Real Estate Investment Trusts (REITs) permit investors
(including small ones) to participate in the real estate market in
a tax-advantaged manner. The REIT structure first appeared in the
United States in 1961. It was introduced to Europe by way of REIT
legislation passed in the Netherlands in 1969.
Introduction of REITs in Poland is one of the goals of the
"Plan for Responsible Development" announced by the
current Polish government. The first version of the bill was
published in October last year and, on 26 May of this year, the
Ministry of Finance announced its second, improved draft, which has
become a hot topic for discussion among the real estate community
in Poland.
According to this second draft, Polish REITs are to have the
status of joint-stock companies, be listed on the Warsaw Stock
Exchange, have their registered seat or management board located in
Poland, and commence with capital amounting to at least PLN 50M
(approx. EUR 12M). They will be allowed
