By Seres Baum, Grupo Work
As seen on CNN and other news media, over two million people from 176 countries around the world own extraterrestrial property.
To date, more than 300 million acres of land on the Moon have been issued to individuals and corporations, representing transactions amounting to over $6 billion (US dollars). While accountants, lawyers, and general consultants are still struggling to find the best approach to such investment accountability, juridical classification and the best valuation method, psychology and real estate specialist are trying to figure out why people have been investing in real estate (on our planet for a while).
An SCI (Société Civile Immobilière) is frequently used as a means to acquire property in France, and is appropriate for both French fiscal residents just as it is for non-residents. A "société civile immobilière" is a civil company having by definition its registered office in France, for it to then acquire property. The SCI, being a civil company, is owned by 'associates' who, in the majority of cases, are members of the family, so indicating that the overall ownership of these SCIs is affected by private individuals.
The last meeting of the GGI Practice Group Real Estate being held in Leiden/NL under others discussed how banks financing windparks can sufficiently be secured by transfer or title in the turbines. The problem arises if as in most cases the turbines are built on rented ground. This can have as a consequence that they become property of the ground owner due to the fact that they are qualified as buildings. This is no problem in those countries where the piece of ground and the building on it can have different owners as this is the case i. a. in the Czech Republic, in Denmark, India, Malta and Japan. In other countries like Bulgaria and Germany, however, this is a very major difficulties which can lead to problems with financing of a windpark and in the end can endanger the whole project.
As from 1 January 2012 providing buyers/tenants with energy performance certificates became statutory also in respect of Hungarian private buildings pursuant to an amendment of the governmental decree regulating the certification of the energy performance of buildings.