Real_estate_in_Germany

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1、RealestateinGermany–inboundinvestmentsviaopen-endedfundsbyDr.BelaJansen,WTSAGSteuerberatungsgesellschaftThereisnocommonor‘onestandard’routeforforeigninvestors,i.e.,investorsnotbeingtaxresidentinGermany,toinvestinGermanrealproperty.Investmentsaremadedirectly,viaGermanpartnershiporcorporatevehicl

2、es,viaREITsaswellasusingforeignorGermanopen-endedfundvehicles.FromaGermantaxperspective,thekeystructuringelementsaretominimisetheincomeandrealestatetransfertaxburden.Incomparisontodirectinvestmentsorinvestmentsviapartnershiporcorporatevehicles,investmentfunds(Germanorforeignrealpropertyopen-end

3、edfunds)provideameansforinvestorstooptimisetheGermantaxtreatmentofinvestmentsinadiversifiedportfolioofrealpropertylocatedinGermany.Thisarticlewillgiveanoverviewonthetaxtreatmentofforeigninvestorsinvestingintoregulatedopen-endedrealpropertyfundsandtakealookonpotentialupcomingchanges.Overviewonop

4、en-endedrealburdensomethanforpublicfunds,e.g.,nosalespropertyinvestmentfundsprospectusandnolicencearerequiredunderAsofJanuary1,2004theGermanlegislatorenactedaGermanregulatorylaw,andtheinvestorstypicallycomprehensivelegalandtaxframeworkforGermanashavemoreinfluenceontheinvestmentpolicyandthewella

5、sforforeignopen-endedinvestmentfunds.Theoperationoftherespectivefund.GermanInvestmentAct(Investmentgesetz–InvG)AGermanopen-endedrealestatefundisnotagovernstheregulatoryandadministrativeaspectsoflegalentitybutislegallystructuredasafractionalGermanand–asfarasGermanyisconcerned–ownership(Bruchteil

6、s-orMiteigentümergemeinschaft)foreignopen-ended(realproperty)funds.TheGermancomparabletothemorecommonLuxembourgian1InvestmentTaxAct(Investmentsteuergesetz–InvStG)Fondscommunedeplacement(FCP).LikeanAnglo-containsaspecialfundtaxationregime.Ingeneral,theAmericantrust,theassetsinthefundareingeneral

7、Germanfundlegislation,andinparticulartheGermannominallyownedbyaninvestmentmanagementfundtaxation,distinguishesbetweenopen-endedpubliccompany(Kapitalanlagegesellschaft–KAG),afunds(Publikumsfonds)andspecialfunds(Spezialfonds).manage