家族辦公室的古往今來

文章轉載 – 作者：理財翻轉學院 2019/12/07 (原文連結)

談到理財規劃或是財務管理，不管是個人或是企業。不得不讓我們想起兩個著名的家族，一個是摩根家族，一個是洛克菲勒家族。摩根家族是個商人家族，其祖先於17世紀初在新大陸的淘金浪潮中移民美國，篳路藍縷苦心經營的J.S.摩根，造就家族高峰影響一個時代的金融巨頭J.P.摩根，繼承父業開創家族財團新局面的傑克·摩根，他們成就了家族財富傳承百年的傳奇。而洛克菲勒家族，打破了在華人文化中流傳千年的富不過三代魔咒，這家族不只打破魔咒，而且目前已「富過六代」。

據美國商業雜誌《富比士》2016年報導。洛克斐勒家族目前來到第七代，共有174位繼承人共享110億美元（約新台幣3200億）的財產。令人驚訝的是，雖然整個家族成員有多達250人是約翰洛克斐勒與蘿拉（Laura S. Rockefeller）伉儷的直系子孫，但他們全部團結一致、潔身自愛，不像一些豪門子弟總是醜聞纏身，常染上緋聞、弊案、官司一身腥。
家族財富可以傳承百年，其中有重要的關鍵，就是他們都有成立家族辦公室來管理家族的資產。
根據統計80%家族企業未順利傳到第2代人，剩餘的13%則未能傳到第3代手裡。所以要讓家族企業永續經營，家族財富得以管理、傳承，一定要了解什麼是家族辦公室（Family Office）。

圖片
圖片
圖片

一、家族辦公室的起源

Family Office起源於19世紀富裕的歐美家庭，由相關領域專家組成，致力於一個或多個超高淨值人士或家族的財富管理，以及私人需求等事務的私人公司或組織機構。一般譯為「家族辦公室」，是為富裕家族管理財富的私人機構。在財富管理行業中，家族辦公室堪稱是金融產業鏈的最頂端，家族辦公室是家族財富管理的最高形態。

從1838年 J.P. 摩根家族成立財團管理家族財富，到1868年梅隆銀行的 Thomas Mellon 創立了第一個家族辦公室，迄今全球億萬富豪面臨財富無法隔代保存的問題，也越來越趨向以家族為中心的資產管理模式，設立「家族辦公室」，由專業人士管理資產。

例如：大家所知的全世界幾位富豪，例如比爾·蓋茨、戴爾、索羅斯、洛克菲勒、李嘉誠、愛馬仕家族（Hermes）等頂級富豪家族都有設立各自專屬的家族辦公室。

因為企業中的家族成員之所以會起衝突，並非全然是關係不好，40％的衝突是源自於對企業戰略的看法分歧，而60％的衝突則因不確定而感到害怕的家族成員；解決家族衝突，不能只靠親情，更需要科學方法，亦即要「組織化」和「制度化」，「家族辦公室（family office）」正是一個解決方案。

圖片

二、家族辦公室的功能

根據美國家族辦公室協會(Family OfficeAssociation)的定義，家族辦公室是「專為超級富有的家庭提供全方位財富管理和家族服務，以使其資產的長期發展，符合家族的預期和期望，並使其資產能夠順利地進行跨代傳承和保值增值的機構。」
​
舉例來說，1934年小洛克菲勒為了避開高昂的遺產稅（1917年遺產稅稅率從10%上調至25%；1924年開徵饋贈稅）。在家族辦公室的建議下，1934年小洛克菲勒設置了兩個信託基金（妻子和孩子；孫輩），這些信託基金的設立，其家族辦公室直接單人顧問工作，擁有設置信託資產的權利。通過這樣類似的方式，洛克菲勒家族實現完整的家族財富傳承。

圖片

三、家族辦公室的發展與現況

  • 2014年全世界只有3%的SFO位於亞洲

家族辦公室可以分為兩大類：單一家族辦公室(Single FO，簡稱為SFO)和聯合家族辦公室(Multi FO，簡稱MFO)。當時根據Wealth-X和瑞銀發表的2014世界超級財富報告中得知，在香港居住的億萬富翁一共有82名，中國大陸有190名。福布斯的億萬富翁排行榜則列出50位香港億萬富翁。有趣的是，香港的正式家族辦公室或SFO（單一家族辦公室）不超過50間。當中引述瑞信估計全世界只有3%的SFO位於亞洲。

  • 2017年48.4%的亞太區家族辦公室正在制定財富傳承計劃

在2017年的《全球家族辦公室2017年報告》指出，家族辦公室的首要工作依舊是制定財富傳承計劃，69%的家族預期在未來15年進行世代交替。財富傳承計劃方面，亞太區家族辦公室略為落後其他地區。但已有48.4%的亞太區家族辦公室正在制定財富傳承計劃。顯示家財富傳承計算已越來越受重視。

  • 2018年全世界十億萬富翁增長最多在亞洲

根據Wealth-X的《2018年十億萬富翁人口普查》，亞洲目前為全世界十億萬富翁（美元計算）增長最多的地區，在2017年超過北美。亞洲的十億萬富翁人口去年增加了近三分之一（29.2％），達到784人，超過北美的同比增長率（11.2％）和富豪總數（727位十億萬富翁）。家族辦公室正呈現「西風東漸」的趨勢。

過去亞洲企業家財富創造主要靠主業 ，有餘錢只放銀行定存，對資本市場投入較低；此外，亞洲富豪可能因為「民族性」，關於錢的事「只相信自己」，即使有些富豪願意把錢放在私人銀行，但對於投資布局，他們也常自有盤算，這也是家族辦公室在亞洲發展較落後的原因。

  •  家族辦公室在亞洲

瑞士信貸二○一三年全球財富報告估計，全球淨資產高於五千萬美元的「超級富翁」約有九八六六三人，美國占四五％，歐洲占二五％，不含印度與中國的亞洲區域則占一四％，中國占比約五．九％（五八三○人），而台灣約有一三七○位。

研究機構Campden Wealth估算，亞洲僅約一百到一二○間家族辦公室，其中七五％位在香港與新加坡，而歐美總計約兩千間家族辦公室，以此數據來看，家族辦公室在亞洲，其實仍有極大的成長空間。

一位香港家族辦公室執行長表示「如今，家族辦公室在亞洲的時候到了！」，多數亞洲富豪第一代已屆退休年齡，隨著第二代、第三代陸續長大獨立，他們終於開始思考「傳承」的問題。

「錢賺再多都是遺產而不是財產，如何將自己當年打下的江山傳承下去，才是最重要的。」一位家族辦公室客戶顧問主管轉述客戶的心聲，他表示，「亞洲富豪們極欲效法西方富裕名人，希望仰賴家族辦公室的獨立與專業，打破富不過三代的魔咒，為後代子孫保存財富與家族價值。」

以上參考資料部分來自：今周刊及 FINTRX家族辦公室數據和研究

Tags:

Related Posts

大型企業設置家族辦公室 有效落實傳承

08/03/2022

家族辦公室取得成功的五大基本要素

20/07/2021

家族財富傳承–長榮集團張榮發給我們的啟示

30/05/2021

(1,533) Comments

  16. 1、一面听的十三幺：指手中有12种不同的幺九牌，且其中某种成对，要选择听第13张幺九牌。因为已经有一对牌作将，和第13张牌时，不计单调将。 13:00-17:00 步行前往麻将馆； 回复 言承旭 :13张麻将胡法图解全图发行底价由11.00元 股调整为7.00元 股,☯下调幅度超过三成。⏫ 王蓉 发表于7分钟前 回复 张铭泉 :暖风熏 多米诺骨牌 金 沙 娱 乐 场 https://quebeck-wiki.win/index.php?title=暗_棋_網頁_板 此时庄家会下注，下注金额为玩家所下底注的2倍，玩家可以选择盖牌（放弃已下的底注与红利下注，并放弃这局比赛）或跟注（跟庄家下注相同金额）。如果有玩家跟注，庄家就要再发下2张公用牌，持有最佳5张牌组的玩家赢得底池。 在学习如何玩德州扑克时，有六个要点需要考虑： 王者荣耀如何获得好的皮肤（王者荣耀获得好的皮肤方法） 牌局开始时，玩家必须先下底注，也可以选择是否进行红利下注。红利下注仅对第1手五张牌组有效。如果您获得一对A以上牌组，并决定跟注，则您将赢得红利下注，按照红利下注奖金表获得奖金。底注与红利下注的赔率，依玩家获胜牌组而有所不同： 大发体育，亚洲领先的专业电竞体育赛事预测平台。

  62. fantastic post, very informative. I wonder why more of the ther experts in the field do not break it down like this. You should continue your writing. I am confident, you have a great readers’ base already!

  74. I don’t know if it’s just me or if everybody else experiencing issues with your site. It appears as though some of the written text on your content are running off the screen. Can someone else please provide feedback and let me know if this is happening to them as well? This could be a problem with my web browser because I’ve had this happen before. Appreciate it

  79. I found your blog through google and I must say, this is probably one of the best well prepared articles I have come across in a long time. I have bookmarked your site for more posts.

  84. Thank you a lot for sharing this with all folks you actually recognize what you’re speaking about! Bookmarked. Please additionally visit my site =). We can have a hyperlink trade contract among us!

  85. I don’t know if it’s just me or if everybody else experiencing issues with your site. It appears as though some of the written text on your content are running off the screen. Can someone else please provide feedback and let me know if this is happening to them as well? This could be a problem with my web browser because I’ve had this happen before. Appreciate it

  91. Hi welcome to our website Thank you for taking interest in our site go to the top right corner and you will see the 3 bars click on those bars. It will show you a menu of things you can order on our website the next thing. Pick your Party Dancers and put the names of The Best Female Party Dancers put On epic Bachelor Party show for Your best Man Bachelor Party Event. And We Love fraternity party we also do divorce parties and a good party with Party waitresses or just rent party bus with 2 Party dancers for Any Occasion.

  96. I was suggested this website by my cousin. I am not sure whether this post is written by him as no one else know such detailed about my difficulty. You are wonderful! Thanks!

  101. I came to this site with the introduction of a friend around me and I was very impressed when I found your writing. I’ll come back often after bookmarking! baccaratcommunity

  106. Great post. I was checking constantly this blog and I’m impressed! Very useful info specifically the last part 🙂 I care for such info much. I was looking for this certain information for a very long time. Thank you and good luck.

  107. Tired to search every day for casino bonuses? Tired to see the word “expired” under every promotion? Do you are always looking for new online casinos? We have a solution. Subscribe to our newsletter and receive the latest casino bonuses, codes, exclusive deals, news and reviews directly in your mail. $10 No Deposit for Grand Fortune Casino O ffers No Deposit Bonus Codes, Free Casino Coupons, Free Spins Offers, Daily Casino coupon codes, online promotional casino bonuses and the overall best casino no deposit promotions. All of those coupon codes are redeemed…. Grand Fortune Casino: $50: No Deposit Bonus: Review: Thebes Casino: $50: No Deposit Bonus: Review: 7Reels Casino: $50. The brand new totally free adaptation is available for download on the county webpages out of IGT, in addition to remark web sites that offer a formal trial. Da Vinci Diamonds provides a keen RTP of 94.94%, which is a small less than average to possess modern ports. The new spin and you can miss music are well customized; however the noise produced after you win are cheap and you can jarring. It’s difficult to enjoy a win if sound it comes with is really offending. While the motif is a bit obscure, the brand new images try type of and you will obvious. They make for a colourful and you may clear mode, however one that’s fairly to consider. https://ai-db.science/wiki/Crypto_casino_software There are plenty of online casino operators that offer bitcoin deposit and withdrawal options, but are they reliable? Do they have a good reputation? Do they offer quality games and bonus opportunities? The casinos we list below are great examples of bitcoin casinos that provide a premium gaming experience, with everything you need, all in one place! Get to know these casinos below as well as details on bitcoin deposits so you can use this method to add funds and start playing today! Round-the-Clock Customer Support: There’s nothing like getting a customer rep to attend to you as fast as possible. Europa Casino is among the top online casinos that offer 24 7 customer support. At any time of the day, there’s a customer service agent to help you out.

  111. I just couldn’t leave your web site prior to suggesting that I really enjoyed the standard info an individual supply to your guests? Is going to be again continuously in order to inspect new posts

  115. Hello, I think your blog might be having browser compatibility issues. When I look at your website in Chrome, it looks fine but when opening in Internet Explorer, it has some overlapping. I just wanted to give you a quick heads up! Other than that, awesome blog!

  124. Having an interior designer is incredibly important since they have the knowledge and experience to help transform a space into something functional and aesthetically pleasing. Interior designers know how to balance colour, texture, furniture, and other design elements to create the desired look. They are creative problem solvers and can work their magic in any space from small closets to large outdoor decks. With an expert’s eye for detail, your own ideas can be refined and executed perfectly, elevating your space both functionally and aesthetically. Thank you for providing this content and helping us recognize the importance of hiring an interior designer!

  125. This is an awesome entry. Thank you very much for the supreme post provided! I was looking for this entry for a long time, but I wasn’t able to find a honest source.

  129. Simply want to say your article is as amazing. The clarity in your post is just great and i can assume you’re an expert on this subject. Fine with your permission allow me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

  139. I had fun reading this post. I want to see more on this subject.. Gives Thanks for writing this nice article.. Anyway, I’m going to subscribe to your rss and I wish you write great articles again soon.

  141. Im impressed. I dont think Ive met anyone who knows as much about this subject as you do. Youre truly well informed and very intelligent. You wrote something that people could understand and made the subject intriguing for everyone. Really, great blog youve got here.

  144. I would really like to appreciate the endeavors you cash in on written this article. I’m going for the similar best product from you finding out in the foreseeable future as well. Actually your creative writing abilities has urged me to begin my very own blog now. Genuinely the blogging is distributing its wings rapidly. Your write down is often a fine illustration showing it.

  145. This sequence is critical for recognition of the U1 snRNP to the 5 splice site, and a G A substitution at this site would greatly decrease likelihood of splicing at this junction, where conserved GKN3 mRNA transcripts in other species are known to have an exon intron boundary whats clomid used for 2005; 365 9472 1687 1717

  172. Hello there, just became aware of your blog through Google, and found that it is truly informative. I am going to watch out for brussels. I will appreciate if you continue this in future. Lots of people will be benefited from your writing. Cheers!

  188. Read here. drug information and news for professionals and consumers.
    https://stromectolst.com/# ivermectin cream 1%
    Some are medicines that help people when doctors prescribe. drug information and news for professionals and consumers.

  206. thank, I thoroughly enjoyed reading your article. I really appreciate your wonderful knowledge and the time you put into educating the rest of us.

  225. Learn about the side effects, dosages, and interactions. Get warning information here. https://avodart.science/# where to buy generic avodart without dr prescription
    Everything information about medication. Cautions.

  229. safe and effective drugs are available. drug information and news for professionals and consumers.
    https://nexium.top/# how can i get generic nexium prices
    Some trends of drugs. Everything about medicine.

  246. Prescription Drug Information, Interactions & Side. Everything information about medication.
    https://azithromycins.com/ buy zithromax canada
    Learn about the side effects, dosages, and interactions. Some trends of drugs.

  247. Growing pains have led to headaches for the neighbours of a medical marijuana facility in Oro-Medonte Township. They say they’ve had about enough, but the owner of the facility says he’s working hard to bring in some relief. For confirmation of the time, place and location of a Narcotics Anonymous Meeting, contact your Area Service Committee : About the Author: Jessica Owen On top of marijuana’s great benefits, Owen Sound is a great place to live or visit. With gourmet food options, a vibrant arts community, great shopping, sporting events, and other fun activities, there’s always something going on. Combine this lively town with some of the best cannabis in Canada and one thing’s clear: it’s a great time to explore cannabis in Owen Sound.
    https://dailysoundandfury.com/community/profile/emmettfalkiner1/
    If you plead guilty, or are found guilty of this charge you are considered a criminal and will receive a criminal record for life. Section 8 of the Charter guarantees the right to be free from an unreasonable search. As experienced drug lawyers, we will analyze the actions of investigating officers to test whether police have, in fact, conducted a lawful search, based on reasonable grounds. Where police overreach their authority, and conduct a search based on a mere hunch or suspicion we will apply to the court under s. 24(2) of the Charter to have the evidence obtained through the unreasonable search excluded at trial. Without the admission of the cannabis that was unlawfully obtained, the court will find insufficient evidence to convict. If you are entering Canada from another country, remember: if you have cannabis with you in any form, you must declare it to the Canada Border Services Agency. Not declaring cannabis in your possession at the Canadian border could also lead to arrest and prosecution.

  254. Get warning information here. Best and news about drug.
    propecia price
    Definitive journal of drugs and therapeutics. Some are medicines that help people when doctors prescribe.

  256. Commonly Used Drugs Charts. Medscape Drugs & Diseases.
    get clomid online
    Definitive journal of drugs and therapeutics. Some are medicines that help people when doctors prescribe.

  262. Read information now. Comprehensive side effect and adverse reaction information.
    https://edonlinefast.com top rated ed pills
    drug information and news for professionals and consumers. Best and news about drug.

  270. ul. Browarowa 1, Tychy, Śląskie, Trasa zwiedzania browaru prowadzi przez starą warzelnię z 1915 r. z miedzianymi kadziami i wnętrzem zdobionym biało-błękitną majoliką, Domek Piwowara, Dom Kawalera, neobarokową Willę Müllera, dawną bednarnię, smolarnię i familoki. Na terenie browaru było wszystko, co potrzebne do uwarzenia i wywiezienia piwa. Ludzie w nim pracowali i mieszkali, modlili w kaplicy, bawili w kasynie, tworząc wielopokoleniową historię piwowarskiej społeczności. Te budynki i wizerunki dawnych browarników na muralach autorstwa czołowego polskiego muralisty Artura Wabika są świadectwem niezwykłej więzi lokalnej społeczności z browarem. Wydawca „Kasyno zadbane, można wygrać jak i przegrać co jest akurat normalne – wydaje mi się że jedno z lepszych pomijając kilka szczegółów w jakim byłam.”
    https://coachellavalley.us/community/profile/maryellen32k041/
    Jak każde dobre kasyno online, również Casino Euro oferuje opcję gry treningowej za darmo. W ten sposób możemy przetestować na wirtualnej walucie każdą dostępną w Kasino Euro grę – nawet bez zakładania konta. Wystarczy po prostu wejść na stronę kasyna, wybrać dowolny stół czy automat i korzystać z darmowych „pieniędzy”, poznając sposoby obstawiania, funkcje gry, bonusy, grafikę i dźwięk każdej gry – zupełnie bez ryzyka i stresu przed przegraną własnych, prawdziwych środków. W Casino Euro można grać o wielomilionowe wygrane w najpopularniejszych sieciach z jackpotami na całym świecie. Wśród najbardziej lukratywnych jackpotów pojawiają się seria Mega Moolah (aktualna pula nagród to ponad 45 mln złotych), Mega Fortune (z pulą nagród powyżej 4 mln złotych), The Goonies Jackpot King oraz Ted Jackpot King (pula nagród powyżej 7 mln złotych) czy Haunted Circus (aktualnie można zagrać o ponad 11 mln złotych).

  284. Learn about the side effects, dosages, and interactions. Learn about the side effects, dosages, and interactions.
    https://canadianfast.com/# comfortis for dogs without vet prescription
    All trends of medicament. Prescription Drug Information, Interactions & Side.

  288. Nice read, I just passed this onto a colleague who was doing some research on that. And he just bought me lunch as I found it for him smile Therefore let me rephrase that: Thank you for lunch!

  293. Reading your article helped me a lot and I agree with you. But I still have some doubts, can you clarify for me? I’ll keep an eye out for your answers.

  294. Use of marijuana with sedating anticholinergics may result in additive tachycardia and drowsiness. Everyone’s response to cannabis is different and can vary from one time to the next.  If you have used cannabis earlier in life, the effects today can be different because the THC potency in cannabis has increased. Older adults are more likely to experience harm from cannabis because of age-related changes. One effect of THC is to alter the brain’s drive-reward system by indirectly increasing dopamine in a part of the brain called the mesolimbic system. This may contribute to marijuana’s risk of causing addiction. Huang YH, Zhang ZF, Tashkin DP, Feng B, Straif K, Hashibe M. An Epidemiologic Review of Marijuana and Cancer: An Update. Cancer Epidemiol Biomarkers Prev. 2015;24(1):15-31. doi:10.1158/1055-9965.EPI-14-1026
    https://papa-wiki.win/index.php/Marijuana_radio_canada
    CTV.ca Because of the risk of theft, she was afraid to have her staff accept cash. Drivers already face the risk of carrying cannabis, and don’t have the regular security provided in-store. Our cannabis retails stores aim to highlight the quintessential Canadian experience – cottages, cabins and the great outdoors. No other experience speaks to our northern roots more than heading off to camp to unwind. * $5.00 delivery charge (tax included). WE ARE OPEN AND READY TO HELP YOU AT BOTH LOCATIONS. CHECK OUT OUR ONLINE ONLY STORE FEATURES AND SAVE! SEE LOCATIONS Government of Canada – legal non-medical cannabis Breach impacts customers who shop for pot on the OCS website — the only legal online retailer of recreational cannabis in Ontario Because all legal cannabis in Ontario must pass through the OCS’s hands, they are the primary source for cannabis sales information. The OCS releases quarterly and annual ‘insights reports’ that provide factual details around cannabis sales in Ontario.

  301. Sizzling Hot Deluxe ist ein Online Casino Spiel, das sowohl den Fans der traditionellen Slot-Maschinen als auch derer neuerer Varianten zusagt. Der Spieler wird hier weder mit Funktionen ГјberhГ¤uft, noch verzichtet das Sizzling Hot Deluxe Automatenspiel von Novoline komplett auf diese. Deswegen ist es auch mГ¶glich, sich schnell mit dem Sizzling Hot Deluxe Spiele-Automaten vertraut zu machen, ohne den Nervenkitzel moderner Video-Slots zu vermissen. Bonusspiele: Drei Free Fall Scatter-Symbole, die auf irgendeiner Position auf einer Gewinnlinie von links nach rechts erscheinen werden das Free Fall Bonus Spiel auslГ¶sen. Wir prГ¤sentieren eines der beliebtesten Casino Spiele der letzten Jahre. Gonzo’s Quest wurde 2011 von NetEnt ins Leben gerufen. Schon… In Zusammenarbeit mit dem ursprГјnglichen SchГ¶pfer NetEnt hat Red Tiger Gaming eine Megaways Version erstellt, die 117.649 Gewinnlinien bietet, mit denen du den Schatz in die HГ¤nde bekommst, der bis zum 20.000-fachen des gesamten Einsatzes wert sein kann!
    https://juliusjsyh212109.atualblog.com/20522203/slot-machine-online-game
    Die in der Premier League vorhandene Klasse fГјhrte indes auch zu einigen HГ¤rtefГ¤llen. So schaffte es Jadon Sancho, der in den eineinhalb Jahren seit seinem Wechsel von Borussia Dortmund zu Manchester United eine enttГ¤uschende Entwicklung durchlaufen hat, nicht ins Aufgebot. WГ¤hrend der Verzicht Southgates auf den FlГјgelspieler aufgrund dessen fehlender Konstanz und oft schwachen Leistungen nicht unerwartet kam, stieГџ die Nicht-Nominierung von Innenverteidiger Fikayo Tomori (AC Mailand) und Angreifer Ivan Toney (FC Brentford) auf nicht wenig Kritik. Speziell für legales Online-Glücksspiel in Deutschland gilt, dass Sie zunächst eine Anmeldung und Verifizierung abschließen müssen, bevor Sie einen Online Merkur Casino Bonus aktivieren können. Suchen Sie sich hierzu einfach eine der legalen Spielotheken online aus unserer Liste aus. Einige Online-Glücksspiel-Anbieter werden zusätzlich zum Einzahlungsbonus auch Merkur Free Spins anbieten.

  302. I like to spend my free time by scanning various internet resources. Today I came across your website and I found it has some of the most practical and helpful information I’ve seen.

  306. These kind of posts are always inspiring and I prefer to read quality content so I happy to find many good point here in the post. writing is simply wonderful! thank you for the post

  307. ZawartoЕ›Д‡ bloga nie moЕјe byД‡ pociД…gniД™ta do odpowiedzialnoЕ›ci za Ејadne straty lub bЕ‚Д™dnД… interpretacjД™ przez graczy. Nasz blog jest tylko przewodnikiem dla graczy i w Ејaden sposГіb nie zapewnia porad hazardowych. В© Copyright 2022 permanentnypoznan.com All Rights Reserved. Created by Daniel Aniszkiewicz BranЕјa hazardowa stale siД™ rozwija, wiД™c zwykli gracze zawsze czekajД… na nowe funkcje i ulepszenia. NaleЕјД…ce do sieci kasyn Hit Kasyno znajduje siД™ w Hotelu Novotel na placu Andersa. Polskie kasyno darmowe spiny istnieje wiele innych sposobów nagradzania lojalności, albo odrzuci i będzie kontynuował grę. Jeśli stale czytasz wszystkie wiadomości na temat sportu, zwłaszcza ten bez depozytu. Stamtąd Każda ręka jest rozpatrywana indywidualnie, to świetny sposób na poznanie miejsca Gry i zobaczenie.
    https://canegallokim.contently.com/
    Gry Hazardowe 2020 | 4 sposoby na wygraną w Kasyno online Wybierz jeden z naszych wyjД…tkowych pakietГіw kosmetycznych. AnalizujД…c przeprowadzone w przedmiotowej sprawie dowody stwierdziД‡ naleЕјy wprost, Ејe wystД™pujД…ce pomiД™dzy nimi sprzecznoЕ›ci i rГіЕјnice, ktГіre akcentuje apelujД…cy, tylko pozornie stwarzajД… wД…tpliwoЕ›ci, co do rzeczywistego przebiegu zdarzenia. W wyniku swobodnej oceny dowodГіw, utrzymanej w granicach racjonalnoЕ›ci SД…d I instancji enumeratywnie wskazaЕ‚ te, ktГіre z nich zasЕ‚ugujД… na wiarygodnoЕ›Д‡ (i w jakiej ich czД™Е›ci), a z tych z kolei dowodГіw absolutnie nie wynikajД… Ејadne rzeczywiste i istotne wД…tpliwoЕ›ci, ktГіre zostaЕ‚yby rozstrzygniД™te na niekorzyЕ›Д‡ oskarЕјonego. Några Trick Att Vinna På Spelautomaterna | Hur man slå frukt spelautomat

  310. I thought it was going to be some boring old post, but I’m glad I visited. I will post a link to this site on my blog. I am sure my visitors will find that very useful.

  312. Hi there! I just wanted to ask if you ever have any trouble with hackers? My last blog (wordpress) was hacked and I ended up losing several weeks of hard work due to no back up. Do you have any solutions to protect against hackers?

  322. Бывают… РЈ меня была девочка, ученица натуральная блондинка , Р° глаза карии, как спелая вишня.. РџСЂРёСЂРѕРґРЅРѕРµ сочетание «РєР°СЂРёРµ глаза Рё светлые волосы» встречается очень редко. Рљ счастью, такой же примечательной внешности можно добиться искусственным путем: краска Olia 9.30 «РљР°СЂР°РјРµР»СЊРЅС‹Р№ блонд» вам РІ помощь. Животные Для того чтобы макияж смотрелся гармонично, подчеркивал красоту женщины, ее РїСЂРёСЂРѕРґРЅРѕРµ обаяние, нужно научиться грамотно подбирать оттенки косметических продуктов Рё умело РёС… комбинировать. Кареглазые блондинки обладают достаточно СЏСЂРєРѕР№ Рё необычной внешностью. Визажисты советуют таким женщинам делать макияж СЃ акцентом РЅР° глаза.
    https://keeganwysk948283.therainblog.com/17495961/для-густоты-ресниц-и-бровей
    Не выдержали условия хранения тональника или купили слишком густое средство? E-Lambre предлагает рассмотреть несколько вопросов как можно исправить ситуацию! Предпочтения женщин настолько отличаются друг от друга, что невозможно точно сказать, что лучше, а что – хуже. Тени для бровей имеют сухую текстуру и позволяют хорошо заполнить пространство между волосками, создавая пигмент. Изменять его насыщенность можно с помощью слоев, однако продолжительность их ношения гораздо меньше того срока, что обеспечивает помада для бровей.

  327. Online-Glücksspiel ist in Österreich nur dem teilstaatlichen Casinos-Austria-Konzern mit seiner Plattform win2day.at erlaubt. Dass sich Anbieter wie Pokerstars auf eine Lizenz etwa aus Malta berufen, entspreche nicht dem österreichischen Glücksspielrecht, so die heimischen Gerichte. Die Auszahlungsquoten geben den theoretischen Wert an, wie viel Prozent des eingesetzten Geldes wieder an die Kunden ausgezahlt wird. Beläuft sich der RTP-Wert (Return to Player) zum Beispiel auf 95,15% werden theoretisch von 100$ wieder 95,15$ an die Spieler zurückgezahlt. Diese Werte müssen auch von unabhängigen Firmen überprüft werden. Im Falle von PokerStars ist dafür die Firma Gaming Laboratories International (GLI) zuständig. Jeder Spielautomat hat seine eigene Auszahlungsrate, die auch im Spiel angegeben ist.
    https://nova-wiki.win/index.php?title=Wildz_games
    As part of insbesondere fairen Casinos ist gleichförmig in diesen auf unser jeweiligen Umsatzbedingungen hingewiesen. Bemerken Diese, auf diese weise einige Verbunden Casinos etliche Spiele von der Dienst ausschließen. Provider im griff haben Bspw. pochen, sic einen Bonus bloß Einzahlung jedoch as part of Spielautomaten ferner Tischspielen, gar nicht zwar inoffizieller mitarbeiter Live-Spielsaal gesetzt werden kann. Pro die erfolgreiche Auszahlung ein 25 Euroletten Free No Abschlagzahlung 2022 Dienst sollen Die leser wie geschmiert die Umsatzbedingungen gerecht werden. Sämtliches Gutschrift, unser damit erzielt werde kann auf Das Bankverbindung & der Wallet ausbezahlt werden. Es gibt einige Online Casinos, die einen 10 Euro Einzahlungsbonus anbieten. Je nach Prozentsatz des angebotenen Bonus gelten zum Beispiel Optionen wie „10 Euro einzahlen – 50 Euro spielen“ im Casino. Der Prozentsatz des Bonus ist nur ein wichtiger Punkt, den es bei der Auswahl des richtigen Online Casino Bonus zu beachten gilt.

  358. Abnormal this put up is totaly unrelated to what I was searching google for, but it surely used to be listed at the first page. I suppose your doing one thing proper if Google likes you adequate to place you at the first page of a non similar search.

  360. Мебельная тематика достаточно конкурентная в интернете, мы решили продвигать сайт по низкочастотным запросам с минимальным бюджетом. Так как наш мебельный магазин ориентирован на продажи из магазина, то решили оставить сайт-каталог. Ольга, мебельный центр Выведем Ваш сайт в ТОП-10 Google в результате чего Вы получите больше звонков, заявок и продаж Чем больше конкурентов и чем они активнее, тем больше времени может понадобиться для продвижения сайта в ТОП Google. Кроме того, по определенным высокочастотным запросам выводить веб-ресурс на первые места нерентабельно. Лучше искать новые варианты низкочастотных запросов, которые помогут поднять веб-ресурс в ТОП. В конце каждого месяца продвижения мы предоставляем отчет о выполненной и планируемой работе, добавляем срез по позициям сайта в ТОП-10. Обращаясь к нам, вы гарантированно получаете эффективность нашей SEO-стратегии и прозрачные цены на услуги продвижения. Количество обращений по этим услугам у нас растет, что доказывает результативность.
    https://lukashijw890206.free-blogz.com/63324850/сетка-pbn-веб-студия
    Внедрение технических требований — это 33% продвижения, 33% ссылок, 33% зависит от “on page”, 1% — это удача. Но выйти в ТОП получится только при 100%. 2. Продвигаем безопасно. Если раскрутка веб-ресурса проходит грамотно, осознанно и корректно, сайту не страшны попадание в «черный список» и под фильтр. Мы действительно используем только самые надежные методы продвижения, нужно признать что результат иногда приходится ждать дольше, но зато продвижение дает устойчивый рост трафика из года в год. Статья состоит из наглядной инфографики, детальной статьи и двух видео. Основная цель статьи, ответить на вопрос: С чего начать продвижение англоязычного сайта? Нашей задачей было продвижение в двух странах, в которых были расположены физические магазины клиента: Великобритания и Франция. В соответствии с этим сайт имел версию на английском и французском языках, а также мультивалютность – вывод цен в фунтах стерлингов и евро.

  362. Woah this is just an insane amount of information, must of taken ages to compile so thanx so much for just sharing it with all of us. If your ever in any need of related information, just check out my own site!

  364. I have read your article carefully and I agree with you very much. This has provided a great help for my thesis writing, and I will seriously improve it. However, I don’t know much about a certain place. Can you help me?

  365. 2012年にヨーロッパで誕生し、2016年に日本に上陸したオンラインカジノ「Casino-X」。数あるカジノサイトの中でもトップで人気を誇る実力派のオンラインカジノで、運営元は他にもジョイカジノやボンズカジノも運営しています。
    https://judahcami555453.ageeksblog.com/18938752/オンカジ-違法
    一般的なポーカーは、ディーラーからトランプカードを配られた複数人のプレイヤー同士が勝負するものですが、パイゴウポーカーの場合、プレイヤーの対戦相手となるのはディーラーで、1対1の勝負となります。 (C) 2018トランプの遊び方 ブックマークに追加しました みんなで楽しめるトランプゲーム ポーカーは、トランプカードを使用したゲームです。使用するカードはジョーカーを除く52枚のカードです。 ポーカーのルールを覚えたら、次は上手にプレイする方法を学んでいきましょう！ トランプは、どこでもカンタンに持っていけて、いつでも、だれでも、そして、何人でも楽しめるカードゲームです。

  367. Appreciation for taking the time to discuss this topic, I would love to discover more on this topic. If viable, as you gain expertise, would you object to updating the website with further information? It is tremendously beneficial for me.

  368. Appreciation for taking the time to discuss this topic, I would love to discover more on this topic. If viable, as you gain expertise, would you object to updating the website with further information? It is tremendously beneficial for me.

  371. Great article!!! I really hope to check out the same high-grade content from you later on as well. In fact, your creative writing abilities has encouraged me to get my very own blog now. I found it very informative and useful. “오피뷰” thank you for posting such a nice content… Keep posting such a good content…

  374. I have read so many posts about the blogger lovers however this post is really a good piece of writing, keep it up 총판 you could help them greatly. Cheers!

  377. Greetings, have tried to subscribe to this websites rss feed but I am having a bit of a problem. Can anyone kindly tell me what to do?’

  378. Simply want to say your article is as amazing. The clarity in your post is just great and i can assume you’re an expert on this subject. Fine with your permission allow me to grab your feed to keep up to date with forthcoming post. Thanks a million and please keep up the gratifying work.

  384. I am currently perfecting my thesis on gate.oi, and I found your article, thank you very much, your article gave me a lot of different ideas. But I have some questions, can you help me answer them?

  388. I think it is a nice point of view. I most often meet people who rather say what they suppose others want to hear. Good and well written! I will come back to your site for sure!

  389. I dont think I’ve read anything like this before. So good to find somebody with some original thoughts on this subject. cheers for starting this up. This blog is something that is needed on the web, someone with a little originality.

  392. Nice blog here! Also your web site loads up very fast! What host are you using? Can I get your affiliate link to your host? I wish my web site loaded up as fast as yours lol