Guarantee against unfavorable changes for a foreign investor and a commercial organization with foreign investments in the legislation of the Russian Federation. Foreign company as a construction investor: tax implications Investing in construction

Basic guarantees of the rights of foreign investors to investments and the income and profit received from them, conditions entrepreneurial activity foreign investors on the territory of the Russian Federation are established by the Federal Law of July 09, 1999 N 160-FZ "On Foreign Investments in the Russian Federation".

In particular, this law stipulates that:

• The legal regime for the activities of foreign investors and the use of the profit obtained from investments cannot be less favorable than the legal regime for the operation and use of the profit obtained from investments, provided to Russian investors. At the same time, Federal Law of April 29, 2008 N 57-FZ "On the Procedure for Making Foreign Investments in business companies that are of strategic importance for ensuring the country's defense and state security ", the Law of the Russian Federation of December 27, 1991 N 2124-1" On the Mass Media "and other laws establish certain restrictive exemptions for foreign investors;
• a foreign investor on the territory of the Russian Federation is provided with full and unconditional protection of rights and interests, which is ensured by the norms of federal laws and other regulatory legal acts The Russian Federation, as well as international treaties of the Russian Federation;
• a foreign investor has the right to compensation for losses caused to him as a result of illegal actions (inaction) government agencies, local government bodies or officials of these bodies, in accordance with the civil legislation of the Russian Federation;
• a foreign investor has the right to make investments on the territory of the Russian Federation in any form not prohibited by the legislation of the Russian Federation;
• a foreign investor, by virtue of an agreement, has the right to transfer his rights (to assign claims) and obligations (to transfer a debt), and on the basis of a law or a court decision is obliged to transfer his rights (to assign claims) and obligations (to transfer a debt) to another person in accordance with the civil legislation of the Russian Federation ;
• property of a foreign investor or commercial organization with foreign investments is not subject to compulsory withdrawal, including nationalization, requisition, except in cases and on the grounds established by federal law or an international treaty of the Russian Federation. In case of requisition, a foreign investor or a commercial organization with foreign investments shall be paid the value of the requisitioned property. Upon termination of the circumstances in connection with which the requisition was made, a foreign investor or a commercial organization with foreign investment has the right to demand in judicial procedure return of the remaining property, but at the same time they are obliged to return the amount of compensation received by them, taking into account losses from a decrease in the value of the property. In case of nationalization, a foreign investor or a commercial organization with foreign investments shall be reimbursed for the value of the nationalized property and other losses;
• a foreign investor's dispute arising in connection with the implementation of investments and entrepreneurial activities in the territory of the Russian Federation shall be resolved in accordance with international treaties of the Russian Federation and federal laws in court or arbitration court or in international arbitration (arbitration court).

The Constitution of the Russian Federation stipulates that the generally recognized principles and norms of international law and international treaties of the Russian Federation are part of her legal system... If an international treaty of the Russian Federation establishes rules other than prescribed by law, then the rules of the international treaty apply.

The Russian Federation participates in many multilateral and bilateral international treaties and agreements, in particular, the Russian Federation has ratified the Convention for the Protection of Human Rights and Fundamental Freedoms (Federal Law of March 30, 1998 N 54-FZ "On the Ratification of the Convention for the Protection of Human Rights and Fundamental freedoms and Protocols to it ").

Guarantee of legal protection of the activities of foreign investors on the territory of the Russian Federation (Article 5 of the Law).

The considered guarantee also includes the right to defend their interests in court, including foreign investors have the right to defend their economic interests as third parties in a case considered by the arbitration court of the Russian Federation.

This guarantee also implies a guarantee of compensation for losses caused as a result of illegal actions (inaction) of state bodies, local authorities or officials of these bodies.

Guarantee of the use by a foreign investor of various forms of investment in the territory of the Russian Federation (Article 6 of the Law)

A foreign investor has the right to make investments in the territory of the Russian Federation in any form not prohibited by the legislation of the Russian Federation.

An analysis of international agreements between the Russian Federation and foreign states shows that, as a rule, the following forms of investment are included:

a) movable and real estate, as well as the corresponding property rights;

b) shares, deposits and other forms of participation in enterprises or companies;

c) the right to claim funds that are invested to create economic values ​​related to capital investments;

e) the rights to carry out economic activities, including commercial activities, granted on the basis of a law or an agreement, in particular those relating to the exploration, development, extraction and exploitation of natural resources.

A guarantee of the transfer of the rights and obligations of a foreign investor to another person (Article 7 of the Law).

A foreign investor, by virtue of an agreement, has the right to transfer his rights (assign claims) and obligations (transfer debt), and on the basis of a law or a court decision is obliged to transfer his rights (assign claims) and obligations (transfer debt) to another person in accordance with the civil legislation of the Russian Federation ...

A guarantee of the right of a foreign investor to unimpeded export of property and information outside the Russian Federation in documentary form or in the form of a record on electronic media, which were originally imported into the territory of the Russian Federation as a foreign investment (Article 12 of the Law).

A foreign investor who initially imported into the territory of the Russian Federation property and information in documentary form or in the form of recording on electronic media as a foreign investment has the right to an unhindered (without quotas, licensing and other measures non-tariff regulation foreign trade activity) export of the specified property and information outside the Russian Federation.

Guarantee of compensation for the nationalization and requisition of the property of a foreign investor or a commercial organization with foreign investments (Article 8 of the Law).

As enshrined in the Convention on the Protection of the Rights of the Investor, investments are not subject to nationalization and cannot be subject to requisition, except in exceptional cases (natural disasters, accidents, epidemics, epizootics and other circumstances of an extraordinary nature) provided for by the national legislation of the Parties when these measures are taken in the public interest provided for by the Basic Law (Constitution) of the recipient country. Nationalization or requisition cannot be carried out without adequate compensation to the investor.

Upon termination of the circumstances in connection with which the requisition was made, a foreign investor or a commercial organization with foreign investments has the right to demand in court the return of the preserved property, but at the same time they are obliged to return the amount of compensation received by them, taking into account losses from a decrease in the value of the property.

Guarantee against unfavorable changes for a foreign investor and a commercial organization with foreign investments in the legislation of the Russian Federation (Article 9 of the Law).

The principle of protection against the tightening of national legislation is to preserve the legal regime in the event of an unfavorable change in legislation. In the legal literature, this principle is also called the "stabilization clause". The ban on the introduction of changes that worsen the agreed conditions for the inflow of foreign investment has even received a special name - "grandfather's clause." It was established, as a rule, for a period of 3 to 5, less often up to 7-10 years.

Guarantee of use on the territory of the Russian Federation and transfer outside the Russian Federation of income, profit and other lawfully received sums of money(Article 11 of the Law).

This guarantee includes the right to freely use income and profits for reinvestment and their unimpeded transfer outside the Russian Federation (after paying the relevant taxes) in connection with previous investments, including:

Investment income in the form of profit, dividends, interest and other remuneration;

Monetary amounts in fulfillment of obligations under contracts and other transactions;

Sums of money received from the liquidation of a commercial organization with foreign investments or a branch of a foreign legal entity, as well as in connection with the alienation of the invested property, property rights and exclusive rights to the results of intellectual activity;

Compensation provided for the requisition or nationalization of property.

Guarantee of the right of a foreign investor to acquire valuable papers(Article 13 of the Law) secures the right of a foreign investor to acquire shares and other securities of Russian commercial organizations and government securities in accordance with the legislation of the Russian Federation on securities.

Guarantee of participation of a foreign investor in privatization (Article 14 of the Law).

In accordance with Article 14 of the Law "On Foreign Investments ...", a foreign investor can participate in the privatization of state and municipal property by acquiring ownership rights to state and municipal property or a share, share (contribution) in the authorized (pooled) capital of the privatized organization on the terms and in the manner established by the legislation of the Russian Federation on the privatization of state and municipal property... Thus, foreign investors are subject to general rules fixed by the Federal Law of December 21, 2001 No. 178-FZ "On the privatization of state and municipal property" (as amended on February 27, 2003).

One of possible options the sale of residential buildings (apartments) is the conclusion of contracts equity participation in construction (investment) between the developer and the investing company, which subsequently cedes its rights under the contract individuals... However, with such a model for the sale of real estate objects, the investing company is faced with the need to pay VAT on its profits, i.e. the difference between the price of the assignment of the right of claim to an individual and the amount paid under the investment agreement (clause 2 of article 155 of the Tax Code of the Russian Federation).

Consider tax implications situations when such an Investor is a foreign company that acquires rights of claim at an early stage of construction at a price close to the cost price.

Foreign company concludes an investment agreement in construction with a Russian developer and transfers to him cash... The investment funds transferred to the developer essentially cover only his construction costs and include a very small remuneration for the developer, but help to continue construction and start “selling” the rest of the apartments at a higher price. The business goal of cooperation is obvious.

In practice, such a foreign investor is also closer to the end of construction through Russian agents or the real estate agency assigns its rights under the contract to individuals. The difference between the amount of the initial investment and the price of the assignment is the profit of the foreign investor.

The peculiarity is that such a foreign investor does not have an obligation to pay VAT and income tax in the Russian Federation. Let's figure it out in order.

Implementation foreign organization property rights, including residential buildings, are subject to VAT in Russia, in two cases:

• The activities of a foreign company lead to the formation of a permanent establishment in the Russian Federation;
• Although a foreign company does not have a permanent establishment in Russia, the place of implementation of property rights is the Russian Federation.

However, the activities of a foreign investor to receive income from the assignment of rights of claim under investment (equity participation) agreements will not lead to the formation of a permanent establishment in the Russian Federation, unless he concludes such transactions through any (branch) in Russia, or a resident agent RF, acting on behalf of and in the interests of a foreign investor (clauses 2, 9, Article 306 of the Tax Code of the Russian Federation), except in cases of realizing property rights through a special agent whose main activity is real estate transactions.

Thus, the foreign investor must conclude all transactions through a real estate agency.

A useful tool for financing a Group of Companies can be not only a loan, which is used everywhere, but also a factoring agreement. For more information on financing a business with the participation of a foreign company, see this link in our TaxBUK

Second important aspect associated with the determination of the place of exercise of rights under an investment agreement for the purpose of calculating VAT.

Note that in Tax Code RF contains only the rules for determining the place of sale of works and services (Article 148 of the Tax Code of the Russian Federation), but there are no provisions explaining how to determine the place of realization of property rights when a foreign company acts as the seller.

According to the Ministry of Finance of the Russian Federation, the assignment of rights of claim for the purposes of VAT taxation should be considered a service, which means that the norms enshrined in Art. 148 of the Tax Code of the Russian Federation (1). It is difficult to agree with this point of view, since the transfer of property rights is an independent object of VAT taxation along with the sale of goods, works, services in accordance with paragraphs. 1 p. 1 of Art. 146 of the Tax Code of the Russian Federation.

(1) letter of the Ministry of Finance of the Russian Federation of 18.06.2012 No. 03-07-08 / 154

But even if the assignment of the right of claim by a foreign organization to a Russian company is recognized as a service, following the explanations of the Ministry of Finance, the place of sale of such a service is not the territory of the Russian Federation and, therefore, it is not subject to VAT based on following provisions:

• assignment of rights of claim to services (works) directly listed in Art. 148 of the Tax Code of the Russian Federation, does not apply;
• place of sale not specified in art. 148 of the Tax Code of the Russian Federation of services is determined by the place of operation of the organization providing such services;
• the place of activity of the organization is not recognized as the territory of the Russian Federation, if it is not registered in Russia (clause 2 of article 148 of the Tax Code of the Russian Federation).

This position is confirmed by letters of the Ministry of Finance dated 17.10.2013 No. 03-07-15 / 43359, dated 18.06.2012 No. 03-07-08 / 154, dated 19.05.10 No. 03-07-08 / 152 and dated 26.06 .08 No. 03-07-08 / 154. Moreover, in the letter of the Ministry of Finance of the Russian Federation of 10/17/2013, among other transactions on the transfer of property rights, the transfer of rights to shared construction objects is directly mentioned by a foreign organization that is not tax-registered and does not have a permanent establishment in Russia.

In other words, the Ministry of Finance of Russia does not classify the assignment of property rights under investment agreements (equity participation in construction) to services directly related to real estate and specified in paragraphs. 1 p. 1 of Art. 148 of the Tax Code of the Russian Federation, the place of sale of which for the purpose of calculating VAT is the Russian Federation. As a result, the risk that tax authorities consider such a concession to be a service directly related to real estate in Russia, and charge additional VAT - very insignificant.

With regard to income tax, income from agreements on the assignment of claims under an investment agreement by a foreign investor to the final buyer is not subject to income tax in the Russian Federation on the basis of clause 2 of Art. 309 of the Tax Code of the Russian Federation, provided that the activity of the foreign investor does not form a permanent establishment in the Russian Federation.

An important point in relation to income tax is that a foreign investor, under an assignment agreement, transfers to buyers precisely the property rights to future real estate objects. Such an operation should be distinguished from the sale of real estate located in Russia, which in turn is subject to income tax in the Russian Federation on the basis of clause 6 of Art. 309 of the Tax Code of the Russian Federation and Art. 6 international agreements on avoidance of double taxation. Until the completion of the construction of real estate objects and the developer obtaining permission to commission the objects into operation, the objects under construction cannot be called real estate in accordance with The Urban Planning Code RF and clause 2 of Art. 2 Federal Law "On participation in shared construction". Therefore, the rules providing for the taxation of income from the sale of real estate in the Russian Federation are not applicable to this situation.

The Russian real estate agency, in turn, receives remuneration for its services in finding buyers, which is subject to taxation in the Russian Federation.

Thus, cooperation with a foreign investor at the initial stages of construction allows the developer to get the necessary impetus for construction, and for a foreign investor - in a fairly understandable way to invest and receive income with taxation only in the country of his residence.

Traditionally, to attract foreign investment and improve the investment climate, the provision of guarantees and benefits to investors is used.

In the Federal Law "On Foreign Investments in the Russian Federation" No. 160-FZ dated July 9, 1999. benefits for foreign investors are otherwise referred to as incentive exemptions (clause 2, article 4). It also provides that benefits for foreign investors can be established in the interests of the socio-economic development of the Russian Federation.

Under the provision of benefits, in this case, it is advisable to understand the more favorable conditions (regime) established by the authorities of the Russian Federation for the implementation of an action (or type of activity) for a subject (category of subjects) against normal conditions implementation of actions for other similar subjects. Proclamation of guarantees must be a form of taking over by the state, through the appropriate authorities, obligations to the subject (in our case, the subject of investment activity).

The meaning of the adoption of the Law "On Foreign Investments" is to determine the basic guarantees of the rights of foreign investors to investments, the income and profit received from them, as well as to determine the conditions for entrepreneurial activity of foreign investors in the territory of the Russian Federation.

For foreign investors in Russia, the Law "On Foreign Investments" No. 160-FZ establishes the following basic guarantees:

1. Guarantees of legal protection of foreign investors on the territory of the Russian Federation. (Art. 5);

2. Guarantees of the use by a foreign investor of various forms of investment in the territory of the Russian Federation (Article 6);

3. Guarantees of transfer of the rights and obligations of a foreign investor to another person (Article 7);

4. Guarantees of compensation in case of nationalization and requisition of property of a foreign investor or a commercial organization with foreign investments (Article 8);

5. Guarantees against unfavorable changes for a foreign investor and a commercial organization with foreign investments of the legislation of the Russian Federation (Article 9);

6. Guarantees of ensuring the proper resolution of a dispute arising in connection with the implementation of investments and entrepreneurial activities in the territory of the Russian Federation by a foreign investor (Article 10);

7. Guarantees of use on the territory of the Russian Federation and transfer outside the Russian Federation of income, profits and other lawfully received sums of money (Art. 11);

8. Guarantees of the right of a foreign investor to unimpeded export of property and information outside the Russian Federation in documentary form or in the form of a record on electronic media, which were originally imported into the territory of the Russian Federation as a foreign investment (Article 12);

9. Guarantees of the right of a foreign investor to purchase securities (Article 13);

10. Guarantees for the participation of a foreign investor in privatization (Article 14);

11. Guarantees of granting a foreign investor the right to land plots, other Natural resources, buildings, structures and other immovable property (Art. 15).

This list is not exhaustive. According to Art. 17 of the Law "On Foreign Investments", the constituent entities of the Russian Federation and local governments, within their competence, can provide foreign investors with benefits and guarantees, finance and provide other forms of support investment project carried out by a foreign investor, at the expense of the budgets of the constituent entities of the Russian Federation and local budgets as well as extrabudgetary funds.

Article 6 of the Law "On Foreign Investments" proclaims that a foreign investor on the territory of the Russian Federation has the right to make investments in any form not prohibited by the legislation of the Russian Federation. Such a ban can be nationwide, i.e. for residents and non-residents, or a ban in the form of an exemption of a restrictive nature for foreign investors established by federal law of the Russian Federation. The described guarantee was proclaimed in Russia for the first time, and it can be called a novelty, however, the proclamation of another would contradict the principles laid down in the Constitution of the Russian Federation (Article 30) and the Civil Code of the Russian Federation (Article 2).

Thus, any investment by a foreign investor in the activities of commercial organizations on the territory of the Russian Federation is undoubtedly legitimate, unless it is covered by a special exception of a restrictive nature provided for by federal law for such a foreign investor, or a national ban is imposed on such investment under the legislation of the Russian Federation. Resistance or failure state registration or preliminary permission of such an investment by state bodies, local self-government bodies are appealed in accordance with the established procedure.

Present in the current Law "On Foreign Investments", a guarantee of ensuring the proper consideration of a dispute arising in connection with the implementation of investments and entrepreneurial activities in the territory of the Russian Federation by a foreign investor, existed earlier, being formulated as an opportunity to apply to Russian courts and arbitration courts(Article 9 of the Law on Foreign Investments in the RSFSR).

Judicial protection is characterized by the fact that the dispute of a foreign investor arising in connection with the implementation of investments and entrepreneurial activities on the territory of the Russian Federation is resolved in accordance with international treaties of the Russian Federation and federal laws in court.

Clause 2 of Art. 5 of the Law "On Foreign Investments" established: a foreign investor has the right to compensation for losses caused to him as a result of illegal actions (inaction) of state bodies, local authorities or officials of these bodies, in accordance with the civil legislation of the Russian Federation. Officials traditionally were subject to administrative or, in extreme cases, criminal liability.

Article 13 of the Law "On Foreign Investments" proclaims a guarantee of the right of a foreign investor to purchase shares and other securities of Russian commercial organizations and government securities. This guarantee is a logical continuation of a more general guarantee that a foreign investor will use various forms of investment in Russia (Article 6 of the Law "On Foreign Investments"). The acquisition of Russian securities by foreign investors is carried out in accordance with the legislation of the Russian Federation "on the securities market".

In the Law on Foreign Investments, the guarantee of the participation of a foreign investor in privatization is formulated rather vaguely. This rule can be called completely referential, although it is unlikely that the guarantee can only consist of references. For example, it is indicated that a foreign investor "can participate in the privatization of objects of state and municipal property." It is “may”, not “right”. That is, no clarity - may or may not participate. Further, a reference is made to the legislation of the Russian Federation on privatization. Thus, it is impossible to assert with a sufficient degree of certainty that foreign investors in the Russian Federation are guaranteed the right to participate in privatization.

As soon as the conditions and procedure for the participation of a foreign investor in the privatization of state and municipal property are established Russian legislation on privatization, it can be assumed that the regime for the implementation of "privatization activities" by foreign investors is to a large extent different from the regime of the usual entrepreneurial activity of a foreign investor in Russia.

It is known that states primarily protect the rights of their citizens; therefore, it is logical to proclaim the same guarantees for foreign investors as for domestic investors. However, if a guarantee is proclaimed for a foreign investor, which domestic investors do not have, then such a guarantee should be considered as an incentive.

So the benefits, in our opinion, as indicated earlier, can be attributed to the provisions of Art. 9 of the Law "On Foreign Investments", a guarantee against unfavorable changes for a foreign investor and a commercial organization with foreign investments of the legislation of the Russian Federation. It is simply referred to in the literature as a “stabilization” or “grandfather's” clause and does not provide for an increase in the amount of tax and other similar deductions for the subject within a certain period after the start of the investment project, even if, according to the law, these deductions increase. The period of stability of the amount of deductions in the Russian Federation is equal to the payback period of the investment project, but is limited to seven years. Thus, the investor knows that even if the state introduces “extortionate” taxes tomorrow after the start of investments in the Russian economy, he will at least be able to return his own.

Russian investors can count on such a guarantee only if they carry out investment activities in the Russian Federation in the form of capital investments(Clause 2, Article 15 of the Law "On Investments in the Form of Capital Investments").

The stabilization clause in the Russian Federation applies to:

Import customs duties (with the exception of customs duties caused by the application of measures to protect the economic interests of the Russian Federation in the implementation of foreign trade in goods);

Federal taxes (excluding excise taxes, value added tax on goods produced in Russia);

Contributions to government extrabudgetary funds(excluding contributions to Pension Fund RF);

The stabilization clause can be used by:

Foreign investors implementing a priority investment project (subject to the targeted use of goods imported into the territory of the Russian Federation for the implementation of a priority investment project);

Commercial organizations with foreign investments implementing a priority investment project;

Commercial organizations with foreign investments, where the share of a foreign investor in the authorized (pooled) capital exceeds 25%.

In addition, as noted above, the stabilization clause is valid for investors (including Russian ones) implementing priority investment projects related to investment activities in the form of capital investments.

Another guarantee that makes the foreign investment regime more favorable is a guarantee of the right of a foreign investor to unimpeded export of previously imported property and information outside Russia (Article 12 of the Law "On Foreign Investments"). It provides for the non-application of quotas, licensing and other measures of non-tariff regulation of foreign trade when a foreign investor exports property and information from Russia in documentary form or in the form of recording on electronic media that were originally imported into Russia as a foreign investment. At the same time, the non-application of tariff regulation measures in this situation is not guaranteed.

The foreign investor will have to pay the export customs tariff (customs duty).

In addition to the right to export his property and information, a foreign investor is guaranteed an unhindered transfer of funds abroad (Article 11 of the Law "On Foreign Investments"). The conditions for such a transfer consist in the mandatory advance payment of all taxes and fees provided for by the legislation of the Russian Federation on income and profit from investments. In this case, a foreign investor either freely uses the funds on the territory of the Russian Federation, including for reinvestment, or transfers them abroad. The same article of the Law states that the transfer must be made in foreign currency.

Finally, the Law "On Foreign Investments" provides that privileges in the payment of customs duties are provided to foreign investors and commercial organizations with foreign investments when they implement a priority investment project in accordance with the legislation of the Russian Federation and the legislation of the Russian Federation on taxes and fees (Article 16 of the Law "On foreign investment ").

The fact that more and more Russians consider real estate abroad not only as a "summer residence", but also as an investment instrument has already been said many times. Investing money in foreign apartments and houses in order to generate income is a promising business. But, unfortunately, it is risky too.

This article is a reference material, all information in it is presented for informational purposes only and is for informational purposes only.

With the main difficulties and dangers lurking here for the newbie, and tried to figure out the columnist "".

More expensive than it seems
Let's take it as an axiom that the overwhelming majority of novice investors want to invest a smaller amount. The point here is not greed, but elementary caution: in an unfamiliar market there is always a risk of losing this investment. The first pancake is lumpy ... And therefore it is calmer in my soul when 5 thousand euros are at stake, and not 500 thousand.

At first glance, there are many offers on the market that satisfy such requirements. The most cursory analysis of the Internet shows that in Germany (this country is generally "promoted" as the most attractive for private investment) there are offers at a price of 5 thousand euros. 7, 8, 10 thousand - there are really a lot of such houses.

The euphoria, however, vanishes on closer inspection. In Russia, the acquisition of real estate does not involve almost any additional spending - do not count 1000 rubles as a serious expense, which we pay in the form of a state duty! All other expenses (realtor's fee, rent safety deposit box) Is a voluntary matter, with a strong desire, the buyer can do without all this. Once in Germany, our man "by inertia" thinks that everything should be the same. But no! The acquisition of real estate in this country is accompanied by spending in the amount of 8-10% - this includes the costs of a notary, tax, costs for recording in the Land Register.

But that's not all. Let's take a closer look. Each cheap option has a modest postscript in small print: “broker's fee - 3300 euros”. And even smaller ones - “with VAT 19%”. This means that 3927 euros must be added to the price of the property. Of course, if the apartment is more or less expensive (at least 50 thousand euros), then this amount will be less than 8% - although this is too large. But when buying a very “baby”, the broker's fee is quite commensurate with the basic price.

Morality: when purchasing, you should not look at the price - although the selling side will try to focus your attention on it. Get to know total amount including all additional expenses, - after all, it is her that you will have to pay.

Sly calculation of profitability
Some properties are sold specifically with a view to future rentiers. Next to them is a subscriber - "leased", as well as an indication of what kind of profitability this property brings. Figures are sometimes in the highest degree seductive - and 20% per annum, and 35%, and 38%.

Of course, the most fantastic of such figures can be swept aside at once: it is clear that this simply cannot be. Let us ask a reasonable question: why should an owner who owns such a “hen that lays the golden eggs” sell it? Where will he get the money received from the sale, in which sphere of the economy will he invest it? After all, it is clear that practically nowhere (exceptions: arms smuggling, drug trafficking, etc. "businesses") it is impossible to get even close to the profitability mentioned in the previous paragraph.

But let us assume that arguments from the category "cannot be, because it can never be" does not suit the inquisitive reader. Let's analyze the calculations given by cunning realtors. It is immediately obvious: they simply divide what they receive in 12 months. rent on the price of the object. For example, an apartment costs 5 thousand euros, the tenant pays 2 thousand for it - that's 40% of the yield in your pocket.

Such calculations are incorrect (this is the softest thing that can be said about them). First, as we recall from the previous chapter, the price of real estate and the amount that the buyer must pay are far from the same thing. If you take an apartment in Germany, you will have to add to the price about 4 thousand euros of the broker's fee and 1,000 expenses for the purchase. Those. the actual amount of investment doubles, and the profitability immediately decreases from 40% to 20%.

And secondly, on the other side of our equation (that is, where we calculate the income from our investment), everything is not cloudless. The landlord has a lot of expenses:

- rent and utility bills. In some countries it is a rule in the market that these costs are borne by the renter. But this is far from everywhere, and it is likely that where you buy real estate, these expenses (in whole or in part) will fall on the owner of the apartment;

- payment for an apartment during downtime - when one tenant has moved out, and the other has not yet been found. In this case, as you understand, the apartment will have to be paid out of your own pocket without options;

- insurance ... In most countries, there is nowhere without it. But even if you suddenly decide to do without this waste, you will have to set aside some funds on your own in case of accidents, gulfs, fires, etc.;

- taxes ... If in Russia some landlords run from tax office, then abroad this is hardly possible. First of all, because there you are a foreigner, and the attention to you will be a priori greater;

- running costs. It seems to be trifles, but in the end, substantial sums run up. “Foreign investment will require certain costs related to telephone communications, exchange of documents by mail, preparation tax reporting on tax on income from rent and so on, - explains Stanislav Singel, President international agency real estate Gordon Rock... - In absolute terms, these expenses are small - 150-300 euros per year, and for large investments they will amount to a fraction of a percent of income. But if the investment is small ... Suppose we invested 5 thousand euros, which brings 6% per annum, which is 300 euros. It turns out that from 50% to 100% of the income received in this case will be spent on related expenses ”.

“In interesting Russian buyers European countries for example, in Italy or Spain, the rental business is most often a family tradition of local residents. At the same time, the main goal of real estate owners is not to receive maximum income from rent, and minimizing the cost of maintaining the property ", - adds Yana Dobrovolskaya, Executive Director company "Country Plus". And he proposes to consider in more detail the costs and incomes from renting conditionally identical villas, worth about 1 million euros, which are offered for Monday rent for 10,000 euros:

Morality: The “gross yield” that rental sellers entice you with is just a starting point for calculations. For each specific market, you need to find out all the costs you are facing and adjust all the numbers accordingly. If the promised 35% per annum eventually turns into 5%, that's still good. It is possible that real estate will “work minus ", I.e. will also drag you from 500-1000 euros annually.

Seasonality: do not forget about it
Many experts warn against investing money in the countries of Southern Europe - Bulgaria, Greece, Spain. “These countries are experienced foreign investors do not pay attention for a long time, - notes Igor Indriksons, Manager analytical portal Indriksons.ru... "But, alas, the trouble with many Russian investors is that their purchases are extremely emotional."

If, nevertheless, we consider real estate in these countries from the point of view of investing money, then we should note the seasonality of these markets. Simply put, in the high season (usually July-August) there are crowds of people, almost any real estate without pronounced shortcomings is in demand. But there is also a low season, when all activity stops. A certain analogy can be drawn here with dachas located near Moscow on six acres: in winter, no one lives in these "prefabricated-slot" houses, it is impossible to rent them out for any money, even quite symbolic ones.

All of these negatively impact your ROI on your investment. The expenses for the maintenance of real estate will go all year round: if, for example, the housing estate is left unprotected, then in January the enterprising locals everything will be stolen there. But income will be received only 2-3 months a year ...

Seasonality has another not very pleasant side. When an apartment is rented out for a long-term (one year or more) lease, the landlord perceives the property as “his own”. People come to the resort for two, maximum three weeks, and their goal is to “have fun”. All this has an extremely negative effect on the safety of the real estate and property itself - furnishings, household appliances ...

Morality: options that only bring seasonal profits are best avoided. And certainly not to take on faith the "calculations" when the basis is taken from real estate income in August and then this figure is multiplied by 12 - based on the fact that there are 12 months in a year.

Managers: find a reliable
Let's take it for granted that real estate is impossible without management. Even if we are not talking about a resort where hotel service is needed, you still cannot do without a manager. Living in Moscow and renting out a Moscow apartment, you can personally come yourself if problems arise (an accident on the water supply system, problems with neighbors, a visit from a district police officer, etc.). But what if the property is in another country?

We have already mentioned managers when we talked about calculating profitability. We found out then that because of the managers, this very profitability decreases, and you have to pay even in those periods when the property is not leased. But "troubles" are not limited to this. There are cases when management companies rented out an apartment without the knowledge of the owner - all profits in this case went to cunning employees, and the owner received only wear and tear of his home. On one of the forums, I happened to read a very juicy description of how the owner of an apartment in Bulgaria, upon arrival, found a rotten chicken in the refrigerator, and electric and water meters turned up a lot of consumption. The management company, of course, said it knew nothing.

Morality: When choosing a manager, you need to find out about his business reputation and the responses of previous clients. And even earlier - to understand if there are such people in this market: with a reputation.

CV from the portal
Least of all I would like to frighten and dissuade someone: an action, even an erroneous one, is better than inaction. However, it is always wiser to anticipate entering a new market by research. A phrase I recently read in one book: before a new investment, spend no less time preparing than you spent earning the amount you are going to invest.

Expert opinions
Olga Goryachkina, Head of Overseas Real Estate Department, Rentsale International Academy of Sciences:
It is most profitable to buy real estate for renting in Russia: in Moscow or St. Petersburg, if there is less money, the Moscow region is suitable. In Europe, and especially in Germany and the Czech Republic, apartment buildings are being actively sold, but you need to understand that after deducting taxes, the profit will be a maximum of 5% with full occupancy. In addition, it must be borne in mind that the law is on the side of the tenant, i.e. if he pays on time, then you will not be able to ask to vacate the premises or change the terms of the contract under any circumstances.

Vadim Dolmenidis, Director of GREECE INVEST:
In Greece, in a popular resort within walking distance from the sea, one-bedroom apartments start at € 30,000 (secondary housing) and from € 50,000 (primary housing). However, buying the cheapest real estate can carry significantly higher risks of capital loss. For rent, you need to choose the most liquid options, then you can rent them not only during the peak season, but also in the low season. The main selection criterion, in my opinion, is the ratio of supply and demand in this particular region. If you buy real estate as cheaply as possible, where no one needs it, and there is no demand for such real estate, then it will not only not generate income, but also bring losses on its maintenance. Before buying, you must consult with specialists who have rental experience.

Igor Indriksons, head of the analytical portal Indriksons.ru:
An important point is the bureaucratic side of the purchase. On the one hand, the fewer pieces of paper you need to draw up and sign, the easier, faster and cheaper the transaction and, as a result, the investment itself are costing. On the other hand, simplified registration increases the risk of fraud, and is also a signal for the investor to try to attract an investor with such a simplification, which means that there may be problems with liquidity and profitability in the market. Just the same balance in the approach to documenting real estate transactions is a great advantage for countries such as UK, France, Germany, Austria and Switzerland.

Victor Novikov, Managing Director of MY NEW HOTEL INVESTMENT:
In Austria, the price of an "admission ticket" is high. Although a holiday apartment can be found for 100 thousand euros, and land plot for construction from 1000 euros per hundred square meters. But it will be an investment for recreation, not for making money. To increase capital, we recommend more solid investments - from 500 thousand euros. The advantage is reliability!

Elena Lukashova, general manager ZAO Green Continent:
By far, one of the best countries for rentiers to operate is Australia. Stable economy, high level life, social security, professional medicine, decent education, a wonderful climate and a better environment - all this ensures a stable demand for real estate, a constant increase in the value of objects, high rental rates and prospects better life on the Green Continent.

High rental rates for real estate in Australia cannot but please the potential investor. A liquid object consistently brings at least 8% per annum, and the rental income of some objects reaches 10-15%. Due to the wonderful climate, the season here lasts all year round and the occupancy rate of the facility is at least 85%. Many construction companies they even guarantee a yield of 6-8% per annum for the delivery of their objects for the first 2-3 years, since they know the market and are sure that the client will still receive more and will not require the fulfillment of warranty obligations.

Stanislav Singel, President of Gordon Rock International Real Estate Agency:
It is imperative not to confuse the concepts of “buy for yourself” and “buy for investment”. In other words, the object that a Russian buys for himself often turns out to be poorly attractive from the point of view of earning rental income. As a result, it does not always make sense to choose an object for investment, taking into account that in the future, move to live closer to it. You need to make money on real estate where it brings stable income and has an optimal ratio of "profit - risks", and to live where it is pleasant and comfortable.

Gennady Tuzov, Director of EstateService Moscow & EstateService St. Petersburg:
It is worth focusing on seasonal, short-term rent and choose appropriate places. Long-term leases, taking into account the socially oriented laws of the European Union that protect the tenant, are becoming unattractive - no one wants to find themselves in a situation where the tenant has to be evicted through the court for non-payment, while realizing that the court may consider the circumstances of the latter to be valid.

Thus for small investment you should choose stable and well-promoted resort areas, and from the point of view of market prospects (stability and growth in the price of real estate itself) those where new housing is not being built in the millions square meters in year.

In the case of attracting management companies, the markets of France (Cote d'Azur), Spain, where the crisis in the real estate market does not affect the demand for seasonal rent in any way, and the decline in prices is very beneficial to the investor with money, and Portugal are optimal for "seasonal rent". If you are able to operate your own property on your own, you can consider the markets of Bulgaria, Montenegro and Turkey, but you can only trust local management companies under the influence of abundant infusions under the scorching sun.

Sergey Kartsev, head of Zora Home:
Here are some of the top sellers' tricks when selling properties to potential renters:

Selling with a guaranteed average rental income in the first 2-3 years - the price is too high, and the rentier will just get a part of his money back, and perhaps no one will rent anything;

Indication of income without taxes - it is necessary to prepare for the fact that the level of income will fall sharply;

Understatement of services management company- often at the same time it is affiliated with the developer. It is advisable to choose an independent company with a good reputation.

Artur Kobozev, executive director of IMEX Real Estate Broker LLC:
The UAE real estate market is undoubtedly the most developed and attractive in the Middle East. Our company operates in the most developed and attractive real estate market in the UAE - in Dubai. This city is known all over the world for its ambitious projects: the tallest building in the world and the tallest hotel, artificial artificial islands, whole areas of skyscrapers on the seashore. Foreign investors can buy real estate here in full ownership in their own name, while they do not pay any taxes on the income received from it. Here are the key points that encourage investors to choose the Dubai market.

Dubai real estate brings high rental income - long term rentals bring net income 5-10%, short-term - up to 15% per year of the value of the property. The demand for rent is very high - only 10% of the indigenous population live in Dubai. The remaining 90% are foreigners who work in the emirate and, of course, need housing.

Alexey Vasilevsky, director of the Hermes Group company:
In our opinion, Croatia provides excellent conditions for the purchase and subsequent lease of real estate. A country with a population of about 5 million people annually receives almost 10 million tourists. The hotel chain is small and frankly cannot cope with this flow, therefore apartments for rent are in great demand on the market. Most of them are reserved for the summer season even before April. This is a trend over the past few years. The active delivery season lasts from mid-May to late September. Apartments are rented mainly by European tourists, for whom the proximity to the sea is not as critical as for our compatriots. Distance up to 1 km is perceived as normal and does not significantly affect the price.