Real Estate Trust Research Articles

부동산 조각투자의 법적 쟁점 및 규제

Recently, fractional investment for real estate (hereafter “FIR”), a new investment instrument that allows investors to buy expensive real estate with smaller capital, is gaining a lot of attention in the market. Fractional investment means owning a fraction or portion of the real property or the right of property, by more than one investor. In the Korean market, a real estate trust is mainly used as the form of transaction in relation to the FIR on the FIR investment platform, and there is also a case where a real estate fund is used. The current FIR instruments or services recognized in Korea, however, include some elements that may not be allowed by relevant laws and regulations such as the Financial Investment Services and Capital Markets Act (hereafter ”FISCMA”). Considering this respect, the FIR instruments currently available in the Korean market have been either designated as ”Innovative Financial Service” under the Special Act on Support for Financial Innovation or granted “Special Case for Demonstration” under the Act on Special Cases Concerning the Regulation of Regulation-free Special Zones and Special Economic Zones for Specialized Regional Development to grant regulatory exemptions, such that the FIR products can be transacted on the platforms through trust beneficiary certificates or collective investment securities, without obtaining authorization for financial investment business and permission for the exchange market of the FIR. But, the problem is that such regulatory exemptions are only temporarily granted. Therefore, all relevant laws and regulations should be rearranged before the exemptions expire for the FIR business entities to continue to engage in their businesses by obtaining approval based on the newly arranged rules. Or, they should immediately acquire the necessary license and permission for their business to comply with those regulations that have been exempted from the application so far. For reference, major global countries including the U.S., EU, and Singapore are also overhauling related regulatory systems to vitalize and internationalize the digital asset market. Due to the nature of the FIR structure based on an agreement on real estate management and disposal trust (hereafter “RTA”), the FIR investors hold beneficiary rights to get the distribution of profits earned from the operation and/or disposal of real estate trust in proportion to their investment amount. The two main forms of the FIR currently recognized in Korea are (a) sharing beneficiary right for the issued security where only one security is issued (so-called, “quasimiteigentum”), and (b) holding the beneficiary security where the security is equally divided into multiple securities among the investors and registered electronically pursuant to the Act on Electronic Registration Of Stocks, Bonds, Etc. (hereafter “Electronic Registration Act”). Meanwhile, the FIR platforms are now applying blockchain-based Distributed Ledger Technology so that the digital tokens which would be equivalent to the beneficiary security of the real estate trust can be used for transactions. In relation to fractional investment, the Financial Services Commission (FSC) recently published 2 significant legislative plans that seem to reflect such environmental change: i) the Guideline for New Securities Business Including Fractional Investment on 29 April 2022, and ii) the Maintenance Plan of Regulation System for Security Token Offering(hereafter ”STO Plan”) on 6 February 2023. According to the STO Plan, the FSC has defined the Security Token as “the digitalized security of FISCMA based on Distributed Ledger Technology”. By applying such definition criteria to the FIR, the digital tokens used in lieu of the beneficiary securities in the FIR market could be regarded as a kind of Security Token as defined under the STO Plan.

Evaluating Trust Business Act from the Perspective of Governance: Focusing on Real Estate Trust and Charitable Trust

Evaluating Trust Business Act from the Perspective of Governance: Focusing on Real Estate Trust and Charitable Trust

신탁공매시 우선수익자의 채권회수 특징에 관한 연구

This study conducted an empirical study through practical cases of real estate trust companies in order to find out what characteristics the trust auction had for the preferred beneficiary, who is the creditor, when collecting the debt of the preferred beneficiary. The relationship between the recovery rate and other trust auction variables was identified.
 As a result, it was confirmed that the form of preferred beneficiaries was changing over time. Looking at the time when the preferred beneficiary, which is a financial company, exercised the right to dispose of through a trust auction and utilized the advantages of the trust to the fullest, from 2010 onwards, savings banks, credit unions, and Saemaul Credit Co. was found to be doing
 Next, as a result of comparing and analyzing the characteristics related to the public sale by preferred beneficiary, no statistically significant results were found except for principal and interest, appraisal amount, execution round, and successful bid round. This means that there are no characteristics of preferred beneficiaries in the method of collecting receivables using trust auction. As mentioned earlier, the preferred beneficiary can set the amount to be recovered through trust auction, and can also set the sale method and execution period. Other variables are determined according to the regulations within the trust company, and the regulations do not differ for each preferred beneficiary. Therefore, it suggests that there is no difference in the variables of each preferred beneficiary in the trust auction. In this study, data and variables were set with information collected in practice, and an empirical analysis was conducted to identify the characteristics of actual preferred beneficiaries when collecting receivables through trust auction. Trust auction is legally close to private sale, but since it is a procedure that requires public trust and fairness, we believe that it can be an important method for collecting the debts of preferred beneficiaries. I hope you can.

Study on the Impact of Stock Market Performance on REITs Market in China

China's real estate trust business started in 2002, and has experienced four stages: germination, stagnation, pilot operation and practical development. In the financial market, the stock market will directly reflect the macroeconomic factors represented by monetary policy, external financial market, interest rate and exchange rate, and have an impact on REITs through the secondary market. With the development of China's domestic REITs market, to evaluate the risk impact of the REITs market more accurately and form a stable risk early warning and prevention mechanism is quite important. This paper expounds the basic connotation and main characteristics of real estate investment trust, through the TVP-VAR model, analysis of the mainland REITs influenced by the stock market, it is concluded that the domestic stock market responds directly to the domestic and international monetary policy, and through the stock market to REITs market, and the effect time is mainly short-term, but the impact effect is more obvious.

Hibah Amanah Hartanah dan Kekangan Perundangan dalam Perancangan Harta Orang Islam di Malaysia (The Trust Hibah of Real Property and its Constraints in Property Planning of Muslims in Malaysia)

The sensitivity of muslims towards the wealth planning via trust hibah for immovable property began to develop positively. The instrumen is able to deal with the problem of arrears of division of estate in the form of real property due to the misunderstanding of the community in applying the faraid system so as to have a negative impact on the position of property of Muslims in a prolonged period of time. In this regard, an ownership and groundbreaking problems will occur when the people assumes that the division of property should be done physically solely according to the rate or share specified in the faraid system. Thus, the wealth planning via trust hibah for immovable property can realize the property owner's desire to hand over the property to certain parties, especially to the heirs who will be left behind. However, there is the issue of real estate hibah amanah legislation that has arisen as well as being a constraint on its implementation to the Muslim community. This article analyzes the real estate trust hibah law in Malaysia. This study is qualitative in nature and uses a content analysis approach. The results of the study found that there are legal constraints on real estate trust hibah that can challenge its survival to the community. This issue needs to be reviewed by policy makers so that real estate trust hibah can be enforced in an integrated and effective manner in the future.

The Real Estate Trust: An Outline About the Duty of Information and the Responsibility of the Trust Companies

In this article, it is necessary to analyze the role of the trust companies, their legal duties and those responsibilities arising from the breaches generated. All this from the observation of the specific case of one species of said companies, the real estate trust, whose legal obligations of observance must be fulfilled for the benefit of the settlor, within the corresponding legal business, acting as professionals under certain criteria.
 Likewise, I will analyze the legal duty of observance that corresponds to the supply of information that must be provided to the settlor who, in turn, under the terms of the Financial Consumer Protection Regime, contained in Law 1328 of 2009, in which” rules on financial matters, insurance, the stock market and other provisions” are dictated, in accordance with the provisions of title I. of the Financial Consumer Protection Regime, also acts as a financial consumer, protected by a series of principles contained in the stated regime.
 To this end, I will refer to a series of jurisprudential pronouncements, as well as the concepts outlined by the Financial Superintendence, in which the treatment of the liability attributable to the trust companies in the ordinary course of their business is examined.

A Study on Establishment of Value Added Tax Management Model for Real Estate Trust Companies - Focusing on VAT on urban maintenance projects-

초기 도시정비법은 조합만을 시행 주체로 하였으나, 조합임원의 전문성 부족 및 각종 비리 등으로 인해 사업은 장기화되었다. 정부는 이러한 문제점을 해소하기 위해 2016년 개정된 도시 및 주거환경정비법 및 2018년 제정된 빈집 및 소규모주택 정비에 관한 특별법의 제정하였으며, 부동산개발에 전문지식을 갖춘 신탁사의 도시정비사업 참여를 가능하게 하였다. 이러한 시장의 요구와 수익원천의 다변화를 필요로 하는 신탁사는 도시정비사업을 블루오션으로 인식하여 공격적인 영업활동을 전개하고 있다. 신탁세제의 선진화 방안으로 개정된 부가가치세법은 신탁사가 지정 개발자(시행자) 방식으로 도시정비사업에 참여할 경우, 신탁사를 납세의무자로 하였다. 이러한 신탁사의 도시정비시장은 확대되는 반면, 부가가치세법에 개정에 따른 조세 관리를 위한 신탁사의 준비는 상당히 미흡한 실정이다. 이러한 점을 고려하여 부동산 신탁 구조의 정비사업과 관련 개정 부가가치세법을 분석하고 도시정비에 참여하는 신탁사의 부가가치세 관리 모델을 구축함으로써 도시정비사업을 투명하게 관리하고, 업무에 대한 효율성을 증대시키고자 하였다.In the early days, the Urban Maintenance Act was implemented only by the urban development corporations, but the project was prolonged due to the lack of professionalism and various irregularities of urban development corporations executives. In order to solve these problems, the government enacted the Urban and Residential Environment Improvement Act 2016 and the Special Act on the Improvement of Empty and Small-Sized Houses in 2018, enabling real estate trust company with expertise in real estate development to participate in urban improvement projects. Trust company that require diversification of market demands and revenue sources are actively engaged in business activities by recognizing urban maintenance projects as blue ocean. The Value-added Tax Act, which was revised to advance the trust tax system, made the trust company a tax obligation when the trust company participates in urban maintenance projects through designated developers (executors). While these trusts urban refurbishment markets are expanding, the trusts preparations for tax management under the revised VAT Act are quite inadequate. In consideration of this, it was intended to transparently manage urban maintenance projects and increase efficiency of work by analyzing the real estate trust structure and the revised VAT Act and establishing a VAT management model for trusts participating in urban maintenance.

A Study on the Model for Efficient Management about the Various Fees of Real Estate Trust Companies - Focusing on VAT -

2015년 개정된 부동산신탁사의 보수에 대한 부가가치세법이 개정되었다. 담보신탁 및 개발신탁 보수에 대해서 부가가치세는 종전처럼 면제가 유지되고 있는 반면 기타 신탁보수 및 각종 대리사무에 대해서는 과세를 적용하고 있다. 본 연구에서는 첫째, 개정된 부가가치세법을 분석하고, 개정된 법률의 이론적 근거를 찾기 위해 노력하였지만 명확한 답을 구하지 못하고 결국 부동산신탁사도 타 금융업종과 비교하여 형평성을 유지하되, 주요 업무로서 담보신탁과 개발(토지)신탁만을 인정하여 면제를 적용하며 이외의 신탁상품 및 대리사무에 대해서는 과세하는 것으로 결론내릴 수 밖에 없었다. 결국 특별한 이론적 근거를 확인하지 못한 것에 대한 많은 아쉬움이 남는 데 향후 세무 당국은 이에 대한 명확한 근거를 갖출 필요가 있을 것이다. 둘째, 부동산신탁사의 보수에 대한 부가가치세를 효율적으로 관리하기 위해 ERP 활용한 모델을 제시하였다는 것이다. 제시한 모델을 실무에 적용할 경우 부가가치세에 대한 각종 가산세에 대한 리스크를 헤지할 수 있으며 ERP를 통해 신탁보수에 대한 부가가치세를 체계적으로 관리하여 부동산신탁사의 부담을 최소화시키는 데 이바지 할 것으로 기대된다.

상사신탁을 통한 부동산신탁의 효율적 운영방안

상사신탁을 통한 부동산신탁의 효율적 운영방안

Israel: trusts and succession

Abstract The Israeli Foundation refers to the legal structure of an Israeli private trust, created in combination with an underlying company to hold the trust assets. This article will focus on this structure, as well as on the creation of the Israeli private trust by way of a deed (hekdesh) or by way of a contract. The article will continue by looking into the Israeli real estate trust, which is commonly created by a contract, and finally the article will explore the inheritance procedure in Israel and the issues arising from the conflict between the Trust Law, the Contracts Law, the Succession Law and the Gift Law.

Dynamic Analysis of decisive factors in Fluctuation of the Real Estate Trust Deposit(Principal)

The purpose of the study is to analyze the effect of economic variables on the fluctuation of real estate trust deposit. In this study, VAR model was used as an analytic model. The time range was from the 1st quarter of 2001 to the 4th quarter of 2018. The spatial range was South Korea. The dependent variable was real estate trust deposit, and the independent variables were ‘Housing Purchase Price Index’, ‘CD interest rate’, ‘The Floor Area of the Construction Permit Structure’, ‘CPI’. The real estate trust deposit showed a positive (+) response to the impact of the CPI and negative (-) response to the changes in CD interest rate. In addition the real estate trust deposit showed a positive (+) response to the Housing transaction price index of the whole country. The real estate trust deposit showed a positive (+) response to the impact of ‘The Floor Area of the Construction Permit Structure’ as well. The fluctuation of the deposit accounted for the impact of the deposit itself and the impact of housing transaction price index of the whole country and CD interest rate, which is viewed from the 2nd quarter in different time. This study will help to expect the real estate trust’s market volatility, which has a significance as the first study of the empirical analysis of the effect of the economic variables to the variation of the real estate trust deposit.

Taxation Problems and Solutions related to Real Estate Trust by Ownership Transfer Methods

Taxation Problems and Solutions related to Real Estate Trust by Ownership Transfer Methods

The use of real estate trust for holding of and management of property in Israel

Real estate trust in Israel is a useful legal structure for families who wish to register real property in the name of a corporate body acting as a ‘transparent entity’ and keep tax advantages granted to individual persons. This structure may be found particularly useful and efficient for non-Israeli families that decide to invest in real estate in Israel or have a second home for the family compound.

A Study on Legal Improvement of Real Estate Trust - Focused on Its Types and Efficiencies -

A Study on Legal Improvement of Real Estate Trust - Focused on Its Types and Efficiencies -

부동산 신탁과 부가가치세 문제 : 대법원 2017. 5. 18. 선고 2012두22485 전원합의체 판결의 영향

대법원은 2017. 5. 18. 신탁부동산의 처분에 따른 부가가치세의 납세의무자는 수탁자라고 판시하여(이하 ‘대상 판결’), 위탁자(수익자)를 납세의무자로 보았던 기존의 판례를 변경하였다. 변경된 대법원 판례는 거래징수관계를 외형상의 법률관계를 중심으로 간명하게 정리하였다는 데에 큰 의의가 있다. 다만, 기존 대법원 판례 및 그에 따라 형성된 과세실무를 정면으로 뒤엎는 것이어서, 과거에 부가가치세를 신고 · 납부한 거래에 대하여 경정이 필요한지 여부가 문제되었고, 당초 문제되지 않았던 신탁의 설정 및 종료단계에서의 부가가치세 과세문제도 새롭게 제기되었다. 그리고 ‘신탁재산을 통제하며 신탁재산을 공급하는 자는 수탁자’라는 대상 판결의 법리가 단순 관리형태의 신탁상품이 대부분을 차지하는 현행 신탁실무에 잘 부합하는 것인지에 대한 의문도 있었다.BR 결국 대상 판결만으로는 부동산 신탁과 관련한 부가가치세 과세실무상의 혼란을 모두 해결할 수 없고, 입법으로 해결하는 것이 가장 바람직하다. 위탁자와 수탁자 중 누구를 납세의무자로 정할 것인지 여부는 정책적인 판단의 문제로 귀결되며, 실제로 다양한 입법사례가 있다. 다만, 수탁자를 납세의무자로 규정할 경우 전단계 세액공제제도의 특성상 신탁재산 이전을 재화의 공급시기를 의제하는 규정이 필요하고, 위탁자를 납세의무자로 규정할 경우 체납 및 징수누락가능성을 고려하여 대리납부 등 그에 대한 방안을 마련하는 것이 필요하다.BR 2017년 말 개정된 부가가치세법에는 신탁실무상의 혼란을 감안하여 신탁재산을 수탁자 명의로 매매하는 경우 위탁자를 납세의무자로 하는 신탁 관련 특례규정이 신설되었고, 위탁자의 체납으로 인한 세수일실을 방지하기 위하여 수탁자의 물적 납세의무 규정이 신설되었다. 기본적으로는 현행 신탁실무를 잘 반영하고 실무상 혼란을 최소화하는 입법방향인 것으로 보이지만 수탁자의 물적 납세의무 규정은 신탁재산을 한도로 하므로 신탁재산의 처분으로 인하여 부가가치세 납세의무가 발생하는 경우에는 실효성이 없다. 그 밖에 개정 법령에 의하더라도, 재화를 공급받는 자를 누구로 볼 것인지, 신탁재산의 매매 이외의 임대용역의 공급은 어떻게 보아야 하는지, 공통매입세액의 안분은 누구를 기준으로 할 것인지 여부 등은 여전히 해결해야 할 과제로 남아 있다.

현행 지방세법상 신탁재산 재산세 납세제도의 개선방안

In January 2014, unlike in the past due to the revision of the Local Tax Act, the real estate trust entrusted property tax pay obligor to a trustee from a consignor. In particular, the revised Local Tax Act in 2014 changed the taxpayer obligor to a trustee without the transition provision and caused the following problem. In other words, liquidation problems between trustees and consignors and tax administrative expenses of trustees for real estate trusts came to occur. The amendment of the Local Tax Act in 2014 was intended to improve to satisfy the convenience of tax collection. However, there is doubt as to whether it is reasonable to make a taxpayer responsible for trust property a trustee.<BR> Whether local taxpayers of property tax for trust property in terms of local tax Act are to be trustees or consignors is a matter corresponding to legislative policy. However, in view of the general theory of trust and the principle of real taxation, it is said that consignor taxation is a more rational way. Trustee’s taxation on trust property gives the trustee a burden of excessive tax payment cooperation costs. Moreover, there is a problem that the consignor uses a trust that aims to avoid the progressive taxation of the comprehensive real estate tax.<BR> It is considered reasonable that a plan to return property taxpayers of trust property to consignors. First, it meets the principle of real taxation. There is no inconsistency in taxation on trust between tax acts. It is suitable for achieving the purpose of property taxation. Furthermore, it can also prevent the problem of shrinking the trust business.

부동산 신탁실무에서 개정 신탁법 적용의 한계

부동산 신탁실무에서 개정 신탁법 적용의 한계

Review of Real Estate Tax and Value Added Tax regarding Real Estate Trust

Review of Real Estate Tax and Value Added Tax regarding Real Estate Trust

The Real Estate Trust in the Building Sector in Colombia

The Real Estate Trust in the Building Sector in Colombia

Study on Market Forecasting of real estate trust Using ARIMA Model

This study aims to predict the market demand for the real estate trust based on the monthly statistical analysis reports on 73 contracts of 11 real estate trust companies in Korea over past 6 years. Business performance analysis of the trust companies provided by Korea Financial Investment Association has been used in creating the forecast on Time Series Data. The data analysis using Box-Jenkin s ARIMA Model with time series data has been carried out to estimate market demand for real estate trust, In the final analysis, the model predicts the continuous growth of real estate trust market. This study marks the first milestone in the light of the application of ARIMA Model in estimating domestic market demand for real estate trust and places a high value on academic areas in making predictions about the scale of real estate trust market.