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Read the Full Issue of the Real Estate Gazette As A
ISSUE 34 Real Estate Gazette FOCUS ON: FOREIGN INVESTMENTS www.dlapiperrealworld.com Australia Australia’s foreign investment approval regime Poland Foreign real estate Brazil investment in Poland Foreign investment in Brazil (and in Brazilian farmlands) Portugal Portugal and foreign investors Germany Foreign real estate investments in Singapore Germany — unlimited opportunities? Private education in Southeast Asia — investment plays and regulatory hurdles Morocco Real estate foreign investments in Morocco United Kingdom Taxing non-UK resident Netherlands investors in UK property The 2019 Dutch tax plan — key takeaways for inbound real estate investments WWW.DLAPIPERREALWORLD.COM A note from the Editor A very warm welcome to all our readers to DLA Piper’s first Real Estate Gazette of the year. In this issue, we focus on foreign investment. Olaf Schmidt There are many rewards to be that its legal system contains some Co-Chair of the Global Cross- had from investing in real estate unique features, such as perpetual Practice Real Estate Sector overseas, including the opportunity usufruct, which any foreign investor to diversify and the potential for would need to consider (page 22), stable and safe returns, among while our UK article focuses on the others. However, in addition to tax implications for non-UK resident such advantages, prudent investors investors in UK property (page should also be aware of the pitfalls, 32). However, it is not all doom including unfamiliar tax regimes and and gloom. Many of the articles a completely alien legal framework stress the opportunities available governing the purchasing process. for foreign investors, citing, for example, the growth in city dwellers, In our Australian article (page increasing rent levels, and the 6), the authors describe the potential for significant, long-term country’s foreign investment returns. -
CREATING an AMERICAN PROPERTY LAW: ALIENABILITY and ITS LIMITS in AMERICAN HISTORY Claire Priest
CREATING AN AMERICAN PROPERTY LAW: ALIENABILITY AND ITS LIMITS IN AMERICAN HISTORY Claire Priest Contact Information: Northwestern University School of Law 357 East Chicago Ave. Chicago, IL 60611 Phone: (312) 503-4470 Email: [email protected] Acknowledgements: ∗Associate Professor of Law, Northwestern University School of Law. B.A., J.D., Ph.D. Yale University. I would like to thank James McMasters of Northwestern’s Law Library for his help in finding copies of many of the primary sources used to write this Article. For extremely valuable comments and suggestions, I would like to thank Bernard Bailyn, Stuart Banner, Kenworthey Bilz, Charlotte Crane, David Dana, Michele Landis Dauber, Christine Desan, Tony A. Freyer, Morton J. Horwitz, Daniel Hulsebosch, Stanley N. Katz, Daniel M. Klerman, Naomi Lamoreaux, Charles W. McCurdy, Edmund S. Morgan, Janice Nadler, Sarah Pearsall, Dylan Penningroth, George L. Priest, Richard J. Ross, Emma Rothschild, Dhananjai Shivakumar, Kenneth L. Sokoloff, Vicky Saker Woeste, Gavin Wright and the seminar participants at Northwestern University School of Law’s Faculty Workshop, Stanford Law School’s Faculty Workshop, UCLA’s Legal History Colloquium and Economic History Workshop, NYU’s Legal History Colloquium, the University of Florida Fredric G. Levin College of Law’s Faculty Workshop, the Chicago Legal History Seminar, the American Society for Legal History’s Annual Meeting, the University of Illinois College of Law’s Faculty Workshop, the Omohundro Institute of Early American History’s Annual Conference, and Harvard University’s Conference on Atlantic Legalities. The Julius Rosenthal Fund at Northwestern University School of Law provided generous research support. CREATING AN AMERICAN PROPERTY LAW: ALIENABILITY AND ITS LIMITS IN AMERICAN HISTORY This Article analyzes an issue central to the economic and political development of the early United States: laws protecting real property from the claims of creditors. -
Self-Ownership and Property in the Person: Democratization and a Tale of Two Concepts*
The Journal of Political Philosophy: Volume 10, Number 1, 2002, pp. 20±53 Self-Ownership and Property in the Person: Democratization and a Tale of Two Concepts* CAROLE PATEMAN Political Science, University of California at Los Angeles Democracy is at war with the renting of human beings, not with private property. David Ellerman URING the 1990s a number of political philosophers turned their attention Dto the concept of self-ownership. Much of the discussion is critical of libertarianism,1 a political theory that goes hand-in-hand with neo-liberal economic doctrines and global policies of structural adjustment and privatization. Attracta Ingram's A Political Theory of Rights and G. A. Cohen's Self-Ownership, Freedom, and Equality are devoted to such criticism Uand I shall focus much of my argument on their books2). The consensus among most participants in the debate is that self-ownership is merely a way of talking about autonomy, but Ingram and Cohen go against the tide by arguing that the idea is inimical to autonomy and that an alternative is needed. In The Sexual Contract I am also critical of libertarianism, and my conclusion is similar to Ingram's and Cohen's. I argue that the idea of property in the person must be relinquished if a more free and democratic social and political order is to be created. However, despite some common concerns, there are very few points at which my work and that of Cohen and Ingram, or of most contributors to the current debates about self-ownership, come together. In large part this is because property in the person, not self-ownership, is central to my analysis. -
Polish Real Estate Law Overview
Polish Real Estate Law Overview Legal Framework Perpetual Usufruct The fundamental principles of Polish law regarding real estate are The scope of the perpetual usufruct is similar to ownership. codified in the Polish Civil Code and supported by a wide range Differences include: of legislation regulating all special issues regarding in particular • in principle, the perpetual usufruct can only be established on land transfer of the legal title, development and management of real owned by the State Treasury or by a unit of local government estate. Case law (rulings of the Supreme Court and courts of appeal) is used for the interpretation of ambiguous regulations. • the maximum time period of perpetual usufruct is 99 years (but it can be given for a shorter period of at least 40 years in special Titles to Real Estates circumstances) and it can be prolonged The Polish Civil Code distinguishes between several legal institutions • buildings and other facilities erected on real estate by a perpetual that give a title to use and dispose of real estate. The most common are: usufructuary become their property (the same applies to buildings and other facilities which the perpetual usufructuary acquired at • titles to the most extensive rights to the real estate, i.e. the the time when the contract for putting land into perpetual usufruct ownership and the perpetual usufruct was executed) • limited property rights to another person’s real estate in the scope • the ownership of buildings and facilities erected on real estate strictly defined by law including usufruct, easement (servitude) held in perpetual usufruct can only be transferred together with the and mortgage right of the perpetual usufruct of that real estate • rights to use another person’s real estate arising from a contractual In addition to other charges and taxes related to property, the relationship, e.g. -
Hines Global REIT 09.30.2018 10-Q
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2018 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 000-53964 Hines Global REIT, Inc. (Exact name of registrant as specified in its charter) Maryland 26-3999995 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 2800 Post Oak Boulevard Suite 5000 Houston, Texas 77056-6118 (Address of principal executive offices) (Zip code) (888) 220-6121 (Registrant’s telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. -
American Law Institute Cle Eminent Domain and Land Valuation Litigation Keynote Address: “Property Rights: Foundation for a Free Society”
AMERICAN LAW INSTITUTE CLE EMINENT DOMAIN AND LAND VALUATION LITIGATION KEYNOTE ADDRESS: “PROPERTY RIGHTS: FOUNDATION FOR A FREE SOCIETY” PALM SPRINGS, CALIFORNIA JANUARY 24, 2019 KEYNOTE ADDRESS SPEAKER W. Taylor Reveley, III, President Emeritus of William & Mary, and John Stewart Bryan Professor of Jurisprudence Emeritus at William & Mary Law School* Friends, let’s think back to September 1787. Our country’s Consti- tutional Convention was nearing its end in Philadelphia when a formidable woman encountered Benjamin Franklin, a delegate to the Convention.1 She braced him with this question: “Well[,] Doctor[,] what have we got[,] a republic or a monarchy[?]”2 The wise, old, battle- tested Franklin replied simply: “A republic . if you can keep it.”3 So, friends, we have a republic if we can keep it. We have a free so- ciety if we can keep it. Just what role do property rights—the freedom to acquire and govern our assets—play in nurturing our republic and our society? It is the rare American these days who doesn’t feel that our coun- try’s civic life and democratic institutions have gotten pretty ragged, and our political and social fabric dangerously frayed. This feeling runs across the political and cultural spectrum from citizens who find Donald Trump and Fox News the “be all and end all” to those who sit at the feet of Nancy Pelosi or Bernie Sanders, aided and abetted by CNN and MSNBC. Perhaps the citizens most concerned about the sad state of our political and social fabric are those who fall be- tween these two poles, hoping everyone will take a deep breath, cool the invective, and get on with the work at hand. -
Land Acquisition for Public Purpose in Poland on Example of Public Roads Construction
Land Acquisition for Public Purpose in Poland on Example of Public Roads Construction Mirosaw BELEJ and Marek WALACIK, Poland Key words: land management, legislation, real estate development, valuation SUMMARY Classifying investments to so called “public purpose category” enables the government and local councils to acquire land through expropriation (compulsory purchase). Every restriction on the right to real estate requires compensation. It ought to be just which means, that it should only make up for the constrained use of property but also recompensate the loss of any profits. Currently the amount of compensation in Poland is strictly connected with market value – it equals that value. The loss of future profit, if such is possible, or all the inconveniences associated with expropriation do not influence the amount of compensation. It shows the need of working out new procedures and rules of the compensation estimation, running the registers of compulsory purchase proceedings and thorough analysis of them. The authors of the article are going to analyze the legal status regulation processes that took place in the Warmia and Mazury Province between 2004-2006. The greatest emphasis will be placed on the special localization of the investments, identification of the entities involved in the expropriation, proposed amounts of the compensation and the number of compulsory purchase proceedings. TS 4B - Compulsory Acquisition of Land 1/13 Miroslaw Belej and Marek Walacik Land acquisition for public purpose in Poland on example of public roads construction Integrating Generations FIG Working Week 2008 Stockholm, Sweden 14-19 June 2008 Land Acquisition for Public Purpose in Poland on Example of Public Roads Construction Mirosaw BELEJ and Marek WALACIK, Poland 1. -
The Essential JOHN STUART MILL the Essential DAVID HUME
The Essential JOHN STUART MILL The Essential DAVID HUME DAVID The Essential by Sandra J. Peart Copyright © 2021 by the Fraser Institute. All rights reserved. No part of this book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. The author of this publication has worked independently and opinions expressed by him are, therefore, his own, and do not necessarily reflect the opinions of the Fraser Institute or its supporters, directors, or staff. This publication in no way implies that the Fraser Institute, its directors, or staff are in favour of, or oppose the passage of, any bill; or that they support or oppose any particular political party or candidate. Printed and bound in Canada Cover design and artwork Bill C. Ray ISBN 978-0-88975-616-8 Contents Introduction: Who Was John Stuart Mill? / 1 1. Liberty: Why, for Whom, and How Much? / 9 2. Freedom of Expression: Learning, Bias, and Tolerance / 21 3. Utilitarianism: Happiness, Pleasure, and Public Policy / 31 4. Mill’s Feminism: Marriage, Property, and the Labour Market / 41 5. Production and Distribution / 49 6. Mill on Property / 59 7. Mill on Socialism, Capitalism, and Competition / 71 8. Mill’s Considerations on Representative Government / 81 Concluding Thoughts: Lessons from Mill’s Radical Reformism / 91 Suggestions for Further Reading / 93 Publishing information / 99 About the author / 100 Publisher’s acknowledgments / 100 Supporting the Fraser Institute / 101 Purpose, funding, and independence / 101 About the Fraser Institute / 102 Editorial Advisory Board / 103 Fraser Institute d www.fraserinstitute.org Introduction: Who Was John Stuart Mill? I have thought that in an age in which education, and its improvement, are the subject of more, if not of profounder study than at any former period of English history, it may be useful that there should be some record of an education which was unusual and remarkable. -
Doing Business in Poland-Direct Sales
Introduction The information in this publication provides an overview of some of the fundamental legal considerations to be addressed when operating or establishing a business in Poland. The content is intended to summarize some of the pertinent provisions which apply and is not intended as specific legal advice. Readers are advised to seek the counsel of lawyers in their home states to advise on compliance with the laws and identify the many planning opportunities. Visit our website at www.millercanfield.com for additional information, updates and newsletters. © 2015 Miller, Canfield, Paddock and Stone, P.L.C. All rights reserved. No part of this book may be reproduced or copied in any form without written permission from the publisher. i Table of Contents Overview.................................................................................................................. 1 Forms of Entity........................................................................................................ 1 Establishing A Business........................................................................................... 2 Specific Form of Doing Business In Poland-Direct Sales....................................... 4 Dispute Resolution Mechanism.............................................................................. 5 Labor Matters and Employment............................................................................ 7 Taxes..................................................................................................................... -
Real Estate Investment in Poland Your Legal Guide Introduction
Real Estate Investment in Poland Your Legal Guide Introduction Dear Friends and Business Partners, Poland is the largest economy in Central Europe, with a population of ~38 million. The implementation of large urban and infrastructure projects is one of the pillars of the new economic policy that the Polish government has recently adopted to meet the UEFA requirements (Poland is one of the countries co-organizing UEFA EURO 2012 Football Championship) and to minimize the negative influence of the turmoil in global markets on the Polish market. Large investments are expected to reduce the unemployment rate and secure the further growth of Poland's economy. It is estimated that the value of the infrastructure projects implemented in Poland within the next 7-8 years will amount to at least EUR 60-70 billion. The sectors of vital importance for the further Poland's development will be: real estate, energy & infrastructure, as well as transport & logistics. Our Clifford Chance Warsaw Real Estate, Construction & Infrastructure Department covers all legal aspects related to the successful completion of large real estate and infrastructure projects. We have the same business objectives as both private and public investors: working on a better infrastructure in Poland. We advise investors, developers, contractors, financial institutions, and professional consultants involved in the development process. We have a wide range of expertise in relation to the development of retail, office, warehouse, residential, mixed-use, energy, industrial plant as well as PPP and infrastructure projects, as well as a long record of experience in contracts based on forms such as FIDIC and AiA. -
ACT of 24 March 920 on the ACQUISITION of IMMOVABLE
ACT ON ACQUISITION OF IMMOVABLE PROPERTIES BY FOREIGN PERSONS ACT of 24 March 920 ON THE ACQUISITION OF IMMOVABLE PROPERTIES BY FOREIGN PERSONS (Consolidated text: Dziennik Ustaw 2004, No. 167, item 1758; 2005, No. 94, item 788, No. 83, item 538) Article 1. Acquisition of immovable properties by a foreign person shall require a permit. The permit shall be issued by the minister competent for internal affairs by an administrative decision unless the Minister of National Defence lodges an objection, and as regards the agricultural immovable properties – unless the minister competent for rural development lodges an objection. a. The objection referred to in paragraph 1 shall be expressed, by a ruling, within 14 days of serving the paper prepared by the minister competent for internal affairs. In par- ticularly justified cases the minister competent for internal affairs shall, upon a request of an authority entitled to lodge an objection, extend the time limit for lodging thereof up to 2 months of the day of serving the paper prepared by said minister. b. A refusal to grant the permit referred to in paragraph 1 shall not require that either the Minister of National Defence or the minister competent for rural be addressed. 2. Under this Act, a foreign person shall mean: ) a natural person not having the Polish citizenship; 2) a legal person having its seat abroad; 3) a partnership of the persons referred to in subparagraph or 2 having no legal personality and with its seat abroad, created in compliance with statutory law of foreign states; 4) a legal person and a commercial partnership having no legal personality and with its seat in the territory of the Republic of Poland, which is directly or indirectly under the control of the persons or partnerships mentioned in subparagraphs to 3; 3. -
Introduction Polish Real Estate Law Ensures Transparency
REAL ESTATE IN POLAND Short legal guide 1. Polish real estate law - introduction Polish real estate law ensures transparency and reliability thanks to the codification of rules and the registration of legal titles to property in a court register. The Civil Code is the main source of legal rules governing property rights, whereas the Act of 6 July 1982 on Land and Mortgage Register and on Mortgage provides an additional set of rules relevant for the title registration system and various types of mortgages. Apart from full ownership of real estate, which is similar to the English legal concept of freehold, Polish law also provides for a so-called perpetual usufruct, which is similar to ownership in that it is freely transferable and ensures the use of the property in a similar manner as an owner. Polish law also provides for a number of limited property rights, such as mortgages, usufruct and servitudes (rights similar to easements under English law). On the other hand, under Polish law, two types of lease of property are possible. Titles are registered in the Land and Mortgage Register, which is kept by district courts having jurisdiction over particular properties. The data kept by the district courts across the country is currently being transferred to a national electronic register; a great portion of properties can already be checked at Land Register Information Centre outlets. The register provides a statutory warranty for the acquirer of real estate that the rights entered in the register exist as they are registered, provided that the acquirer acted in good faith and acquired the property for a valuable consideration.