Joint real estate development is a popular investment model, particularly in partnerships between legal entities (companies) and individuals. However, this form of collaboration can lead to unexpected tax obligations if not properly planned.
Useful things to know before starting the project?
If a legal entity owns the majority of the land (e.g., 85%) and decides to independently lead the construction process, with a building permit issued solely in its name, it is crucial to clearly define the relationship with the minority co-owner (e.g., an individual holding 15%).
In practice, there are two main types of agreements:
- a joint development agreement - when both co-owners actively participate in the construction; and
- a financing agreement - when one partner finances the project, and the other contributes the land.
VAT: When does the obligation arise?
In the case of dissolving co-ownership, where each co-owner receives apartments proportional to their share, VAT obligations generally do not arise. It is important, however, that the distribution of the properties follows the proportional ownership shares, as any deviation may trigger additional VAT liabilities. When the company sells newly built apartments to buyers the company becomes a subject to a VAT rate of 10%, while an individual, if not registered for VAT, can sell their apartments without VAT (buyers pay a transfer tax of 2.5%).
Capital Gains Tax: A trap for individuals?
Many investors are unaware that individuals selling apartments obtained through joint development may be subject to capital gains tax (15%). This tax is calculated on the difference between the sale price of the apartment and the purchase value of the land share, with potential exemptions if the property was owned for more than ten years.
Corporate Income Tax: A crucial aspect for companies
For legal entities, the income from the sale of newly built apartments is treated as regular business income and therefor is subject to a corporate income tax of 15%. Therefore, it is essential to carefully plan costs and profit calculations during the project to reduce tax liabilities.
Annual Personal Income Tax and Property Tax
It is also important to consider annual tax obligations. Individuals generating significant income from real estate sales may be liable for annual personal income tax. Additionally, all property owners, regardless of the method of acquisition, are liable for annual property tax, the amount of which depends on the location, square footage, and market value of the property.
Ownership Structure and Tax Triggers – A practical example
Let’s consider an example where a company owns 85% and an individual owns 15% of the land. If the building permit is issued solely in the company’s name, the apartments will be divided according to the initial ownership shares (85% to the company, 15% to the individual) which means that:
- The company pays VAT (10%) upon the first sale of its apartments.
- The individual has no VAT obligation, but buyers pay a transfer tax (2.5%) when purchasing from the individual.
- The company pays corporate income tax (15%) on the profit earned from the sale of the apartments.
- The individual, if making a capital gain upon sale, pays a 15% tax.
It is crucial that the distribution of apartments during the dissolution of co-ownership follows the ownership proportions of the land, as any deviation can lead to additional tax obligations.
Statistical overview
According to available data, approximately 30% of joint construction projects in Serbia face additional tax liabilities due to insufficient awareness of tax regulations among investors. Precise planning, detailed contracting, and timely consultations can reduce the risk of unexpected costs by as much as 70%.
Legal Structuring of Agreements – Key to security
To avoid unpleasant surprises, it is essential to draw up a detailed and precise co-ownership dissolution agreement at the outset, notarized with clear provisions regarding the proportions of the distribution, VAT, capital gains tax, corporate income tax, personal income tax, and property tax.
Clear definition of relationships and thorough legal and professional preparation will help ensure the successful and safe implementation of joint real estate development.
If you are planning joint real estate development or need legal and tax support, our expert team is available to assist you. Contact us for further information or consultation.
Zajednička izgradnja nekretnina: Kako izbeći poreske zamke?
Zajednička izgradnja predstavlja popularan model investiranja u nekretnine, posebno kada su u pitanju partnerstva između pravnih lica (firmi) i fizičkih lica. Međutim, ovaj oblik saradnje može dovesti do neočekivanih poreskih obaveza ako se pravilno ne pripremite.
Šta treba znati pre početka projekta?
Ako pravno lice poseduje veći deo zemljišta (npr. 85%) i odlučuje da samostalno vodi proces izgradnje, uz građevinsku dozvolu koja glasi samo na njega, potrebno je jasno regulisati odnose sa manjinskim suvlasnikom (npr. fizičkim licem sa 15%). U praksi postoje dva osnovna ugovora: ugovor o zajedničkoj izgradnji (kada oba suvlasnika aktivno učestvuju u izgradnji) i finansijerski ugovor (kada jedan partner finansira projekat, a drugi doprinosi zemljištem).
PDV: Kada nastaje obaveza?
Kod razvrgnuća suvlasništva, koje se sprovodi tako da svaki suvlasnik dobija stanove proporcionalno svom udelu, PDV obaveza najčešće ne nastaje. Važno je, međutim, da podela nepokretnosti bude jasno proporcionalna udelima, jer svako odstupanje može izazvati dodatne PDV obaveze. Prvi promet novoizgrađenih stanova koje firma prodaje kupcima podleže PDV-u od 10%, dok fizičko lice, ako nije u PDV sistemu, svoje stanove prodaje bez PDV-a (kupci plaćaju porez na prenos od 2,5%).
Porez na kapitalnu dobit: Zamka za fizička lica?
Mnogi investitori nisu svesni da fizička lica koja prodaju stanove dobijene kroz zajedničku izgradnju mogu imati obavezu poreza na kapitalnu dobit (15%). Ovaj porez se računa na razliku između prodajne cene stana i nabavne vrednosti udela u zemljištu, uz moguća oslobođenja ako ste vlasnik bili duže od deset godina.
Porez na dobit pravnih lica: Važan aspekt za firme
Za pravna lica prihod ostvaren prodajom novoizgrađenih stanova tretira se kao redovan poslovni prihod i podleže oporezivanju porezom na dobit od 15%. Zbog toga je od presudnog značaja pažljivo planiranje troškova i obračuna dobiti u toku trajanja projekta, kako bi se optimalno umanjile poreske obaveze.
Godišnji porez na dohodak građana i porez na imovinu
Važno je imati u vidu i godišnje poreske obaveze. Fizička lica koja ostvaruju značajne prihode od prodaje nekretnina mogu biti obveznici godišnjeg poreza na dohodak građana. Takođe, svi vlasnici nepokretnosti, bez obzira na način sticanja, obveznici su godišnjeg poreza na imovinu, čija visina zavisi od zone, kvadrature i tržišne vrednosti nekretnine.
Odnos vlasništva i poreski okidači – primer u praksi
Uzmimo primer gde firma poseduje 85%, a fizičko lice 15% zemljišta. Ako građevinska dozvola glasi isključivo na firmu, stanovi se na kraju podele prema početnim udelima (85% firmi, 15% fizičkom licu):
- Firma plaća PDV (10%) prilikom prve prodaje svojih stanova.
- Fizičko lice nema PDV obavezu, već kupci plaćaju porez na prenos (2,5%) kod kupovine od fizičkog lica.
- Firma plaća porez na dobit (15%) na ostvareni profit od prodaje stanova.
- Fizičko lice, ukoliko ostvaruje kapitalni dobitak pri prodaji, plaća porez od 15%.
- *Veoma je važno da odnos podele stanova prilikom razvrgnuća prati odnos vlasničkih udela na zemljištu, jer odstupanje može dovesti do dodatnih poreskih obaveza.*
Statistički pogled
Prema dostupnim podacima, oko 30% zajedničkih građevinskih projekata u Srbiji suoči se sa dodatnim poreskim obavezama upravo zbog nedovoljne informisanosti investitora o poreskim propisima. Precizno planiranje, detaljno ugovaranje i pravovremena konsultacija mogu smanjiti rizik od neočekivanih troškova za čak 70%.
Pravno oblikovanje dogovora – ključno za sigurnost
Kako biste izbegli neprijatna iznenađenja, neophodno je na samom početku sačiniti detaljan i precizan ugovor o razvrgnuću suvlasništva, overen kod notara, uz jasne odredbe o proporcijama podele, PDV-u, porezu na kapitalnu dobit, porezu na dobit pravnih lica, godišnjem porezu na dohodak građana i porezu na imovinu.
Jasno definisanje odnosa i pravno-stručna priprema pomoći će vam da uspešno i bezbedno realizujete zajedničku izgradnju.
Ako planirate zajedničku izgradnju ili vam je potrebna pravna i poreska podrška, naš stručni tim stoji vam na raspolaganju. Kontaktirajte nas za dodatne informacije ili konsultaciju.
Autori: Managing Partner Miloš Vučković, Junior Associate Danka Guskić
08/04/2025
