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Authors
Advisor(s)
Abstract(s)
As reformas introduzidas em 2015 aos Organismos de Investimento Coletivo (OIC) quer ao nível fiscal quer ao nível jurídico, bem como a recente introdução, em 2019, do regime das Sociedades de Investimento e Gestão Imobiliária (SIGI), prometem dinamizar o mercado de investimento imobiliário tornando-o acessível aos pequenos investidores. Tais regimes têm também o objetivo de promover a oferta de imobiliário residencial acessível bem como, um aumento da atratividade e competitividade do sistema fiscal português e incentivar o
investimento direto estrangeiro em Portugal. Com estas novidades legislativas Portugal introduziu no seu ordenamento jurídico a figura, internacionalmente conhecida como Real Estate Investment Trust (REIT). Estes veículos caracterizam-se por terem o seu capital disperso em bolsa, uma elevada taxa de distribuição de dividendos e beneficiam de um regime fiscal transparente onde a tributação é transferida para a esfera dos investidores. Esta dissertação tem como objetivo enquadrar fiscalmente as SIGI bem como, comparar o regime nacional com os regimes homólogos de Espanha, França e Estados Unidos da América. Para o efeito será realizado um enquadramento do regime nacional bem como dos regimes a contrastar onde, serão tiradas as conclusões sobre as diferenças e semelhanças entre os regimes. Será ainda apresentado um caso empírico de sociedades já existentes no mercado, onde se tenta demonstrar, de uma forma prática, algumas lacunas do regime nacional. Pretende-se ainda que esta dissertação contribuía para o debate e possíveis
alterações futuras ao regime das Sociedades de Investimento e Gestão Imobiliária.
The reforms introduced in 2015 to the Portuguese Collective Investment Vehicles (CIV) both at the tax and at the legal level, as well as the recent introduction, in 2019, of the Sociedades de Investmento e Gestão Imobiliária (SIGI), promise to boost the real estate investment market, making it accessible to small investors. Such policies also promise to promote the offer of affordable residential real estate as well as increase the attractiveness and competitiveness of the Portuguese tax system encouraging foreign direct investment in Portugal. With these legislative innovations, Portugal introduced the figure, internationally known as Real Estate Investment Trust (REIT), into its legal system. These vehicles are characterized by being publicly traded on a stock exchange, a high rate of distribution of dividends and benefiting from a transparent fiscal regime where taxation is transferred to the investors.This dissertation aims to frame the fiscal regime that SIGI are subject to as well, as to compare the national regime with the homologous regimes in Spain, France and the United States of America. To accomplish this objective, an introduction of the national framework will be carried out, as well as of all the regimes that will be subject to comparison. Conclusions will be drawn about the differences and similarities between the regimes. An empirical case study of companies that already exist in the market will also be presented, in which we attempt to demonstrate, in a practical way, some gaps between the national regime with the French and Spanish regime. It is also intended that this dissertation will contribute to the debate and possible future changes to the regime of Sociedades de Investmento e Gestão Imobiliária (SIGI).
The reforms introduced in 2015 to the Portuguese Collective Investment Vehicles (CIV) both at the tax and at the legal level, as well as the recent introduction, in 2019, of the Sociedades de Investmento e Gestão Imobiliária (SIGI), promise to boost the real estate investment market, making it accessible to small investors. Such policies also promise to promote the offer of affordable residential real estate as well as increase the attractiveness and competitiveness of the Portuguese tax system encouraging foreign direct investment in Portugal. With these legislative innovations, Portugal introduced the figure, internationally known as Real Estate Investment Trust (REIT), into its legal system. These vehicles are characterized by being publicly traded on a stock exchange, a high rate of distribution of dividends and benefiting from a transparent fiscal regime where taxation is transferred to the investors.This dissertation aims to frame the fiscal regime that SIGI are subject to as well, as to compare the national regime with the homologous regimes in Spain, France and the United States of America. To accomplish this objective, an introduction of the national framework will be carried out, as well as of all the regimes that will be subject to comparison. Conclusions will be drawn about the differences and similarities between the regimes. An empirical case study of companies that already exist in the market will also be presented, in which we attempt to demonstrate, in a practical way, some gaps between the national regime with the French and Spanish regime. It is also intended that this dissertation will contribute to the debate and possible future changes to the regime of Sociedades de Investmento e Gestão Imobiliária (SIGI).
Description
Mestrado em Fiscalidade
Keywords
Organismos de Investimento Coletivo (OIC) Sociedades de Investimento e Gestão Imobiliária (SIGI) Real Estate Investment Trust (REIT) Investimento imobiliário Regime fiscal transparente Collective Investment Vehicles (CIV) Real estate investment Transparent fiscal regime
Citation
Arroz, R. D. R. (2022). O enquadramento fiscal das sociedades de investimento e gestão imobiliária em Portugal. (Dissertação de mestrado não publicada). Instituto Politécnico de Lisboa, Instituto Superior de Contabilidade e Administração de Lisboa. Disponível em http://hdl.handle.net/10400.21/15353