Property of a foreign investor or a commercial organization. Investments in foreign real estate. Typical errors of novice ranks abroad: buying on emotions, confidence advertising. Choose the best countries for investing money. Tax concessions for cutting

Traditionally, to attract foreign investments and improvements investment climateThe provision of guarantees and benefits to investors is used.

In the Federal Law "On Foreign Investments in Russian Federation»№160-ФЗ dated July 9, 1999 Benefits for foreign investors are otherwise referred to as the seizures of a stimulating nature (clause 2, Art. 4). It also provides that benefits for foreign investors can be established in the interests of 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) of the implementation of the Russian Federation (or type of activity) for the subject (category of subjects) against the usual conditions for the rest of such actors. The proclamation of guarantees must be a form of adoption by the state, through the appropriate authorities, obligations to the subject (in our case - subject 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 on investments from them revenues and profits, as well as determining the conditions for the entrepreneurial activities of foreign investors in the territory of the Russian Federation.

For foreign investors in Russia, the following basic guarantees are established by law "On Foreign Investments" No. 160-FZ:

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

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

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

4. Guarantees of compensation in nationalization and details of the property of a foreign investor or a commercial organization with foreign investments (Art. 8);

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

6. Guarantees to ensure proper resolution of the dispute that arose in connection with the implementation of investments and entrepreneurship in the territory of the Russian Federation by a foreign investor (Art. 10);

7. Guarantees of use in the territory of the Russian Federation and translating beyond the Russian Federation income, profits and other legitimately received monetary sums (Art. 11);

8. Guarantees of the Law of the Foreign Investor on the unobstructed export of the RF property and information in a documentary form or in the form of recording on electronic media, which were originally imported into the territory of the Russian Federation as a foreign investment (Article 12);

9. Guarantees of the Law of the Foreign Investor for the purchase of securities (Art. 13);

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

11. Guarantees of the provision of a law of land for land, others natural resources, buildings, facilities and other real estate (Art. 15).

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

Article 6 of the Law "On Foreign Investments" proclaims that a foreign investor in the territory of the Russian Federation has the right to invest in any forms 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 a restrictive dissemination for foreign investors established by the Federal Law of the Russian Federation. The described guarantee was proclaimed in Russia for the first time, and it can be called a novel, but the proclamation of other 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 embedding of a foreign investor in the activities of commercial organizations in the territory of the Russian Federation is certainly legitimate, unless it is covered by a special dissemination of a restrictive, stipulated by the Federal Law for such a foreign investor, or such an investment is not imposed by a national ban on the legislation of the Russian Federation. Resistance or refusal state registration or the preliminary resolution of such an investment by state bodies, local governments appealed in the prescribed manner.

The guarantee of ensuring the proper consideration of the dispute arising in connection with the implementation of investments and entrepreneurship in the territory of the Russian Federation in the current investment in the current existing law on the territory of the Russian Federation, there was also a formulated as an opportunity to appeal to Russian courts and arbitration courts (Art. 9 of the Law on Foreign Investments in the RSFSR).

Judicial protection is characterized by the fact that the dispute of a foreign investor, which arose in connection with the implementation of investments and entrepreneurship in the territory of the Russian Federation, is permitted in accordance with international treaties of the Russian Federation and federal laws in court.

Paragraph 2 of Art. 5 of the Law "On Foreign Investments" established: A foreign investor has the right to compensation for damages caused to him as a result of illegal actions (inaction) of state bodies, local governments or officials of these bodies, in accordance with the civil law of the Russian Federation. Officers Traditionally, administrative or, in extreme cases, criminal liability.

Article 13 of the Law "On Foreign Investments" proclaims the guarantee of the right of a foreign investor to acquire shares and other securities of Russian commercial organizations and government securities. This warranty is a logical continuation of a more general guarantee of the use of various forms of investment in Russia by a foreign investor (Article 6 of the Law "On Foreign Investments"). The acquisition of Russian securities by foreign investors is made 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 quite vague. This rate can be called completely refusal, although it is unlikely that the warranty can consist only of reference. For example, it is indicated that a foreign investor "can participate in the privatization of state and municipal objects." It is "can", and not "entitled". That is, no clarity can participate, and may not participate. Next, reference to the legislation of the Russian Federation on privatization. Thus, it is impossible to argue with a sufficient accuracy that foreign investors in the Russian Federation guarantees the right to participate in privatization.

Since the conditions and the procedure for the participation of a foreign investor in the privatization of state and municipal objects is established by Russian legislation on privatization, it can be assumed that the implementation of foreign investors of "privatization activities" is largely different, rather than the regime of the usual entrepreneurial activity of a foreign investor in Russia.

It is known that States protect the right of their citizens primarily, therefore, it is logical to proclaim for foreign investors as guarantees as for investors of domestic. However, if a guarantee is proclaimed for a foreign investor, which does not have domestic investors, then such a guarantee should be considered as a benefit.

So to benefits, in our opinion, as mentioned earlier, it can be attributed provided for by Art. 9 of the Law "On Foreign Investments", guarantee from adverse changes for a foreign investor and a commercial organization with foreign investment of the legislation of the Russian Federation. It is easier for it is referred to in the literature "Stabilization" or "Grandfather" with a reservation and provides an increase in the subject of tax and other such deductions for a certain period after the start of the investment project, even if the law, these deductions are increasing. The deadline for the amount of deductions is equal to the Russian Federation by the payback period of the investment project, but is limited to the seven years. Thus, the investor knows that even if tomorrow after the start of investments in the economy of Russia, the state will introduce "robbing" taxes to at least to return his own.

Russian investors can count on such a guarantee only in the case of investment activities in the Russian Federation implemented in the form capital investments (paragraph 2 of Art. 15 of the Law "On Investments in the Form of Capital Investments").

The stabilization reservation in the Russian Federation acts in relation 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 foreign trade goods);

Federal taxes (with the exception of excise taxes, value added tax on goods produced in Russia);

Contributions to state extrabudgetary funds (with the exception of contributions to Pension Fund Rf);

Take advantage of the stabilization reservation:

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

Commercial organizations with foreign investments that implement a priority investment project;

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

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

Another warranty that makes the regime of foreign investment is more favorable - this is a guarantee of the right of a foreign investor to unhindered export of Russia for previously imported property and information (Article 12 of the Law "On Foreign Investments"). It provides for the non-use of quota, licensing and other measures of non-tariff regulation of foreign trade activities when exporting from Russia by a foreign investor of property and information in a documentary form or form of recording on electronic media, which were originally imported into the territory of Russia as a foreign investment. In this case, the non-use of tariff regulation measures in this situation is not guaranteed.

The payment of the export customs tariff (customs duty) will have to implement a foreign investor.

In addition to the right to export of their property and information, a foreign investor is guaranteed to be a unimpeded translation of monetary amounts abroad (Art. 11 of the Law "On Foreign Investments"). The conditions for such a translation are made in the mandatory preliminary payment of all taxes and fees with income and investment fees provided for by the legislation of the Russian Federation. The field of this foreign investor or freely uses cash On the territory of the Russian Federation, including for reinvestment, or translates them abroad. In the same article of the law, it is indicated that the translation must be implemented in foreign currency.

Finally, the Law "On Foreign Investments" envisages that the benefits for payment of customs payments are provided by foreign investors and commercial organizations with foreign investments in the implementation of the 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 " foreign investment ").

It is difficult to overestimate the advantages of attracting investment. This is an additional financing of large projects, and the exchange of experience, and access to modern technologies and new ways to organize production. The benefit from the investment in the economy of another country is removed by a foreign investor. To present your interests in the Russian Federation, the investor must understand its rights and restrictions imposed by local law.

Stamp Capital has an impact on the national economy, but the consequences may not only be positive. The disadvantages of investments include:

• suppression of local production;
• degradation of traditional sectors of the economy;
• lack of motivation to develop their own technologies;
• damage to ecology due to the organization of "dirty" industries, etc.

And at the same time, the Russian economy has a positive effect:

• growth in the volume of capital investments;
• effective use of natural resources;
• an increase in the number of jobs;
• expansion of product range;
• flow currency;
• additional means to finance state programs;
• strengthening the international reputation of the Russian Federation;
• the interest of new investors, etc.

To cut negative consequencesFederal Law No. 160-FZ "On Foreign Investments in the Russian Federation" was adopted. It contains the concept of a foreign investor and foreign investment, the regime of companies and other aspects of the issue are discussed.

Foreign Investor: Definition

To be accurate, the terms "foreign" and "foreign" capital should be distinguished. In the first case, we are talking about the means of overseas investors invested in the Russian economy, and in the second - about the property of Russian depositors placed abroad. Thus, a foreign investor is a subject of another country, Apadrid, or an organization belonging to a different state.

Investments are classified according to sources of their origin, ownership and can be:

• private (carried out by private enterprises, organizations, banks or individual citizens);
• state (loans and loans provided by a country or group of states).

The ownership of a foreign investor in the Russian Federation can be represented as:

• currencies;
• real estate;
• movable property;
• property or corporate rights;
• joint with the Russian depositors of the enterprise;
• intellectual property;
• valuable papers;
• rights to carry out economic activity (use of natural resources, land plots and other values);
• services;
• information.

As indicated in the aforementioned law, the civil legal capacity of a foreign investor-legal entity is determined by the legislation of the country where it is established. The same applies to individual citizens, individuals without citizenship, international organizations and other states. This means that they should be endowed with the right to engage in foreign entrepreneurial activities in accordance with the laws of their country and obey the requirements contained in federal acts.

Who can be an investor

To the question whether a foreign entrance can be an investor, Russian law gives a positive answer.

The right to obtain the status of a subject of investment activity can not only investors, but also contractors, customers, users of capital investments and other persons, including foreign ones.

It is possible to become an investor only if the investment scope is included in the list provided for by law. The attachment foreign capital It is impossible to some objects of civil rights due to restrictions in the turnover in the Russian Federation.

For example, foreign investments are not available to the following investments:

1. Acquisition of patents, licenses, trademarks of foreign firms.
2. Buying securities belonging to foreign companies or individuals.
3. Export goods.
4. Investment in enterprises located outside the Russian Federation.

If legal or individual belongs to the number of those considered by russian legislation As a foreign investor, it is enough for them to exist in legal forms recognized as valid in the state of their origin. The federal legislation does not require their legal form that the forms of Jurlitz are adopted in Russia.

Basic Investment Objects

A foreign investor is entitled to invest in the territory of the Russian Federation in any form not prohibited by law. It can take part in the privatization of state and municipal objects through the acquisition of the rights or share of ownership in the authorized capital of the company, to buy shares, invest in joint ventures, issue loans to legalities and so on.

It is customary to share investments on:

1. Direct (deposits of physical / legal entities fully owned by the company or controlling from 10% of the shares / authorized capital of the company).
2. Portfolio (acquisition for less than 10% of feud, shares, bills, bonds related to the company's authorized capital).
3. Others (investments that do not belong to the mentioned categories of capital investment: loans for foreign investors and other revenues of funds belonging to international financial institutions, governments of foreign countries).

Over 60% of revenues are concentrated in the Central Federal District. With a large margin (8% and 10%) followed by the Ural and North-West Federal District. The worst thing is the investment of objects operating in the North Caucasus (0.03%).

According to statistics, direct investments are most popular (over 40% of funds), the second place is held by the third category of investments (about 37%). Analyze the market of possible contributions to russian enterprises Intermediaries help foreign investors.

One way to attract large investments in the Russian economy is a product sharing agreement (PSA), thanks to which oil and gas production remains the main objects of investment. They account for almost 90% of all overseas investments.

If the investor plans to become a user of the subsoil, he takes part in the competition (auction), which is conducted by federal bodies. After using a certain area, he must sign an agreement in which:

• terms of cooperation;
• the procedure for the separation of products;
• the term of providing rights to conduct work;
• investor's obligations regarding the hiring contractors, carriers, workers.

A foreign investor who concluded an agreement on the sale of products, acquires the right to develop a subsoil site, for example, mineral deposits. It provides for a special procedure for taxation (income tax and regular payments for the use of subsoils).

The PSA consists of two stages: the investment period (only making payments) and the return of capital (taxes and payments). At the second stage, the products are divided into compensation and profitable, and the investor is beginning to return the funds. If each participant in the agreement acts within the framework of the requirements specified in the law, the investor guarantees stable working conditions, and the state receives a specified share of products.

Legal status of a foreign investor in the Russian Federation

As follows from the provisions of the federal legislation of the Russian Federation, foreign depositors have the same legal status as Russian. In addition, the state promises that the legal regime of foreign investors in Russia will be favorable for investors from abroad. They can:

• independently determine the volume and direction of deposits;
• enter into agreements with other investors;
• own and dispose of objects and results of investments;
• transfer the right to the implementation and results of capital investments under the contract / contract;
• control target use funds;
• unhindered to bring out funds from the Russian Federation in foreign currency;
• unite own funds With the capital of other investors, etc.

Public policy in the field of foreign investment is implemented by the Government of the Russian Federation. It is this authority:

• determines measures to control the activities of subjects;
• ensures the introduction of prohibitions / restrictions on the implementation of investments and issues bills;
• decides which projects are priority;
• regulates the interaction of investors with certain subjects of the Russian Federation;
• creates and coordinates programs to attract new investments.

Along with the Law "On Foreign Investments", the legal status of foreign investors in the Russian Federation is regulated by numerous provisions and subtitle acts.

The most significant can be attributed to paragraph 4 of Art. Part of the first Civil Code of the Russian Federation of 30.11.1994, Art. 210 APC RF of 5.05.1995 and Part 2 of Art. 433 GPK RSFSR from 11.06.1964.

In addition, there are also international (often bilateral) agreements that negotiate aspects of mutual recognition of the rights and obligations of legal entities determine their status, operational regimes.

It is customary to allocate two main types of modes: absolute and relative, but the second classification is used more often. The most common schemes can be considered the national regime and the principle of the greatest favorable.

What provides for the national regime

According to the Convention on the Protection of the Investor Rights, signed on March 28, 1997, the national regime is distributed on foreign investors. The principle of this legally binding position is established by international treaties and agreements, as well as federal legislative acts.

The national regime provided for foreign investors in the Russian Federation suggests that subjects of another country, stateless persons and legal entities possess the same rights and obligations as Russian citizens and companies.

This principle is enshrined in the Civil Code and the Constitution of the Russian Federation.

When determining the legal status of foreign investors, the national regime is the main principle. Most often, it is applied to:

• copyright and related rights;
• economic activities of foreign investors;
• foreign goods;
• free access to the judiciary;
• legal assistance;
• social security.

The government establishes the borders of the application of this principle, taking into account the interests of the country, as well as to eliminate the abuse of foreign depositors with their rights. There are the following types of seizures for foreign investors: seizure of a stimulating and restrictive nature. These measures and benefits are established by Russian legislation.

What is the principle of greatest favored

Unlike the national regime, the erasing line between the rights of foreign and domestic investors, the principle of the greatest favorable equalizes foreign organizations and foreign citizens. At the same time, the preferred legal regime, in particular, provides foreign investors of one country the same rights that the depositors of another state received. All of them are entitled to count on benefits when importing equipment and raw materials, exemption from customs taxes and duties, etc.

To take advantage of this regime can investors who invest in underdeveloped sectors of the economy, enterprises located in hard-to-reach regions with a weak infrastructure and require major investments.

Restrictions provided for foreign investors

In order to prevent the consequences of the destructive consequences for the state economy, there is a set of activities that control the process and the scope of capital investment. So, in Russia practiced:

• ban on the admission of foreign investors in the strategic sectors of the economy;
• accreditation procedure, notification and licensing;
• prohibition of activities in certain areas of the economy;
• compulsory shared participation of the state in enterprises financed by a foreign depositor;
• establishing a special fiscal mode;
• application of concession agreements;
• control of all types of activities of a foreign investor related to the development of subsoil and natural wealth.

In addition, government agencies are followed by compliance with the requirements for the depositor.

Banking

Russian authorities do not object to the investment of funds and foreign companies in the authorized capital of domestic banks. However, if earlier the maximum share of capital reached 50%, then from January 2016, according to the Procedure specified in Art. 18 of Law No. 372-FZ "On Banks and banking activities»The maximum amount of such contributions was 13.44%. This figure is due to the obligations adopted by the Russian Federation when joining the WTO.

Some foreign investments are not taken into account when determining quotas. According to the Central Bank of Russia, the share of foreign capital will be calculated annually.

In investing media business

Since 2016, the amendments in the Mass Media entered into force. According to this document, the share of foreign capital in the Russian media cannot exceed 20%, although it has accounted for 50%.

The action of these amendments affected about 1,000 media with foreign shareholders. Restriction forced large companies Revise the structure of shareholders or change the owners. The changes affected the Holding "STS Media", the printed press (Russian edition Forbes, Vedomosti, The Moscow Times). The market left NBC Universal and AMC Network.

Participation in the insurance business

Insurance is a special sector of the economy, the purpose of which consists not only in the protection of the property interests of Russian citizens and legal entities, but also in the creation of a solid economic environment, without which economic growth is impossible. Insurance business contributes to strengthening financial system RF at the expense of constant investment in the economy, including foreign.

The state strictly regulates the activities of foreign entities in the insurance industry, insurance supervisory authorities control the volume of market data market (quotas for the permissible share of foreign investment share).

The quota is calculated as the ratio of the contribution of the investor's contribution and their subsidiaries in the authorized capital of insurance companies (SC), to the aggregate authorized capital of the SC. As indicated in paragraph 3 of Article 6 of the Law "On the Organization of Insurance Country in the Russian Federation", if the specified quota is more than 50%, insurance supervisory authorities are not licensed by the activities of the SK, who are subsidiary societies in relation to major investor organizations or those whose The share of investors in the authorized capital exceeds 49%.

The same document states that payment by foreign investors by their shares of insurance companies can be carried out only in Russian rubles.

In mining diamond

The territories where the diamond deposits are included in the list of seds of the federal significance, so only licensed companies will be able to obtain the right to develop.

As follows from the amendments to the Federal Law "On Subsoil", access to fields is provided to companies in which investors from abroad control no more than 25% of capital.

Previously, this threshold was 10%, but in order to attract strategic foreign investors in the extractive industries, I had to make concessions. Although the increase in the share of foreign investors in managing the company will not allow them to take key decisions, these changes will stimulate the process of studying the subsoil and production of the mineral resource base of the Russian Federation.

Investing in strategic societies

Russian legislation does not prohibit depositors to invest in the form of a purchase of shares (shares) in authorized capital economic societies (HO) with a strategic value, and the commission of other transactions providing them with control over such societies. In November 2014, the President of the Russian Federation signed a draft amendment to the law of 29.04.2008 No. 57-FZ, which simplifies the order of investment, but at the same time prescribes:

• agree on the transaction with the Government Commission (Art. 7);
• notify authorized body the executive branch of the transaction committed (Article 14).

The procedure for notifications is contained in the Decree of the Government of the Russian Federation of 27.10. 2008 No. 795 and provides for the transfer of data on the company with shares (shares) in Ho, and on persons controlling it.

In land use

The principle of national regime applies to issues of ownership. In general, investors can buy and alienate property, give it to a deposit, own and use it under the same conditions that Russian citizens and legal entities, but in some restrictions.

As a rule, these restrictions affect the ownership of land. Chapter 1 of Law No. 101 "On the turnover of land for agricultural land" states that such persons cannot acquire land plots included in the list of agricultural land.

Benefits for depositors

Tax benefits are another way of stimulating foreign capital owners. Providing foreign investors of preferential loans or guarantees on loans is an excellent financial motivation for them.

The size and conditions for the provision of benefits depend on the share of the depositor in the authorized capital of the Organization. According to Art. 5. The Law "On Foreign Investments in the Russian Federation", if the investor owns 10% and more shares in the authorized capital of the Organization, then when reinvesting, it can use all the benefits listed in this law. Similar conditions apply to russian companiesreceiving the status of an organization with foreign deposits.

In addition, the benefits for foreign investors may be non-tariff. For example, if the company's capital consists of 30% composed of foreign investments, it has the right to export produced products without a license.

Regional benefits

The federal authorities allow the authorities to self-government to the subjects of the Russian Federation within their authority at the regional level:

• provided with foreign depositors benefits and guarantees;
• financing and otherwise supported investment projects of foreign depositors.

To do this, they can use local budget funds, budgets of the subjects of the Russian Federation and extrabudgetary material resources.

Tax concessions for residents of special economic zones

On the rights of foreign investors

The overseas depositor has a considerable freedom of action in the territory of the Russian Federation. For example, O.

have the right to acquire shares of commercial organizations and state securities, participate in the privatization of property objects, rent land plots, use real estate and natural resources of the country. Moreover, Russian legislation contains the main guarantees of the rights of foreign depositors in the state.

In accordance with the laws of the Russian Federation, the foreign investor has the right to take property and information from the country, originally imported to Russia as a foreign investment.

In this case, it does not apply to the principles of quotation, licensing and applying other non-tariff regulation measures of foreign trade activities.

Consider in more detail the basic rights of foreign depositors.

Subrogation

The main problem of international investment law is to ensure the protection of deposits. No investor investing capital in unstable russian economy, not insured against the use of restrictions or measures of forced withdrawal: nationalization, props, etc.

To some extent to protect the rights of a foreign investor can the principle of subrogation, which operates in the investment legislation the right of individual countries and international law.

Risks can be political / non-profit (hostilities, civil unrest, nationalization and other forms of forced withdrawal property). Usually, investment insurance in this case is engaged in state or international insurance organizationsacting on behalf of the exporter of capital.

The investment guarantee scheme at the national and international levels implies the conclusion of the insurance contract between the investor and the guaranteeing authority.

Compensation for props or nationalization

In general, the property of depositors cannot be removed, requisition or nationalize. Investors Depositors have the right to demand compensation for losses incurred due to illegal actions or inaction of state bodies and officials.

In the proper or nationalization of property, a foreign investor is paid full value Requisited property and other losses. If circumstances, in connection with which the requisition is made, no longer apply, the overseas depositor may apply to the court with the requirement to return the preserved property. At the same time, he is obliged to return the resulting amount of compensation, given the loss from reducing property value.

Compensation for the withdrawal of investments provided by foreign investors should be paid at extremely short time, without unreasonable delay.

Application of stabilization reservation

For investor taxation, the action of the "Stabilization reservation" is characterized by an important guarantee of investments aimed against tightening the tax burden. This feasibility feature is taken into account and is applied by the courts considering disputes associated with the protection of foreign investors.

The application of the stabilization reservation to a foreign investor protects the interests of the depositor from toughening the laws of the recipient country regulating the investment regime. If national legislation changes in an unfavorable direction for the investor, he can count on the deferment of these changes.

For the first time, the stabilization reservation was discussed in Art. 14 of the Law of the RSFSR of 26.06.1991 "On Investment Activities in the RSFSR". Its use in the new law on foreign investment depends on a number of conditions. This principle:

• it applies to commercial organizations with foreign investments in the amount of at least 25% in the authorized capital and investors / organizations that invest in priority projects.
• it is used in tightening the total tax burden or the regime of prohibitions and restrictions on foreign deposits compared with the total tax burden and the regime acting on the start of the project financing;
• guaranteed during the payback period of the investment project (no more than 7 years from the date of the beginning of capital investment in the project).

Use of investment income

A foreign investor can freely use its income and profits on the territory of the Russian Federation for any objects that are not contrary to the Russian legislation. Translation from the RF revenue, profits and other funds received in foreign currency, as well as reinvesting received by investors by non-residents relates to the basic rights of depositors.

Income from investments are considered:

• profit, dividends, interest;
• monetary amounts received in fulfillment of obligations under contracts and other transactions;
• funds received by the contributor after the liquidation of the company or the alienation of the invested property, property rights and intellectual rights;
• compensation provided for by Art. 8 of the Law on Foreign Investments.

How is the legal regulation of foreign investment

In connection with the possible emergence of problems in the investment law, the legislation of the Russian Federation regulates the legal relations in the field of foreign capital investment. Foreign investors and commercial organizations that have received investments are subordinate to the general and special standards. tax legislation Russia ( Tax code, federal laws, MNS instructions and state service of Russia.).

Legalities in this area are also coordinated by international treaties. It should be borne in mind that the norms of international agreements are more important than the requirements of Russian legislation.

International Legal Regulation of Deposit

The main documents in the field of investment activity is the Washington Convention (03/18/1965) "On the procedure for resolving investment disputes between foreign persons" and Seoul Convention (10.10.1985) "On the establishment of a multilateral investment guarantees agency".

The mechanism for the protection of foreign investors' rights in the Seoul Convention allows them to insure their deposits in the Multilateral Agency for Investment Guarantees (Mages) from Loss of Investments As a result:

• wars / civil unrest;
• nationalization;
• violations of the Treaty by the Recipient State (in the field of concession agreements);
• state ban on the conversion of local currency in freely convertible.

In the case of the onset of these conditions, the magicians pays the investor compensation and adopt the right to claim to the host state. A private-based conflict becomes a public-legal dispute between the Agency and the Recipient Country. Volume insurance compensation Determined by the terms of the contract of the country from magicians.

Domestic investment regulation

Foreign depositors have almost the same rights as the Residents of the Russian Federation. State guarantees legal protection of activities of foreign investors in Russia is regulated Federal law 07/09/1999 No. 160-FZ (as amended by 07/18/2017) "On foreign investment in the Russian Federation".

National regulation is based on the use of the norms of administrative and civil law, as well as special laws regulating investment activities.

Russian legislation provides direct foreign investors guarantees, taking into account mutual interests, ensures the lack of discrimination, contains numerous provisions on protection against various risks, stipulates the conditions of nationalization in detail private propertyProvides favorable tax, customs and administrative benefits.

It should also be mentioned which guarantees of the rights of foreign investors contains the Constitution of the Russian Federation. According to the provisions of Part 4 of Art. 15 of this document, international treaties - component Legal system of the country. This means that the guarantee of foreign depositors are called upon contracts with other states on the promotion and mutual protection of investments, agreements on the avoidance of double taxation, signed by the Russian Federation, and other regulatory acts.

Ways to resolve disputes in Russia

If foreign depositors have disputes regarding the implementation of investments and entrepreneurship in the territory of the Russian Federation, the proceedings are held in accordance with international treaties of the Russian Federation and federal laws in:

• court;
• arbitration Court;
• international Arbitration (Arbitration Court).

It should be borne in mind that there is no unified international procedure regulating the consideration of investment disputes, as well as generally accepted and generally accepted right.

Antimonopoly legislation and foreign investors

Foreign investors are obliged to comply with the antimonopoly legislation of the Russian Federation. This means that they will not allow dishonest competition and restrictive business practices. To such actions include:

• creation of a commercial organization with foreign investments or a branch of a foreign legal entity for the production of goods that uses in increased demand, and subsequent self-destruction in order to implement a similar product of foreign origin on the market;
• calm agreement on prices / distribution of markets for goods / participation in trading (auctions, competitions).

Whether Russia has become more attractive for foreign investors in the year: video

The law introduces the concept of a "priority investment project". This is an investment project, the total volume of foreign investment in which is at least 1 billion rubles, or an investment project in which the minimum share (contribution) of foreign investors in the statutory (share) capital of a commercial organization with foreign investments is at least 100 million rubles, Included in the list approved by the Government of the Russian Federation. When implementing such a project, no changes in the legislation of the Russian Federation worsen the tax and customs regime of the enterprise will not be operated before its payback. It has been established that the activities of foreign investors and the use of their profits received from investment may be limited compared with Russian entrepreneurs only by federal laws to the extent necessary to protect the foundations of the constitutional system, morality, health, rights and legitimate interests of others, ensuring Defense countries and state security. The branch of a foreign legal entity, created in the territory of the Russian Federation, performs some of the functions or all functions, including the functions of the representative office, on behalf of the established foreign legal entity, provided that the objectives of the creation and activities of the headquarters have a commercial nature and a headquarters are direct property responsible for adopted Her due to the leading specified activity On the territory of the Russian Federation obligations. The subsidiaries and affiliates of a commercial organization with foreign investments do not enjoy legal protection, guarantees and benefits established by this Federal Law, in the exercise of entrepreneurial activities in the territory of the Russian Federation. It was also established that if a foreign state or authorized by the state authority produces a payment in favor of a foreign investor under guarantee (insurance contract) provided to a foreign investor in relation to the investments carried out in the territory of the Russian Federation and to this foreign state Or the authorized state authority by the authority is transferred to them (the requirements) of a foreign investor are inferior to the specified investments, such a transition of rights (assignment of the requirement) is considered legitimate. It has been established that a foreign investor after payment russian taxes and fees have the right to free use of income and profits on the territory of the Russian Federation for reinvestment or for other legal purposes and for unhindered transition from the Russian Federation of revenues, profits and other legally received monetary amounts in foreign currency in connection with the investment previously implemented by them. The creation and elimination of a commercial organization with foreign investments are carried out under conditions and in the manner provided Civil Code RF. Legal entitiesCommercial organizations with foreign investments are subject to state registration in the Justice bodies. The law comes into force on the day of its official publication.

The last few years, Western investment funds leave the Russian real estate market - against the background of the decline in the economy and sanctions risks increase, follows from the JLL report. For example, it leads the Finnish Sponda, in 2013, which announced the intention to sell Russian projects. This year, the situation has reached a peak: Austrian Immofinanz has closed the sale of five Moscow shopping centers over 500,000 square meters. m. The American HEITMAN American Foundation is minimized: it completes the sale of the only asset here - the office tower of the metropolis complex at Art. m. "Voikovskaya" in Moscow. Atrium European Real Estate, the paper is traded on the stock exchanges of Vienna and Amsterdam, put up for sale the entire Russian portfolio from the seven shopping complex "Park House" in Moscow and regions. Who comes instead of them?

Only in 2017, investors from Asia were spent on the purchase of real estate in Europe and the United States over $ 20 billion, according to JLL. They did not bypass and Russia. Chinese Fosun Group Together with the Russian Avica Management Company bought the famous "Voentorg" on Vozdvizhenka, and Arab Mubadala Development with Russian Foundation Direct investment - 84,000 square meters. M warehouses in PNK Park - Bekasovo in the Moscow region "PNK Tolmachevo" in Novosibirsk. Chinese Vanke Group continues to negotiate to buy up to 51% in one of the largest owners of Moscow offices - O1 Properties..

Asian and Middle Eastern funds, unlike European, have so far been to a lesser extent on the Russian real estate market, and their interest was limited to one-time acquisitions, the head of the JLL department Olesya Dzube notes. The situation was aggravated by the crisis of 2014, when the real estate market got up, adds the Managing Partner of Capital Global Partners Svetlana Kara: Investors were interested in yield 30% more than the market could offer.

Now their interest is so great that the last two years each second meeting JLL conducted with companies from Asia and from the Middle East, notes Jüb. If in 2015, from $ 540 million of foreign investment in West Capital accounted for more than 95%, then in this almost 30% of the $ 700 million invested - these are Asian and Middle Eastern money, Irina Ushakov calculated from CBRE. Foundations from Asia and from the Middle East began to look closely at Russian assets as far as years ago, reminds Kara, but the mass transactions did not happen due to long coordination. For them russian market Non-traditional - to study and find objects required time, confirms the partner Colliers International Stanislav Bibik.

Now you can buy high-quality or even trophy assets at a very attractive price, and their capitalization will definitely grow in the medium term, says Kara. The cost of Russian assets is low, confirms the judge. In addition, according to her, Chinese investors try to diversify investments against the background of slowing the growth of China's economy and the weakening of Yuan. In addition, Russia itself, against the background of sanctions, actively cooperates with the countries of Asia and the Middle East in many directions, will summarize. Therefore, for example, the FOSUN real estate market is not limited to: now in the priority of the company in infrastructure projects, logistics, health care, agriculture, food production, etc., lists the executive director of Fosun Russia Tanya Ann Ternavskaya. These investments will definitely be more significant, she notes.

The fact that more and more Russians are considering real estate abroad not only as "cottage", but also as an investment instrument, has already been said many times. Investing money in foreign apartments and houses for the purpose of receiving income is promising. But, unfortunately, and risky too.

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

With the main difficulties and dangers that adopt here, the newcomer, and tried to understand the observer "".

More expensive than it seems
We will take as axiom that the overwhelming majority of novice investors want to attach a smaller amount. The point is not in greed, but in elementary caution: on an unfamiliar market there is always a risk of losing this investment. The first pancake komom ... and therefore it is calmer that there is 5 thousand euros on the horse, and not 500 thousand.

At first glance, there are many proposals on the market that meet such requirements. The most advanced internet analysis shows that in Germany (this country is "unwind" as the most attractive for private investment) have suggestions at a price of 5 thousand euros. 7, 8, 10 thousand - there are really many such houses.

Euphoria, however, disappears with a little more attentive consideration. In Russia, the acquisition of real estate is not associated with practically any additional expenses - not to consider for a serious consumption of 1000 rubles, which we pay in the form of state duty! All other spending (Rieter fee, Rent bank cell) - The matter is voluntary, with a great desire without all this, the buyer can do. Once in the same Germany, our man "inertia" thinks that everything should be the same. No! The acquisition of real estate in this country is accompanied by spending in the amount of 8-10% - this includes the costs of notary, tax, the cost of entry in the landing book.

But that's not all. We look more carefully. Each low-cost option is a modest sequence with small font: "Macler's fee - 3300 euros." And even smaller - "with VAT 19%." This means that the price of the object needs to immediately add 3927 euros. Of course, if the apartment is more or less expensive (at least 50 thousand euros), then this amount will be less than 8% - although it is great. But when buying quite a "baby", the broker fee is quite commensurate with the main price.

Morality: When purchasing should not look at price - Although it is on it that will try to concentrate your attention to the selling side. Recognize final amount, including all additional expenses, "After all, it is her for you to pay."

Warely calculation of profitability
Some objects are sold specifically based on future order. Near them, the attribution is "commissioned", as well as the indication of what kind of profitability brings this property. The numbers are sometimes highly seductive - and 20% per annum, and 35%, and 38%.

Of course, the most fantastic from such numbers can be noted immediately: it is clear that this simply cannot be. Let us ask a reasonable question: why should the owner who owns such a "chicken carrier of golden eggs" to sell it? Where is he deneficted from the sale of money, in which economy will invest them? After all, it is clear that practically anywhere (exceptions: the smuggling of weapons, drug trafficking, etc. "Business") cannot be obtained even close to those named in the previous paragraph.

But we assume that the arguments from the discharge "cannot be, because it cannot be" a tortured reader is not satisfied. Let us analyze the calculations given by the dealers. Immediately you can see: they simply divide the rent received for 12 months on the price of the object. For example, an apartment costs 5 thousand euros, the tenant pays 2 thousand for it - here, 40% yield in your pocket.

Such calculations are incorrect (this is the most soft, which can be said about them). First, as we remember from the previous chapter, the price of real estate and the amount that the buyer must pay is far from the same thing. If you take an apartment in the same Germany, then it will have to add about 4 thousand euros of the broker fee and 1 thousand spending when buying. Those. The actual amount of investment grows by half, and the yield immediately decreases from 40% to 20%.

And secondly, on the other side of our equation (that is, where we count the income from our investment) everything is indispensable. The landlord has a lot of spending:

- rent and utility payments. In some countries, the market has a rule that these costs carry a tenant. But so - not everywhere, and it is quite likely that there, where real estate you will get, these spending (in whole or in part) will be slandered by the owner of the apartment;

- payment of the apartment in the period of idle - When one tenant came down, and the other was not yet found. In this case, as you understand, the apartment will have to pay from your own pocket without options;

- Insurance . In most countries without her anywhere. But even if you suddenly decide without this spending, you will have to independently postpone some funds in case of accidents, bays, fires, etc.;

- Taxes . If in Russia some apartments run from the tax inspection, then it is unlikely possible abroad. First of all, because there you are a foreigner, and attention to you will be a priori more;

- Current costs. It seems to be trivia, but in the end, there are significant amounts. "A foreign investment will require certain expenses related to telephone communications, the exchange of documents by mail, the preparation of tax reporting on income tax from renting and so on, explains Stanislav Zingel, President of the International Real Estate Agency Gordon Rock. - In absolute terms, these spending are small - 150-300 euros per year, and for large investments will be the interests of the percentage of income. But if the investment is small ... Suppose we have invested 5 thousand euros, which bring 6% per annum, which is 300 euros. It turns out that from 50% to 100% of the income received in this case will leave for related expenses. "

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

Morality:Grutto-profitability, which sellers of rental objects seduce you, is just a starting point of calculations. For each specific market, it is necessary to find out all the costs of you and correctly adjust all the numbers. If 35% of the annual promised to you turn into 5% is still good. It is possible that real estate will "work in minus ", I.e. It will also be even pulling out of you 500-1000 euros annually.

Seasonality: Do not forget about her
Many specialists warn from investing in the countries of Southern Europe - Bulgaria, Greece, Spain. "For these countries, experienced foreign investors do not pay attention for a long time, - notes Igor Indriksons, Head of Analytical Portal Indriksons.com. - But, alas, the trouble of many Russian investors is that their purchases are exclusively emotional. "

If still consider real estate in these countries from the point of view of money investment, then it is necessary to note the seasonality of these markets. Simply speaking, in the high season (usually July-August) there are crowds of the people, almost any real estate without pronounced deficiencies in demand. But there is also a dead season, when any activity freezes. It is possible to spend a certain analogy with the villages near Moscow to six weaves: no one lives in these "team-slot" houses in these "team-slot" houses, it is impossible to pass them for any money, even very symbolic.

All this is highly negatively affecting the profitability of your investment. The cost of maintaining the real estate will go yearnogodically: if, for example, leave the LCD without security, then in January, enterprising local residents will go out there. But revenues will be received only 2-3 months a year ...

There is a seasonality and another not very pleasant side. When the apartment is handed over to the long-term (year or more) rent, the landlord perceives housing as "his own." People come to the resort for two, a maximum of three weeks, and their goal is to "pull out." All this is extremely negatively affecting the safety of real estate itself and property - furnishings, household appliances ...

Morality: Options that bring only seasonal profit is better to avoid. And of course, not to take on the faith "calculations" when revenue income for August is taken as the basis and then this figure is pushed at 12 - based on the fact that in the year 12 months.

Managing: find reliable
We will take this given that real estate without control is impossible. Even if we are not talking about the resort, where the hotel service is needed, still without managers can not do. Living in Moscow and handing over the Moscow apartment, you can if there are problems (accident on the water supply, problems with neighbors, the visit of the precinct, etc.) personally come by themselves. And what if real estate in another country?

We have already mentioned the managers - when they talked about the calculation of profitability. It was found out that because of the managers, this yield is reduced, and even in those periods, when the real estate is not handed over. But "troubles" are not limited to this. There are cases when management companies handed over the apartment without the knowledge of the owner - all the profits in this case went with cunning staff, and the owner received only wear of his housing. At one of the forums, it was possible to read a very juicy description, as the owner of the apartment in Bulgaria, on arrival, discovered in the refrigerator the chicken chicken in the refrigerator, and the electrical and water meters screwed a considerable consumption. The management company, of course, stated that nothing knows.

Morality: Choosing the manager, you need to find out about its business reputation and response of previous customers. And even earlier - to understand whether there is such a thing in this market: with a reputation.

Summary from Portal.
The least I would like to scare someone and discourage: action, even erroneous, better than inaction. However, access to the new market is always wiser to anticipate with study. The phrase recently read in one book: Before the new investment, the time spent on the preparation time is not less than you spent on earning the amount you are going to invest.

Expert opinions
Olga Goryachkin, Head of Foreign Real Estate Department Man "Rentsale":
It is most profitable to purchase real estate for renting in Russia: in Moscow or St. Petersburg, if the Moscow region is suitable. In Europe, and especially in Germany and the Czech Republic, revenge houses are actively sold, but it is necessary to understand that a maximum of 5% will be a maximum of 5% at full fill. In addition, it is necessary to take into account that the law on the side of the tenant, i.e. If he pays on time, then ask to free the room or change the terms of the contract you will not be able under any circumstances.

Vadim Dolmendis, director of Greece Invest:
In Greece, at a popular resort within walking distance from the sea, the apartment with one bedroom starts from 30 thousand euros (secondary) and from 50 thousand (primary). However, the purchase of the cheapest real estate can carry significantly large risks of capital loss. For renting you need to choose the most liquid options, then you can take them not only in the peak of the season, but also in the low season. The main criterion of choice, in my opinion, is the ratio of supply and suggestions in this particular region. If you buy real estate as cheaply as possible, where it is not needed for anyone, and there is no demand for such real estate, it will not only be income, but will bring losses on its content. Before buying, you must consult with specialists who have lease experience.

Igor Indriksons, Head of Analytical Portal Indriksons.com:
Important moment - Bureaucratic side of purchase. On the one hand, the smaller the paper must be issued and signed, the easier, the transaction is faster and cheaper and, as a result, the investment itself is. On the other hand, simplified design increases the risk of fraud, and is also a signal for the investor to the fact that an investor is trying to attract such simplification, which means that there may be problems with liquidity and profitability in the market. Just a balance in the approach to document decoration real estate transactions is a great advantage of countries such as United Kingdom, France, Germany, Austria and Switzerland.

Viktor Novikov, Managing Director of My New Hotel Investment:
In Austria, the price of the "entrance ticket" is high. Although the apartment for recreation can be found for 100 thousand euros, and land plot For construction from 1000 euros per hundred. But it will be an investment for rest, and not for making money. For increasing capital, we recommend more solid investments - from 500 thousand euros. Advantage - reliability!

Elena Lukashova, cEO CJSC "Green Continent":
Of course, one of the best countries for Earlier is Australia. Stable economy, high standard of living, social security, professional medicine, decent education, wonderful climate and best ecology - All this ensures a stable demand for real estate, a permanent increase in the cost of objects, high rental rates and prospects for a better life on a green continent.

High rental rates for real estate in Australia cannot but please the potential investor. Liquid object consistently brings at least 8% per annum, and income from leaseing some objects reaches 10-15%. In connection with the wonderful climate, the season here lasts all year round and the occupancy rate of the object is at least 85%. Many building companies even guarantee the yield of 6-8% per annum for the surrender of their facilities for the first 2-3 years, as they know the market and are confident that the client will still receive more and will not require the fulfillment of warranty obligations.

Stanislav Zingel, President of the International Real Estate Agency Gordon Rock:
It is extremely important not to mix the concepts of "purchase for yourself" and "buying for investment". In other words, the object that the Russian buys for himself often turns out to be weakly attractive from the point of view of receiving rental income. As a result, it does not always make sense to choose an object for investment, taking into account that in the future to move to live closer towards him. To make money on real estate you need where it brings stable income And it has the optimal ratio of "profit - risks", and live where you like and comfortable.

Gennady Tuzov, Director EstateService Moscow & EstateService St. Petersburg:
It is worth navigating on a seasonal, short-term rental and place to choose the corresponding. Long-term lease, taking into account the socio-oriented laws of the European Union, protecting the tenant, becomes unattractive - no one wants to be in a situation where the tenant has to evaluate through the court for non-payment, while realizing that it is possible that the court considers the circumstances of the latter respectful.

So for small investment Stable and promoted resort directions should be selected, and from the point of view of the market prospects (stability and growth of prices for real estate itself), such where new housing is not built by millions of square meters per year.

In the event of the management of management companies, the France markets (Côte d'Azur), Spain are optimally suitable for the "seasonal surrender", where the crisis in the real estate market does not affect the demand for seasonal rent, and the decline in prices is to the investor with money, and Portugal. If you are able to deal with your own real estate yourself - you can consider the markets of Bulgaria, Montenegro and Turkey, but to trust the local managers can only be influenced by abundant infusion under the scoring sun.

Sergey Kartsev, Head of Zora Home:
Here are some major tricks of sellers when selling real estate objects by potential Earlier:

For sale with a guaranteed average level of rent from rent in the first 2-3 years - the price is overestimated, and Earlier will get just part of their money back, and you may not pass anything;

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

The understatement of the services of the management company - often it is affiliated with the developer. It is advisable to choose an independent company with a good reputation.

Arthur Kobzev, EXECUTIVE DIRECTOR IMEX REAL ESTATE BROKER LLC:
The UAE real estate market is, without any doubt, the most developed and attractive in the Middle East. Our company works on the most developed and attractive real estate market in the UAE - in Dubai. This city is known for the whole world with its ambitious projects: the world's highest building and the highest hotel, bulk artificial islands, whole areas of skyscrapers by the sea. Foreign investors can buy real estate in full property in their name, while they do not pay any taxes on revenues received from it. Give key pointswho encourage investors to choose the Dubai market.

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

Alexey Vasilevsky, director of Hermes Group:
In our opinion, Croatia provides excellent conditions for the acquisition and subsequent delivery of real estate. A country with a population of about 5 million people annually takes almost 10 million tourists. The hotel network is small and frankly does not cope with this stream, so the apartment for rent is very in demand in the market. Most of them are reserved for the summer season even until April. This is the trend of recent years. The active season of passing lasts from mid-May to the end of September. Remove the apartments mostly European tourists for whom proximity to the sea is not as critical as for our compatriots. Distance to 1 km is perceived normally and is not significantly reflected in price.