해외부동산 집합투자기구 투자활성화에 관한 사례연구 : 미국 EB-5 투자이민 사업을 중심으로 한 PF형 사례 중심으로 = (The)Study on the Investment activation of Overseas Real Estate Funds : Focused on PF funds which are targeted for investing in EB-5 Projects in U.S.A

다국어 초록 (Multilingual Abstract)

The overseas real estate investment of domestic individual investors as well as institutional investors has increased owing to the gradual relaxation of government's regulations related to overseas property investment, since June of 2005. In case of individual investors, not only the direct investment for maximizing their profits but also the direct investment for children's study abroad and for immigration or relocation after retirement has been also increasing.
The investment immigration is one of various types that could achieve the permanent residence, along with the property investment itself through investing in overseas property investment.
Generally speaking, Investment Immigration is made for the economic growth of the country in the form of attracting the foreign direct investment in the diverse economy activation business, especially targetting individual foreigners who want to immigrate in the country.
Acquiring a permanent residence in the United States through the EB-5 program enable EB-5 investors to enjoy such a variety of benefits as their children free education, the choice of joining the army, entering the medical school, social security benefits, and pensions benefits that can't be measured by money itself. Therefore, EB-5 program is the much more preferred way to the most of the immigrants than other ways for the immigration.
In this paper, The recently promoted EB-5 projects to korea are introduced and analyzed focusing on the overall project's structures and the cases of their samples which the domestic individual investors have lots of interest in. Additionally, It is reviewed about the possiblity of overseas property fund investment under the assumption that on-shore fund should invest in EB-5 projects.
Regarding the EB-5 program of the United States, If individual Investors who want to get a green card for U$ 500,000 or U$ 1,000,000 invests in the EB-5 business in the form of loans or equity, they are granted the conditional or contingent green card for two years since their investing point. After this contingent period will have been finished, if the EB-5 project can meet the requirements for acquiring the green card, maintain them by creating employment during the two years through the project, this conditional green card could be changed to the right of permanent residence.
However, Repayment timing for the invested money to the EB-5 project is not the time of acquiring his permanent residence but the activation time of the project, depending on the uncertainity of the business success which will take place at the time after about 3 years.
At this point, On-shore real estate funds made and raised in the domestic invest its fund to the EB-5 project's subject(Developer or SPC) under the pre-done loan agreement and then the subject of EB-5 project should repay the loan amount from On-shore fund to the investors who want the early reimbursement, despite that the returned amount to them is discounted. In other words, The possibility of fund investment for EB-5 projects is investigated focusing on the economic value of the individual investors for the permanent residence in the United States. under the assumption that there could be lots of EB-5 investors who are requiring the more earlier and stable repayment without expecting the full guarantee of return.
In this paper, We are dealing with a variety of programs which are primarily driven by the local governments or the semi-government which have put theirs equities among Immigrant Investor Programs, therefore we are studying on the investment opportunity, the investment activation, the expected risk and risk aversion measures of on-shore fund made and set up by the asset management companies which are targeted for the overseas real estate market.

목차 (Table of Contents)

• 제 1 장 서 론
• 제 1 절 연구의 배경 및 목적
• 1. 연구의 배경
• 2. 연구의 목적
• 제 2 절 연구의 방법 및 범위
• 1. 연구의 방법
• 2. 연구의 범위
• 제 2 장 자본시장법상의 해외부동산 펀드분석
• 제 1 절 자본시장법상의 부동산 펀드 분석
• 1. 부동산펀드 정의 및 범위
• 2. 부동산펀드 법적형태에 따른 구분
• 3. 자본시장법상의 부동산 펀드의 종류 및 특성
• 4. 기타 부동산펀드의 분류
• 제 2 절 자본시장법상의 해외 부동산 펀드 분석
• 1. 해외부동산펀드의 개념
• 2. 해외부동산펀드의 유형
• 3. 해외부동산펀드 최근 투자 상황
• 4. 해외부동산펀드 투자 사례
• 제 3 장 미국 투자이민 제도 개요와 현황
• 제 1 절 미국 투자이민제도의 개요
• 1. 투자이민제도 개요
• 2. 투자이민의 추이와 현황
• 3. 투자이민 장점과 절차
• 4. 투자이민시 유의점
• 제 2 절 캐나다 투자이민제도와의 비교
• 1. 캐나다 순수투자이민
• 2. 미국 투자이민과 캐나다 투자이민의 차이
• 제 3 절 투자이민 프로젝트 사례
• 1. 나체즈 게이밍(Nachez Gaming)개발 프로젝트-지분 참여 형태
• 2. 퍼스트 패스웨이 파트너즈(First Pathway Partners)-펀드참여 투자
• 3. 뉴욕시 투자지역센터(NYCRC)- PF형 투자
• 4. 아메리칸 드림 펀드(ADF)-PF형 투자
• 5. 캘리포니아 밀리터리 베이스(California Military Base)-PF형 투자
• 6. 샌버나디노(San Bernardino)공항 개발 프로젝트
• 제 4 장 해외부동산펀드 투자 방안 연구- 미국 투자이민 프로젝트 중심으로
• 제 1 절 사례 분석
• 1. 사례 선정 이유
• 2. 사업 개요
• 3. 사업 대상지 분석
• 4. EB-5 프로젝트 대출형 부동산 펀드 가능성 연구
• 5. 대출을 위한 양해각서 주요 내용
• 6. 투자구조에 대한 법적 문제
• 7. 참여기관의 건전성 분석
• 제 2 절 EB-5 프로젝트 대출형 해외 부동산 펀드 리스크 분석
• 1. 리스크 분석
• 2. 리스크 관리 방안
• 제 5 장 결 론
• 제 1 절 연구결과의 요약
• 제 2 절 연구결과의 한계
• 【참고문헌】
• ABSTRACT