July 27th, 2007 by Ines
In Austria a legal regime for investment funds regulated by the Investment Fund Act (Investmentfondsgesetz – “InvFG”) on the basis of the UCITS-Directive (85/611/EEC) has already been in existence for many years. However, the InvFG applies solely to funds investing in securities. The existing “real estate funds” are usually stock corporations, which invest in real estate. Such funds are not regulated, except where they are made as a public offer, where certain specific prospectus requirements exist and semi-annual reports need to be published. If the shares in such corporations are listed on an exchange (or illiquid), the ´de-investment´ is difficult for the shareholders.
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July 23rd, 2007 by Ines
VIENNA, April 21 (Reuters) - Austrian real estate firm Immofinanz Immobilien Anlagen (IMFI.VI: Quote, Profile, Research) will launch its planned 1 billion euro ($1.23 billion) share issue on Monday to raise funds for the expansion of its business, it said on Friday.
Immofinanz will issue up to 111.9 million new shares at a maximum price of 9 euros each, it said. Existing shareholders have the right to buy one new share for every three they own. The subscription period starts on Monday and expires May 15.
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July 20th, 2007 by Ines
It’s high season in the Austrian ski resort of Kitzbühel. The crowd of tourists strolling along the streets of this pretty Tyrolean town, population 8,500, at the foot of the Wilder Kaiser mountain, is a blur of Chanel hats and Louis Vuitton handbags. The Porsche Cayenne count is extremely high, as is the proportion of wealthy Russians.To read the whole text, click here.
July 16th, 2007 by Ines
Foreign residents mainly consist of Germans and some Italians, with the principle language being German.
Capital gains made by residents are taxed as ordinary income at 34%. Your principal home will be exempt unless you sell within five years. All property is exempt after 10 years.To read the whole text, click here.
July 13th, 2007 by Ines
In Austria a legal regime for investment funds regulated by the Investment Fund Act (Investmentfondsgesetz – “InvFG”) on the basis of the UCITS-Directive (85/611/EEC) has already been in existence for many years. However, the InvFG applies solely to funds investing in securities. The existing “real estate funds” are usually stock corporations, which invest in real estate. Such funds are not regulated, except where they are made as a public offer, where certain specific prospectus requirements exist and semi-annual reports need to be published. If the shares in such corporations are listed on an exchange (or illiquid), the ´de-investment´ is difficult for the shareholders. (To read complete text click here)
July 13th, 2007 by Ines
Austrian leader Schoenherr is attempting to poach a large chunk of local rival Cerha Hempel Spiegelfeld Hlawati’s property team, led by two of the firm’s equity partners.
Schoenherr is currently in talks with around 30 lawyers, although it is currently unclear how many will make the switch. (To read complete text click here)
July 13th, 2007 by Ines
Beneath the visible splendor of Vienna’s art, music, and architecture, lies an even richer life that is seldom noticed by its many visitors: The quality of day-to-day life for the majority of Vienna’s citizens.(To read complete text click here)