The real estate sectors in 19 countries, with a focus on Central Europe.
With regard to premiums or discounts on Net Asset Value, EPRA, in its report “Europe Real Estate Yearbook 2005”, states that discounts on NAV tend to exist in countries where there is no legal equivalent to REITs, whilst in countries where there is an equivalent, there is a tendency to trade above Net Asset Value.
Table 2 shows the percentage invested in the different sectors by the 10 largest European real estate companies. As mentioned in previous paragraphs, office and commercial property clearly predominates.
b) Introduction of REIT-equivalents into some European countries
In some European countries, real estate companies can adopt a legal status similar to that of a REIT, or Real Estate Investment Trust.
REITs appeared in the US following an amendment to a popular legislative landmark: the 1960 tax extension law on cigarettes/cigars. In fact, they date back to the nineteenth century, 1880 to be precise, when investors were able to avoid double taxation by using Trusts, which were exempt from tax at corporate level if profits were shared out among investors. In 1930, this tax advantage was abolished and any passive investments had to be declared by each investor, first at corporate level and, then, individually. This tax disadvantage lasted for 30 years, despite the fact that Real Estate Investment Funds (in shares and bonds) were not liable to such double taxation.
After the Second World War, the growing demand for Real Estate Funds led “President Eisenhower to sign the 1960 Real Estate Investment Trust Provision, which eliminated this double taxation, qualifying REITs as pass-through entities”. In 1986, the Reform Act allowed REITs to manage their real estate directly, that is, they could exist without an intermediary management company. This eliminated many of the conflicts existing between REITs and their administrators. In 1993 the barriers preventing pension funds from investing in REITs were removed.
A REIT, a “legal guise” used by real estate 本文来自优.文-论^文·网原文请找腾讯3249,114 , letting or selling real estate, investing in other real estate companies, and even financing real estate. REITs are far more liquid than other alternative investment vehicles. They generally operate like any other property or realestate company; what makes them different is that they are exempt from corporate tax provided their investment policies and income distribution (in the US, 90% of income) comply with the prevailing laws in each country.
规范司法会计鉴定工作的几点设想-毕业论文 REIT regimes started appearing gradually in the different European countries. In1969, BIs (Fiscale Beleggingsinstelling) appeared in the Netherlands as a result of the Dutch Corporate Tax Act. The BI regime is a pure tax regime, and therefore any company wishing to adopt this legal form does not have to fulfil any legal requirements. BIs are listed on the securities market and therefore come under the supervision of the Dutch Financial Market Authority. BIs must be exclusively devoted to portfolio investment activities and can only have a leverage of 60% of the fiscal book value of the real property and 20% of the fiscal book value of all other property.
BIs must distribute 100% of their operating income, while capital gains or losses are placed in a tax-free reserve, which does not have to be distributed. Profits must be distributed within 8 months of the close of the financial year.
In 1995, the SICAFI structure (Société d’investissement à capital fixe en immobilière), a specific real estate investment institution with a favourable tax treatment, was created in Belgium. A SICAFI is defined as “a listed property fund, with a fixed amount of corporate share capital, whose role is to provide tax neutrality for collecting and distributing the rental income”.
SICAFIs must have the specific legal status of an investment fund, as well as complying with numerous legal requirements, which include having to have a suitable corporate form (Limited liability company or Limited partnership with shares under Belgian law). The company must be resident in Belgium, have a minimum shareholders’ equity of
1.25 million euros and be incorporated for an unlimited period of time. The portfolio directors and managers must also have appropriate professional experience, etc.
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