kirac\u0131<\/td>\n<\/tr>\n<tr>\n<td><strong>Riski kesinti<\/strong><\/td>\n<td>Se\u00e7im zaten teslim kiral\u0131k nesneleri en az \u0437\u0430\u043f\u043e\u043b\u043d\u044f\u0435\u043c\u043e\u0441\u0442\u044c\u044e 80-95 % alanlarda geli\u015fmi\u015f ula\u015f\u0131m ba\u011flant\u0131lar\u0131 ve i\u015fg\u00fcc\u00fc piyasas\u0131; uzun s\u00fcreli sabit kira s\u00f6zle\u015fmesi<\/td>\n<\/tr>\n<tr>\n<td><strong>Riski y\u00fcksek bak\u0131m masraflar\u0131<\/strong><\/td>\n<td>Se\u00e7im i\u00e7in y\u00fcksek kaliteli tesisler (konaklama, onar\u0131m gerektiren, \u00abye\u015fil\u00bb ofis binalar\u0131, s\u0131n\u0131f, vb)<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bir\u00e7ok vak\u0131f \u0434\u0438\u0432\u0435\u0440\u0441\u0438\u0444\u0438\u0446\u0438\u0440\u0443\u044e\u0442 yat\u0131r\u0131m portf\u00f6y\u00fc, yani yat\u0131r\u0131m yat\u0131r\u0131mc\u0131lar ayn\u0131 gayrimenkul i\u00e7in birden fazla t\u00fcrde, farkl\u0131 \u00fclkelerde kullanarak \u00e7e\u015fitli stratejiler ve hedefler yat\u0131r\u0131m. Otel, emlak, vak\u0131flar saklayabilirsiniz k\u00fc\u00e7\u00fck bir k\u0131sm\u0131n\u0131 fon, nakit veya menkul k\u0131ymet. Orada da fonlar\u0131, yat\u0131r\u0131m yok, do\u011frudan nesneler ve yat\u0131r\u0131m di\u011fer fonlar\u0131 veya yapan \u015firketler, gayrimenkul.<\/p>\n<p> \u00d6rnek yap\u0131lanma fonu portf\u00f6y dikkate alarak \u00e7e\u015fitlendirme <i><\/i><\/p>\n<h2>Nas\u0131l bir yat\u0131r\u0131m?<\/h2>\n<p>Projeler Core ve Core Plus \u2014 en az riskli ama daha fazla kazanmak i\u00e7in bir strateji kullanarak bir Value Added. <\/p>\n<p>\u00abTek bir \u00f6neri yok. Se\u00e7im ba\u011fl\u0131d\u0131r ama\u00e7l\u0131 yat\u0131r\u0131mlar ve \u00f6zel yat\u0131r\u0131mlar, portf\u00f6y m\u00fc\u015fteri. \u00d6rne\u011fin, e\u011fer fonlar\u0131n\u0131n %80 zaten yat\u0131r\u0131m g\u00fcvenilir ara\u00e7lar\u0131 ve ihtiyac\u0131n\u0131z arac\u0131 karl\u0131l\u0131\u011f\u0131 art\u0131rmak i\u00e7in, o zaman ba\u015fka bir %20 y\u00f6nlendirebilirsiniz projeleri Value Added\u00bb,\u2014 diyor Alexander Chernov.<\/p>\n<p>G\u00f6re George \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432\u0430, kim yat\u0131r\u0131m yapmak isteyen Value Added, \u00f6zellikle se\u00e7menizi tavsiye anla\u015f\u0131l\u0131r piyasalar ve g\u00fcvenilir fonlar\u0131, riskleri en aza indirmek i\u00e7in.<\/p>\n<p>\u00abSe\u00e7menizi tavsiye fonlar\u0131 ile umut verici stratejileri, \u00f6rne\u011fin, yat\u0131r\u0131m i\u00e7in b\u00f6yle bir s\u0131n\u0131f bir gayrimenkul i\u00e7in talep olacakt\u0131r ufukta 10-20 y\u0131l, diyor Georgi \u041a\u0430\u0447\u043c\u0430\u0437\u043e\u0432.\u2014 Bizim g\u00f6r\u00fc\u015f\u00fcm\u00fcze g\u00f6re, bu \u043c\u0438\u043a\u0440\u043e\u0430\u043f\u0430\u0440\u0442\u0430\u043c\u0435\u043d\u0442\u044b ve huzurevi. Se\u00e7mek i\u00e7in bir ba\u015fka \u00f6nemli ve geli\u015fen bir b\u00f6lge oldu\u011fu \u0434\u0436\u0435\u043d\u0442\u0440\u0438\u0444\u0438\u043a\u0430\u0446\u0438\u044f bir objektif nedenlerle daha likit 10 y\u0131l sonra. Yat\u0131r\u0131m fonlar\u0131 umut verici ve ilgili, strateji, b\u00fcy\u00fck olas\u0131l\u0131kla getirecek yat\u0131r\u0131mc\u0131 gelir\u00bb.<\/p>\n<h2>Uygulama \u00d6zellikleri: avrupa gayrimenkul fonlar\u0131<\/h2>\n<\/p>\n<p>Veriler PwC<\/p>\n<table class=\"left\" style=\"max-width: 95%;\">\n<tr>\n<th>\u00dclke<\/th>\n<th>Yasal durumu<\/th>\n<th>Gereksinimleri fonu<\/th>\n<th>Art\u0131lar\u0131<\/th>\n<th>Eksileri<\/th>\n<\/tr>\n<tbody>\n<tr>\n<td rowspan=\"2\">Avusturya<\/td>\n<td>Vak\u0131f gayrimenkul (Immobilien-Sonderverm\u00f6gen) \u2014 fon, a\u00e7\u0131k bir t\u00fcr de\u011fil, bir t\u00fczel ki\u015filiktir; y\u00f6netilen avusturya y\u00f6netim \u015firketi (Kapitalanlagegesellschaft, KAG) \u2014 bu, herhangi bir \u015e\u0130RKET (Gesellschaft mit beschr\u00e4nkter Haftung, GmbH) veya AO (Aktiengesellschaft, AG)<\/td>\n<td>Yat\u0131r\u0131m en az 10 kez 4 y\u0131l<\/td>\n<td>T\u00fcm yat\u0131r\u0131mc\u0131lar i\u00e7in; herhangi bir vergilendirme d\u00fczeyi fon; iyi \u043e\u0442\u0440\u0435\u0433\u0443\u043b\u0438\u0440\u043e\u0432\u0430\u043d\u043d\u043e\u0441\u0442\u044c; vakf\u0131 sat\u0131n ald\u0131 hisselerin, iste\u011fe ba\u011fl\u0131 olarak, yat\u0131r\u0131mc\u0131lar<\/td>\n<td>K\u0131s\u0131tlamalar gayrimenkul t\u00fcrleri; gayrimenkul de\u011fer art\u0131\u015f\u0131 vergiye tabi olursa olsun, sat\u0131l\u0131r m\u0131 o<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zel bir gayrimenkul fonu (Immobilien-Spezialsonderverm\u00f6gen) \u2014 fon \u00f6zel bir t\u00fcr de\u011fil, bir t\u00fczel ki\u015filiktir; y\u00f6netilen avusturya y\u00f6netim \u015firketi (KAG) \u2014 ya LTD. (GmbH) veya AO (AG)<\/td>\n<td>Yat\u0131r\u0131m en az 5 kez 4 y\u0131l<\/td>\n<td>Esnek bir ara\u00e7 i\u00e7in kurumsal yat\u0131r\u0131mc\u0131lar<\/td>\n<td>K\u0131s\u0131tlamalar baz\u0131 gayrimenkul t\u00fcrleri; vak\u0131f sadece t\u00fczel ki\u015filer i\u00e7in; genellikle sadece uzun vadeli bir yat\u0131r\u0131m; gayrimenkul de\u011fer art\u0131\u015f\u0131 vergiye tabi olursa olsun, sat\u0131l\u0131r m\u0131 o<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">Birle\u015fik krall\u0131k<\/td>\n<td>Fonlar\u0131 \u2014 s\u0131n\u0131rl\u0131 sorumlu ortakl\u0131klar (Limited Partnership)<\/td>\n<td>Yok<\/td>\n<td>Hay\u0131r vergi d\u00fczeyi fon; d\u00fc\u015f\u00fck vergi oranlar\u0131 yat\u0131r\u0131mc\u0131lar i\u00e7in yerle\u015fik olmayan<\/td>\n<td>Yap\u0131s\u0131 i\u00e7in daha uygun bir fon kapal\u0131 tip<\/td>\n<\/tr>\n<tr>\n<td>\u0424\u0438\u0441\u043a\u0430\u043b\u044c\u043d\u043e \u015feffaf fonlar\u0131 (Tax Transparent Funds, TTFs): yetkili ve ayarlanabilir s\u0131n\u0131rl\u0131 sorumlu ortakl\u0131k (authorised and regulated limited partnership, ara\u00e7, ALP) ve yap\u0131s\u0131, kurulan s\u00f6zle\u015fme ortak m\u00fclkiyet (contractual co-ownership arrangement, CCA)<\/td>\n<td>Yok<\/td>\n<td>Hay\u0131r vergi d\u00fczeyi fon; d\u00fc\u015f\u00fck oranlar\u0131 i\u00e7in vergi d\u0131\u015f\u0131 yerle\u015fik yat\u0131r\u0131mc\u0131lar; yurt d\u0131\u015f\u0131 yerle\u015fiklerin muaf olabilir sermaye kazanc\u0131 vergisi<\/td>\n<td>TTF \u2014 yeni bir rejim ve i\u015fleyen bir gayrimenkul fonu da dahil olmak \u00fczere, orada bir belirsizlik s\u00f6z konusu tan\u0131nmas\u0131 uluslararas\u0131 kurulu\u015flar<\/td>\n<\/tr>\n<tr>\n<td>Yetkili vak\u0131f gayrimenkul yat\u0131r\u0131m (Property Authorised Investment Fund, PA\u0130F), yat\u0131r\u0131m \u015firketi a\u00e7\u0131k tip (open-ended investment company, OE\u0130C)<\/td>\n<td>\u015eartlar\u0131 tek tek g\u00f6r\u00fcl\u00fcyor<\/td>\n<td>Makalelerin \u00e7o\u011fu, gelir fonu muaf kurumlar vergisi (gelir ama yat\u0131r\u0131mc\u0131lar vergi)<\/td>\n<td>S\u0131k\u0131 d\u00fczenleme faaliyetleri fonu (Hizmet kontrol mali i\u015flemleri, Financial Conduct Authority)<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"4\">Almanya<\/td>\n<td>Vak\u0131f gayrimenkul (Immobilien-Sonderverm\u00f6gen) \u2014fon, a\u00e7\u0131k bir t\u00fcr de\u011fil, bir t\u00fczel ki\u015filiktir; y\u00f6netilen alman y\u00f6netim \u015firketi (KAG) \u2014 ya LTD. (GmbH) veya AO (AG), herhangi bir LLC ve komandit (Gesellschaft mit beschr\u00e4nkter Haftung &amp; Compagnie Kommanditgesellschaft, GmbH &amp; Co. KG)<\/td>\n<td>Banka finansman\u0131 en fazla %30 toplam de\u011feri gayrimenkul varl\u0131klar\u0131n<\/td>\n<td>Yayg\u0131n ve g\u00fcvenilir bir ara\u00e7 i\u00e7in herhangi bir yat\u0131r\u0131mc\u0131; hi\u00e7 vergi d\u00fczeyinde vakf\u0131<\/td>\n<td>\u00d6nce itfa pay\u0131 \u2014 en az iki y\u0131ll\u0131k d\u00f6nemde m\u00fclkiyet ve y\u0131ll\u0131k bildirim s\u00fcresi \u00e7\u0131k\u0131\u015f<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zel fonu (Spezial-Sonderverm\u00f6gen) \u2014 de\u011fil, bir t\u00fczel ki\u015filiktir; y\u00f6netilen alman y\u00f6netim \u015firketi (KAG) \u2014 ya LTD. (GmbH) veya AO (AG), herhangi bir LLC ve komandit (GmbH &amp; Co. KG)<\/td>\n<td>Banka finansman\u0131 en fazla %50&#8217;si gayrimenkul varl\u0131klar\u0131n<\/td>\n<td>Hay\u0131r vergi d\u00fczeyinde vakf\u0131<\/td>\n<td>Sadece profesyonel ya da yar\u0131 profesyonel yat\u0131r\u0131mc\u0131lar<\/td>\n<\/tr>\n<tr>\n<td>Kapal\u0131 vakf\u0131 (geschlossene \u0130nvestmentkommanditgesellschaft, Investment-KG) \u2014 s\u0131n\u0131rl\u0131 sorumlu ortakl\u0131k; ana orta\u011f\u0131 genellikle, LTD. (GmbH); yat\u0131r\u0131mc\u0131 ortaklar\u0131 ile s\u0131n\u0131rl\u0131 mal sorumluluk<\/td>\n<td>Banka finansman\u0131 en fazla %60 toplam maliyet gayrimenkul varl\u0131klar\u0131n<\/td>\n<td>T\u00fcm yat\u0131r\u0131mc\u0131lar i\u00e7in; hi\u00e7bir vergi gelir da\u011f\u0131l\u0131m\u0131<\/td>\n<td>Bilgilerini m\u00fcmk\u00fcn oldu\u011fu kadar do\u011fru \u00e7ifte vergilendirme anla\u015fmalar\u0131 ve avrupa direktifi; fonu al\u0131nmamas\u0131 alman vergi, ticaret faaliyetleri<\/td>\n<\/tr>\n<tr>\n<td>\u00d6zel bir fon kapal\u0131 tip (Spezial-Investment-KG); yat\u0131r\u0131m AO (\u0130nvestmentaktiengesellschaft) veya s\u0131n\u0131rl\u0131 ortakl\u0131k (Investment-KG); ana orta\u011f\u0131 genellikle, LTD. (GmbH); yat\u0131r\u0131mc\u0131 ortaklar\u0131 ile s\u0131n\u0131rl\u0131 mal sorumluluk<\/td>\n<td>Yok<\/td>\n<td>Hay\u0131r vergi gelir d\u00fczeyinde vakf\u0131<\/td>\n<td>Bilgilerini m\u00fcmk\u00fcn oldu\u011fu kadar do\u011fru \u00e7ifte vergilendirme anla\u015fmalar\u0131 ve avrupa direktifi; yaln\u0131zca profesyonel ya da yar\u0131 profesyonel yat\u0131r\u0131mc\u0131lar<\/td>\n<\/tr>\n<tr>\n<td rowspan=\"3\">L\u00fcksemburg<\/td>\n<td>Vak\u0131flar, \u0440\u0435\u0433\u0443\u043b\u0438\u0440\u0443\u044e\u0449\u0438\u0435\u0441\u044f anla\u015fmas\u0131 kolektif yat\u0131r\u0131m (Undertakings for Collective Investments, UC\u0130s): vakf\u0131 co-location (Fonds Commun de Placement, FCP), yat\u0131r\u0131m \u015firketi, de\u011fi\u015fken sermayeli (Soci\u00e9t\u00e9 d&#8217;or Investissement \u00e0 Capital Variable, SICAV) yat\u0131r\u0131m \u015firket sabit sermaye (Soci\u00e9t\u00e9 d&#8217;or Investissement \u00e0 Capital Fixe, S\u0130CAF); y\u00f6netilen l\u00fcksemburg y\u00f6netim \u015firketi (Alternative Investment Fund Manager, AIFM)<\/td>\n<td>En fazla 20 % ara\u00e7lar\u0131 yat\u0131r\u0131m bir yat\u0131r\u0131m nesnesi; banka finansman\u0131 en fazla %50&#8217;si gayrimenkul varl\u0131k; asgari varl\u0131k de\u011feri \u2014 1,25 milyon euro<\/td>\n<td>Esnek bir yat\u0131r\u0131m arac\u0131 pop\u00fcler yabanc\u0131 yat\u0131r\u0131mc\u0131lar hi\u00e7 vergi d\u00fczeyinde vakf\u0131<\/td>\n<td>Vergilendirme yat\u0131r\u0131mc\u0131lar \u00fclkeye ba\u011fl\u0131d\u0131r ikamet<\/td>\n<\/tr>\n<tr>\n<td>Modu \u00f6zel yat\u0131r\u0131m fonlar\u0131 (Specialised Investment Funds, S\u0130F): FCP SICAV, S\u0130CAF<\/td>\n<td>En fazla 30 % para yat\u0131r\u0131m bir yat\u0131r\u0131m nesnesi; asgari varl\u0131k de\u011feri \u2014 1,25 milyon euro<\/td>\n<td>Hay\u0131r vergi d\u00fczeyinde vakf\u0131<\/td>\n<td>Yat\u0131r\u0131mc\u0131lar olabilir, sadece bir \u015firket, profesyonel yat\u0131r\u0131mc\u0131lar ya da bireyler, yat\u0131r\u0131m en az 125 bin euro ya haz\u0131r belgeleri sa\u011flamak i\u00e7in mevcut tecr\u00fcbe yat\u0131r\u0131mlar; vergilendirme yat\u0131r\u0131mc\u0131lar \u00fclkeye ba\u011fl\u0131d\u0131r ikamet<\/td>\n<\/tr>\n<tr>\n<td>Toplum yat\u0131r\u0131m riskli sermaye (Soci\u00e9t\u00e9 d&#8217;or Investissement en Capital \u00e0 Risque, S\u0130CAR); farkl\u0131 alabilir, formu, t\u00fczel ki\u015fi (LTD, ortakl\u0131k, limited \u015firket ve di\u011fer)<\/td>\n<td>Hay\u0131r (\u00e7\u00fcnk\u00fc yat\u0131r\u0131m f\u0131rsat\u00e7\u0131)<\/td>\n<td>Hay\u0131r vergi d\u00fczeyinde vakf\u0131<\/td>\n<td>Sadece profesyonel yat\u0131r\u0131mc\u0131lar i\u00e7in; vergilendirme yat\u0131r\u0131mc\u0131lar \u00fclkeye ba\u011fl\u0131d\u0131r ikamet<\/td>\n<\/tr>\n<tr>\n<td>Fransa<\/td>\n<td>Gayrimenkul yat\u0131r\u0131m fonu (Fonds de Placement Immobilier, FPI) \u015firket, ki\u015finin birincil faaliyetleri i\u00e7in gayrimenkul i\u015flemleri (Soci\u00e9t\u00e9 de Placement \u00e0 Pr\u00e9pond\u00e9rance Immobili\u00e8re, SPP\u0130CAV); y\u00f6netilen frans\u0131z veya kay\u0131tl\u0131 ba\u015fka bir AB \u00fclkesinde y\u00f6netim \u015firketi<\/td>\n<td>Sermaye 500 bin euro ilk 3 y\u0131l kurulu\u015fundan sonra; en az %60&#8217;\u0131 varl\u0131k olmal\u0131d\u0131r gayrimenkul; en az %85&#8217;i kira geliri ve (SPP\u0130CAV) 100 % sermaye kazan\u00e7lar\u0131 yat\u0131r\u0131mc\u0131lara duyulur<\/td>\n<td>Hay\u0131r vergi d\u00fczeyinde fonu; kamu fonlar\u0131n\u0131n belki istisnas\u0131 3-faiz vergi<\/td>\n<td>Bilgilerini m\u00fcmk\u00fcn oldu\u011fu kadar do\u011fru \u00e7ifte vergilendirme anla\u015fmalar\u0131; vak\u0131flar FPI k\u00fc\u00e7\u00fck<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Bu malzeme kullan\u0131labilir, sadece bilgilendirme ama\u00e7l\u0131d\u0131r. Gayrimenkul yat\u0131r\u0131m kal\u0131t\u0131msal risk dahil olmak \u00fczere kayb\u0131 riskini bir miktar yat\u0131r\u0131m sermayesi. N\u00fcanslar\u0131 anlamak yard\u0131mc\u0131 nitelikli uzmanlar yat\u0131r\u0131m. Tranio \u00f6nerir ona bak\u0131n \u00f6nce bir yat\u0131r\u0131m.<\/p>\n<p>Julia \u041a\u043e\u0436\u0435\u0432\u043d\u0438\u043a\u043e\u0432\u0430, Tranio<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Yap\u0131lan bir anket Tranio 2017 y\u0131l\u0131nda g\u00f6sterdi: \u00e7o\u011fu emlak\u00e7\u0131lar (81 %) inan\u0131yorum rus\u00e7a konu\u015fan yat\u0131r\u0131mc\u0131lar nadiren yat\u0131r\u0131m fonlar\u0131 gayrimenkul. 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