Ο ρόλος των μητρικών εταιρειών στην ανάπτυξη των διασυνοριακών επενδύσεων στην αγορά ακινήτων

Abstract

In the constantly changing world of the realm of real estate, an intentional strategy can truly be a game-changer. Introducing the real estate holding company - a robust entity crafted to enhance investment opportunities while reducing risks. These companies are not only aimed at major players, but they serve as a crucial resource for shrewd investors seeking to refine their portfolios and achieve a competitive advantage. In essence, a real estate holding company serves as a protective shield, ensuring the safeguarding of assets and offering a structured approach to property management. Through the separation of ownership and management, these companies provide a level of flexibility and financial advantages that individual ownership alone cannot achieve. The advantages, whether they are tax benefits, protection from liability, or enhanced operational efficiency, are truly compelling. Gaining insight into how a real estate holding company operates can open up fresh possibilities for investors of all backgrounds. With the market constantly changing, individuals possessing this knowledge are in a prime position to effectively navigate its intricacies and take advantage of its opportunities. A holding company is a kind of corporate entity that does not really produce products or services; instead, its main purpose is to possess stock in other businesses. A strategic benefit for company growth and risk reduction is provided by this structure, which enables centralized control and administration of several subsidiary businesses. Holding companies have contributed significantly to the growth of corporations by offering advantages, including improved operational efficiency, tax efficiency, and asset protection. They are a vital part of the global economy because of their extensive usage in a wide range of sectors, including manufacturing, real estate, technology, and banking. Holding firms have had a significant role in influencing corporate environments in the past. Big businesses like Alphabet Inc. and Berkshire Hathaway are prime examples of the holding company model's effectiveness, using it to diversify investments and efficiently manage risk. Holding corporations have been a popular option for investors and entrepreneurs looking for long-term business stability and growth due to their capacity to optimize financial leverage and concentrate resources. Anyone wishing to create or invest in holding companies must have a thorough understanding of their benefits, structure, and legal environment. The primary objective of this thesis is to explore and assess the role of holding companies in facilitating cross-border real estate investments, with a particular emphasis on their legal, tax, and strategic dimensions. The analysis is grounded in a forward-looking approach, as it supports a real investment project that the author aims to implement in Greece, using a Luxembourg-based holding structure. This thesis serves both as a theoretical framework and a practical roadmap for establishing an investment vehicle that can initially acquire and manage real estate assets in Greece and, in the long term, expand into other EU jurisdictions. By examining the structural advantages of Luxembourg as a holding jurisdiction, the thesis aims to provide a comprehensive understanding of how such entities can support international real estate expansion. The motivation for selecting this topic stems from the author’s extensive professional experience in the real estate sector in Luxembourg, particularly in the field of accounting and financial reporting. This background has fostered a deep interest in the structural and operational complexities of cross-border real estate investment vehicles. As a Greek national with long-term entrepreneurial aspirations, the author aims to establish a real estate investment platform primarily operating in Greece, leveraging a Luxembourg-based holding structure. This thesis is intended not only to broaden the author’s academic and technical understanding but also to serve as a foundational document to support future fundraising efforts from international investment firms and institutional partners. The research conducted in this thesis is based exclusively on secondary data, drawing from a wide range of reputable academic, professional, and institutional sources. Key references include scholarly articles on real estate investment and corporate structuring (e.g., Geltner & de Neufville, Brounen & Eichholtz), industry analyses from organizations such as JLL and Statista, and legal and regulatory publications, most notably those from the Association of the Luxembourg Fund Industry (ALFI). These sources provided the necessary foundation to evaluate the strategic, legal, and tax-related dimensions of cross-border real estate investments facilitated through holding company structures. The thesis is structured into four main chapters, each contributing to a comprehensive analysis of the research topic. Chapter 1 presents a literature review of existing studies on holding companies and their relationship with international real estate investments. Chapter 2 focuses on the core concept and functions of holding companies, emphasizing their legal structures, strategic applications, and taxation considerations. Furthermore, there is an overview of the European and Greek legal framework for holding companies. Chapter 3 examines the specific application of holding structures in the context of real estate, analyzing how real estate holding companies operate across borders and the advantages they provide. Chapter 4 outlines the methodology of the research, detailing the data sources, analytical framework, and limitations. Finally, a dedicated case study on Luxembourg is included to illustrate the practical relevance and application of the concepts discussed, offering insight into why Luxembourg remains a leading jurisdiction for structuring cross-border real estate investments.