tag:blogger.com,1999:blog-76951246926098242902024-03-21T16:33:24.230+01:00Property Overseas GroupSpecialists in properties for sale in Spain, bargains and distressed sales in the Costa del Sol.Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.comBlogger28125tag:blogger.com,1999:blog-7695124692609824290.post-314918122119024162018-03-13T14:22:00.000+01:002018-03-15T12:58:16.198+01:00Our property buying journey in Spain<table align="center" border="0" cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-spacing: 0px; box-sizing: border-box; color: #333333; font-family: Arial, Palatino, "Palatino Linotype", Times, "Times New Roman", serif; font-size: 14px; width: 1000px;"><tbody style="box-sizing: border-box;">
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<span style="box-sizing: border-box; font-weight: 700;">In 2017 my husband and I decided to take early retirement from our jobs in the UK and relocate to Coin, something that had been in our minds for a few years. These are the steps on our journey…</span></div>
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<tr style="box-sizing: border-box;"><td style="box-sizing: border-box; padding: 0px;"><span style="box-sizing: border-box; font-weight: 700;">Lots of thinking and setting a budget</span></td></tr>
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There was a lot to think about! It was a big decision to relocate to Spain! We had visited previously and liked the area of Coin and thought we could make it our home but had to think what was important to us in everyday life and did the area offer us what we wanted? Living in Spain is not the same as coming on holiday. We had to think how we would be spending our time.</div>
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<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding: 0px;">We had to think did we want to live in a town with amenities at hand or in the country? And of course there were financial considerations. We decided to sell in UK and purchase in Spain, rather than renting out our existing house out in UK and renting in Spain, believing we would feel more settled in our new location this way. We also had to think about monthly outgoings and what budget we had to fund this. It was also important to research the costs involved in buying a property in Spain including the moving costs, and set a budget for a house purchase accordingly. We did a lot of research on the Internet at this stage!</td></tr>
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<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding: 0px;"><a href="http://www.propertyoverseasgroup.com/buying%20guide.pdf" style="box-sizing: border-box; color: #000033; text-decoration-line: none;" target="_blank">Click here</a> for useful buying guide</td></tr>
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<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding: 0px;"><span style="box-sizing: border-box; font-weight: 700;">Make contact with a local Estate Agent</span></td></tr>
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Our next stage was to search for properties on the internet to see what we could buy within out budget. We found the Property Overseas Group website easy to use and made contact with Richard who we found very helpful.</div>
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We were advised to use an agent with an inland office rather than one from the coast as they were better acquainted with the area & inland contacts.</div>
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<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding: 0px;"><span style="box-sizing: border-box; font-weight: 700;">Visit Spain</span></td></tr>
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We arranged a visit to Coin to view some properties to see what was available for our budget. We viewed a range of properties from rural fincas to town houses, and urbanisations outside the town. This helped us decide where we wanted to purchase and what sort of property would suit our needs, and reassured us that our project was feasible before putting our UK house on the market.</div>
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On returning to the UK we continued our search via propertyoverseasgroup.com and set timescales for our move to Spain.</div>
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Our property in the UK was put on the market and sold very quickly!</div>
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During our next visit to Coin we made contact with a local legal representative who would handle our house purchase here in Spain.</div>
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We narrowed our house search down and viewed more properties and deciding on the one that we wanted to purchase. We put a reservation deposit down, which took the house off the market and allowed the legal representative to complete the relevant checks on the property and draw up a private purchase contract. Once this was signed by both parties we were required to pay 10% deposit and a completion date was set.</div>
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We used a currency exchange company recommended by Property Overseas Group to transfer money from our UK bank account to our Spanish account ready to pay the deposit and other related costs. This started the purchase process while we returned to the UK to complete our house sale and arrange our move to Spain.</div>
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<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding: 0px;"><span style="box-sizing: border-box; font-weight: 700;">Open a Spanish Bank Account</span></td></tr>
<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding: 0px;">During this visit we also opened a bank account as we had not previously done this. Sabadell in Alhaurin El Grande was recommended to us as the staff speak good English and you can view your account online. We opened an account and have found them to be very good so far.</td></tr>
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<span style="box-sizing: border-box; font-weight: 700;">Obtain an NIE Number</span></div>
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The NIE (<em style="box-sizing: border-box;">Número de Identificación de Extranjero</em>) is the identification number in Spain for everyone who is not a Spanish citizen. The NIE is not a fiscal residency identification; you can have a NIE and be fiscal resident in another country.</div>
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The NIE number is needed in order to file taxes, buy property, and for almost all other forms you fill out, so this was a task we completed shortly after we first arrived in Spain before purchasing.</div>
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Richard at Overseas Property Group kindly helped us to obtain our NIEs. This involved making an appointment at the Police Station and attending with our passports and completed forms.</div>
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If you're in Spain, you go to the police station or Oficina de Extranjeros. Outside of Spain, you go to the nearest Spanish Consulate (the "Consulate dept legalizaciones", not the Embassy).<br />
You must bring:</div>
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<li style="box-sizing: border-box;">The filled-out form EX-15.</li>
<li style="box-sizing: border-box;">A supporting document showing why you need a NIE (in our case the reservation document on the house we were purchasing)</li>
<li style="box-sizing: border-box;">A copy of your passport</li>
<li style="box-sizing: border-box;">A passport photo</li>
<li style="box-sizing: border-box;">Receipt of payment made at a bank (Approx. 12 €) in relation to Tax Form 790.</li>
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The relevant forms are available online or from the NIE office. As with all appointments it is best to double check exactly what is required to provide before you attend.</div>
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<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding: 0px;"><span style="box-sizing: border-box; font-weight: 700;">Travelling here</span></td></tr>
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After a lot of thought we made the decision to bring our car to Spain. We found the journey down to be very easy after a 24 hour ferry journey to Santander. We took our time and enjoyed the journey staying just outside Santander on the first night and just south of Madrid the second.</div>
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Our belongings had previously been loaded onto a lorry that would deliver to our new house once the purchase was complete, storing our boxes for as long as necessary. Having never done anything like this before and reading all sorts of scare stories on the internet we kept our fingers crossed!<br />
We arrived in Costa Del Sol (in torrential rain!) and stayed in a rented apartment until the house purchase was complete.</div>
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<tr style="box-sizing: border-box;"><td colspan="2" style="box-sizing: border-box; padding: 0px;"><span style="box-sizing: border-box; font-weight: 700;">Completion on house purchase</span></td></tr>
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The completion involved more money transfers and signing papers in person at the Notary on the day of completion. Our household bills set were set up in our name by our legal representative.</div>
Our boxes of belongings were then delivered to our new home in perfect condition and at the agreed time. We would certainly recommend the company we used.</td></tr>
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<span style="box-sizing: border-box; font-weight: 700;">ONCE LIVING HERE….</span></div>
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<span style="box-sizing: border-box; font-weight: 700;">Registering on the padrón</span></div>
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It is obligatory by Spanish law to register on the padrón at the Town Hall where you habitually reside.<br />
The padrón is a list of all the people who live in a certain town. Empadronarse is the act of registering yourself on this list with your local town hall.<br />
It is simply a way for the town hall to know how many people live in their area. They do not need to know your official residence status or financial affairs.<br />
Simply go to the padrón office of your town hall and fill in the form they provide. Take along official identification, such as a passport, and also your NIE or residence certificate/card, a recent utility bill in your name, and the deeds to your house or a copy of your rental contract. You may have to return to collect your certificate.<br />
There was a bit of confusion as they asked for our water bill – which we did not have at the time so had to go to our legal representative for a copy from the previous owner and transfer it to our name at the Town Hall. Something no one had heard of being asked for before! But on the whole we found the process quite straightforward and the staff at the Town Hall in Coin were very helpful (although we could not speak Spanish and they could not speak English!)</div>
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<span style="box-sizing: border-box; font-weight: 700;">Applying for Residency in Spain</span></div>
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It is required that all EU citizens planning to reside in Spain for more than 3 months should register in person at the Oficina de Extranjeros in their province of residence or at designated Police stations to apply for a Residence Certificate. You may be required to produce evidence of sufficient financial means to support yourself (and dependents). You may also be asked for proof of private or public healthcare insurance, depending on your circumstances.</div>
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Because there was so much conflicting information on the web regarding what was needed to obtain our Residence Certificates, and because we are only beginning to learn Spanish, we employed the help of a local specialist who advised us, gathered our paperwork together and made and attended our appointments with us at the Police Station. This made the process less daunting!</div>
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As we owned our own house in Spain, we took the paperwork for the house with us. We also took a statement from our Spanish bank and a copy of our bank statements certified by the bank. We had read differing advice – some saying we had to have 7,000€ each in our account for at least three months before applying for a Residence Certificate, or regular payments being made into the account. As we are both below the UK retirement age, but not working (so not entitle to Spanish National Health) we had to take out full private healthcare cover. This was a stumbling block as the first cover we took out was not sufficient despite being told it was by the person who sold us the cover! The healthcare cover needed to be full (no co-payments and no restrictions as to how many times we used the healthcare cover). This caused us to be refused our Residence Certificates at the National Police Station on our first visit. In Malaga where we registered the authorities were very keen that our health cover was full. We had to go back to our healthcare provider to change our cover and make another appointment.</div>
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We were then successful and both issued a credit card size Residence Certificate stating our name, address, nationality, NIE number and date of registration.</div>
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We believe that after five years residence registration we are entitled to apply for a certificate of permanent residence in Spain (to be investigated at a later date! One step at a time!)</div>
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<em style="box-sizing: border-box;">Note: Once you are a resident visit your bank and ask if there is a better bank account you can now have without monthly charges….</em></div>
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Useful websites: <a href="https://www.gov.uk/guidance/residency-requirements-in-spain" style="box-sizing: border-box; color: #000033; text-decoration-line: none;">https://www.gov.uk/guidance/residency-requirements-in-spain</a></div>
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<span style="box-sizing: border-box; font-weight: 700;">Re-registering our car</span></div>
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We chose to bring our UK car with us to Spain. Legally, you are allowed to drive a foreign-registered car in Spain for up to six months in any one year.</div>
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If you intend to keep it longer, as we did, you should have it tested and re-registered as a Spanish car. The test, equivalent to the British MOT, is called the ´Inspeccion Técnica de Vehículos´ or ITV, and can be carried out at an official ITV centre (located in Malaga or Fuengirola). You then have to have the car re-registered and obtain Spanish number plates.</div>
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Again we employed the help of an expert in this field who completed all the paperwork asking us to provide any paperwork he needed. We also had to obtain a certificate of compliance, which was quite straightforward with his help. We found the process very straightforward and only took a few weeks from start to finish. We were then able to take out our Spanish Car Insurance.</div>
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Useful website: <a href="http://www.dgt.es/" style="box-sizing: border-box; color: #000033; text-decoration-line: none;">www.dgt.es</a> this has a lot of other information on vehicle and traffic laws in Spain, much of it is in English.</div>
Instead of importing a car into Spain, many people sell their car at home and buy a new or used one in Spain. Even for second-home owners, who need a car while here but don’t want to drive over every time, getting a Spanish car is worth considering – or investigate long-term rental.</td></tr>
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Our next task will be to investigate changing our Driving Licenses to Spanish ones. We have been told that this is a fairly simple process involving a simple medical and very basic road awareness test on a computer screen.<br />
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Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-35359188808748631532016-06-30T10:53:00.001+02:002016-06-30T10:53:29.727+02:00What Brexit means for British buyers<div class="style111" style="background-color: white; color: #000033; font-family: Arial, sans-serif; font-size: 24px;">
What Brexit means for British buyers</div>
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Posted on June 27, 2016 in <u><strong>Economy</strong></u><strong>, <u>Opinion</u>, <u>Politics</u></strong><br /></div>
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The UK’s decision to leave the European Union raises some important questions. Here’s how it will affect British buyers in Spain.</div>
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<img alt="Brexit" src="http://www.propertyoverseasgroup.com/brexit.jpg" /> </div>
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<strong>Can I still buy a property in Spain?</strong><br />Yes. Britain is still a member of the EU and British citizens enjoy the same rights today that they did last week.<br />It is likely to take at least two years to leave the EU, and many more years to settle the resulting changes in trade agreements. British buyers are unlikely to feel the impact for some years.</div>
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<br /><strong>What does a fall in Sterling mean?</strong><br />A weakened Pound is the most immediate effect of Britain’s referendum. In effect, Spanish property has just become more expensive for UK buyers.<br />The exchange rate is expected to be volatile over the coming months, but buyers can take steps to insulate themselves from currency risk.<br />It is also worth setting this in a wider context: While Spanish house prices have been steadily recovering over the past 2 years, they remain 32% cheaper than their peak in 2007.<br /><br />Spanish property remains excellent value.</div>
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<br /><strong>What will happen to my property when the UK leaves?</strong><br />Spain has a long history of welcoming buyers from overseas, who now account for 1 in 5 house sales. Non-EU buyers are extremely active in the market and enjoy very similar rights to EU nationals.<br /><br />Leaving the EU/EEA is highly unlikely to impact the rights of British citizens to buy property in Spain. Overseas investment is too important to the economy.</div>
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<br /><strong>Will I still get a mortgage?</strong><br />Yes. Spanish banks typically ask foreign buyers for a deposit of up to 40%. While there is scope for this to rise, it is already at a level that provides banks considerable protection and is unlikely to see much adjustment.<br />Meanwhile, the economic climate in Europe is wedded to low interest rates. Borrowing costs remain good value.</div>
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<br /><strong>Will the Spanish property market crash?</strong><br />British buyers are important to the Spanish market and they are the largest single nationality among overseas investors. However to put this in context, Brits form 4% of the market.<br />There are two reasons Brexit is highly unlikely to trigger a crash. Firstly, foreign buyers are a diverse group: German, French, Belgian, Italian and Swedish (among many others) are all an extremely active, growing part of the market.<br />There may be some localised pain, but even a complete collapse in UK demand (again, totally unlikely) would only put a small dent in the market.<br />Secondly, the market has nowhere to go. Spanish property has been recovering steadily since 2014, but remains a very long way off its peak. The worst we expect from Brexit is restrained growth.</div>
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<br /><strong>Is my EHIC card still valid?</strong><br />Yes. The European Health Insurance Card provides reciprocal health cover for travellers in the EEA. It will remain in place for at least two years while Brexit negotiations are in motion.<br />European countries are keen to ensure that their citizens enjoy healthcare while travelling, so it’s entirely possible an EHIC agreement (or something similar) will remain in place even after Brexit.</div>
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<br /><strong>Will I get full healthcare if I move to Spain?</strong><br />For now, yes. As long as Britain remains in the European Union, reciprocal healthcare arrangements continue as before.<br />However the current agreement is tilted heavily against Spain; they export young, fit people with minimal needs, while taking in older people with higher healthcare requirements. The Spanish government will seek to redress this balance.<br />After two years, Spain will most likely require British expats to take out health insurance.</div>
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<br /><strong>What about my pension?</strong><br />Under single market rules, UK citizens living in Spain (and indeed the whole EEA) have their pensions and social security payments automatically uprated each year in line with local inflation. This system is a mutual EU arrangement and is likely to become a negotiating point in Brexit talks.<br />In the worst case, British pensioners in Spain could get similar treatment to those in Canada and lose their automatic right to pension increases.</div>
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<br /><strong>How will inheritance work?</strong><br />British citizens (and indeed all EEA residents) currently get very good tax treatment in Spain, paying the same inheritance tax as locals.<br />Crucially, the double-taxation treaties that enable these are NOT made in the EU. Therefore Brexit has no effect on the existing tax agreements between the UK and Spain.</div>
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<br /><strong>What happens next?</strong><br />In short, nothing for quite some time.<br />Exchange rate fluctuations will be the only visible effect of Brexit in the short term.<br />The two year process of leaving the EU will not begin until Article 50 is triggered and this is currently scheduled to happen in October 2016. (Despite protestations, Europe cannot force a faster pace until Britain formally takes this step.)<br />It is also important to note that this referendum is non-binding, and British politicians will now enter a protracted period of horse trading over what to do next – or even who’s in charge.<br />With Brexit leaders already dialling back their rhetoric and promises, it is not a foregone conclusion that Britain will completely leave. Huge debating points now remain over whether Brexit means a total withdrawal from the single market (EEA).<br />Time will tell, and it all serves to slow the process.</div>
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<br /><strong>The net effect is Britons will continue to enjoy the benefits of European citizenship for some years, and can expect a broadly similar deal once Brexit is complete.</strong></div>
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<br /><strong>The British love affair with Spain continues.</strong></div>
Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-44902054515694879532014-01-17T22:30:00.000+01:002014-01-17T22:30:28.158+01:00SPANISH PROPERTY LEGAL GUIDE<div class="WordSection1">
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<a href="" name="_Toc377061282"><span style="font-family: Verdana, sans-serif;">1.<span style="font-size: 7pt; font-weight: normal;"> </span><!--[endif]-->PURCHASING
A RESALE PROPERTY IN SPAIN</span></a></h1>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061283">COSTS OF PURCHASING</a> </span></h2>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">There are various taxes and costs associated with the purchase
of property which will add approximately another 10% to the purchase price. The
various charges are: <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061284">Transfer tax</a> </span></h3>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The transfer tax, called “Impuesto de Transmisiones
Patrimoniales” in Spanish, is levied at 8% of the purchase price when it is
lower than 400,000 euros, 9% when the purchase price is from 400,000 euros to
700,000 euros and 10% from 700,000 euros onwards. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061285">Plusvalia</a> </span></h3>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The other tax to be paid on a property purchase is the “arbitrio
sobre el incremento del valor de los terrenos”, which is the municipal tax
charged on the increase in the value of the land since its last sale, using the
official value of the land as the taxable base which tends to be always lower
than the market value. The land is officially revalued periodically for this
purpose. This tax may be paid by either the vendor or the buyer, as agreed
between the parties. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061286">Warning to buyers</a> </span></h3>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Since January 1, 1999, the “plusvalia” tax can be charged
directly against the property itself, meaning that should the vendor be liable,
and “forget” to pay it, then liability for payment will pass to the new buyer. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061287">Notary Fees</a> </span></h3>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The notary fees are fixed by an official scale and the fee
varies according to the size of the land, the size of the dwelling and its
value. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061288">Land Registry Fees</a> </span></h3>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This
will be a similar amount to the notary fees, and relates to the entry of the
property in the land registry (“Registro de la Propiedad”). <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061289">APPOINTING A LEGAL REPRESENTATIVE</a> </span></h2>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">It is highly recommended to appoint a legal representative as
early as possible in the purchase process. Your lawyer will explain to you the
legalities involved in the purchase and also carry out the due diligences on
the property, including advising you of any debts, provide you with an estimate
of the annual running costs of the property and prepare all the documentation
required to complete the transaction. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061290">POWER OF ATTORNEY</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Should you not be able to be present to sign all the necessary
documentation related to the purchase, then you may grant power of attorney to
your legal representative or to another third party. The power of attorney
would list all the duties that can be carried out by the third party, which may
include buying and selling property, opening and administering bank accounts,
applying for and accepting a mortgage, representing you with respect to utility
companies and the tax authori-ties etc. The power of attorney would be signed
before a notary public in Spain, and should cost approximately 60 euros. <o:p></o:p></span></span></div>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Should you not be able to visit a notary public in Spain and
need to formalise the power of attorney in your home country, the procedure is
different. Your lawyer will prepare the document in Spanish and English, and
this will need to be signed before a notary public in your home country and
then provided with the “Hague Apostille” at the Foreign and Commonwealth Office
in London. Some notaries will take care of this process too. More information
on the procedure can be obtained from their website: www.fcogov.uk <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061291">DECIDING ON A PROPERTY</a> </span></h2>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Once you have decided on a property, you will need to pay over
an initial deposit/reservation fee to ensure that the property is taken off the
market. The fee may be placed with the real estate agency or with your lawyer.
A corresponding “offer and reservation document” should be signed on making the
payment, indicating the basic terms of the purchase, i.e. the price, details of
the vendor and buyer, details of the property, and the date by which the
“private purchase contract” should be signed. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061292">THE PRIVATE PURCHASE CONTRACT</a> </span></h2>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The private purchase contract will then be signed approximately
20-30 days after payment of the initial deposit/reservation fee, and once due
diligences have been carried out on the property. Normally a 10% deposit would
be paid; however, this may vary according to the vendor’s wishes. The contract
will stipulate all the terms and conditions of the sale, including the final
date by which the title deeds must be signed and final payment made, and this
will then give the buyer time either to obtain a mortgage or get together the
money required to complete the balance. Should the buyer fail to complete the
sale by the final date, the buyer would lose the deposit. On the other hand, should
the seller decide to pull out of the sale, or should the seller find another
buyer who offers to pay more, then the original buyer has the right to claim
back twice the amount of the deposit. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061293">MORTGAGE</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">It is important to note that should you consider applying for a
mortgage in Spain, this will add approximately another 2% to 3% to the purchase
costs. For a non-resident buyer, the mortgage is usually limited to around 70%
of the valuation of the property. Once the mortgage is approved by the Spanish
bank based on your proof of income, the bank will issue a binding offer which
can be compared with other bank’s offers. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061294">DUE DILIGENCE</a> </span></h2>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Apart
from checking the legalities of the property, your lawyer will also check that
all running cost and local tax payments are up to date. This will also enable
your lawyer to advise you of the approximate annual running cost of the
property. These checks will include: <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061295">Utility Bills</a> </span></h3>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Utility bills usually refer to electricity, water, gas and
telephone. If you as a buyer are faced with unpaid utility bills from the
previous owner, you should be aware that these are in fact personal bills
issued by private companies. They are not attached to the property so that only
the person who signed the contract with the utility company is liable for them.
If left unpaid, the company will cut off the services. However, on payment of a
reasonable fee, the utility company will conclude a new contract with you for
these services. This fee is exactly the same as the charge for changing the
electricity contract into your own name, which you would have to do anyway. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061296">Community Fees</a> </span></h3>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">These
fees are charged by the community of property owners which is the legal body
that controls all the elements of the property held in common. This includes
the lifts, gardens, swimming pools, roads, etc. Each owner is assigned a quota
or percentage of the expenses which must be paid by law. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Your lawyer will request a copy of the rules and regulations of
the community, together with a copy of the minutes of the last AGM so that you
can ascertain the current situation with respect to any community issues. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Decisions are taken by majority vote of the owners at each
year’s AGM and these actions are recorded in an official document that you are
entitled to inspect when you become the property owner. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061297">IBI (local rates) and BASURA (refuse collection)</a>
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<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The IBI is the municipal real estate tax and BASURA is the local
refuse collection tax. When purchasing the property, your legal representative
must check the IBI receipts and BASURA for the last 5 years, since you can be
liable for five years of back tax. The IBI tax can be as low as 120 euros or as
much as 2,000 euros per annum. <o:p></o:p></span></span></div>
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<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">It
is recommended to have these local taxes paid automatically from a bank account
each year, in order to avoid unnecessary surcharges, and also to benefit from
discounts for early payment, which can be as much as 10%. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061298">THE TITLE DEED AND REGISTRATION</a> </span></h2>
<div class="CM9" style="margin-bottom: 28.4pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The “Escritura Publica” or “Title Deed” is the final document of
the sale and is signed between the buyer and vendor when the final balance due
on the property is paid. The signing takes place in the presence of a notary
public, which makes the document legally binding. The notary public is an
official of the state, and his duty is to certify that the contract has been
signed, monies paid over, and that the buyer and vendor have been advised of
their tax obligations. The notary public keeps the original of the document and
the purchaser is issued with a second authorised copy, which is then entered in
the property registry (against the payment of the stamp duty or transfer tax).
This means that if the buyer loses the buyer’s copy, then the notary public can
always issue another copy. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061299">PROPERTY VALUES</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">When going through the purchase process, you will come across
different values which are attached to the property. It may be helpful to
understand these different values: <o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Catastral
value <o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Fiscal value <o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Valuation
value <o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Market value <o:p></o:p></span></span></div>
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<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Declared
value/Sales price <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061300">Catastral value</a> </span></h3>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The “catastro” office is the second form of property
registration, and deals more with the exact location, physical description and
boundaries; unlike the property registry which deals more with ownership and
title. The “catastro” office is also the source of the “valor catastral”, which
is the assessed value of the property used in calculation of local rates. The
figure is normally considerably lower than the real market value. If you are
purchasing a new property this will not have been assigned a “valor catastral”,
it therefore becomes the buyer’s responsibility to register the property at the
“catastro” office for this tax. An existing property should already have its
own “valor catastral”. The annual real estate tax IBI, charged by the
municipality, will be calculated based on the “valor catastral”. <o:p></o:p></span></span></div>
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<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061301">Fiscal value</a> </span></h3>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This is the value assessed by the tax authorities, and is the
minimum value that should be declared on the title deed when a sale takes
place. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection11">
<div class="Default">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061302">Valuation value</a> </span></h3>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This is the value assessed by a bank for mortgage approval
purposes. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection12">
<div class="Default">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061303">Market value</a> </span></h3>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Depending on the market, a real estate agent or property valuer
will give an estimate of a property’s current market value. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection13">
<div class="Default">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061304">Declared value/Sales price</a> </span></h3>
<div class="CM9" style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">The
declared value is the sales price of the property. All the costs and taxes are
based on the sales price.</span><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;"><br /></span></span></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="background: #DBE5F1; mso-background-themecolor: accent1; mso-background-themetint: 51; padding: 0cm 5.4pt 0cm 5.4pt; width: 550.8pt;" valign="top" width="734"><h1 style="margin-left: 36.0pt; mso-list: l7 level1 lfo9; text-indent: -18.0pt;">
<a href="" name="_Toc377061305"><span style="font-family: Verdana, sans-serif;">2.<span style="font-size: 7pt; font-weight: normal;"> </span><!--[endif]-->PURCHASING
A NEW PROPERTY – OFF PLAN</span></a></h1>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="Default">
<br /></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Purchasing a property off plan in Spain means you pay in advance
for a property not yet built. However, you make great savings in the end. This
is because the builder gives very favourable terms to the buyer because the
buyer is financing the project and the property will have increased in value
when it is eventually finished. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The costs associated with purchasing a new property are slightly
different to those for a resale. ITP (transfer tax) is no longer applicable
since you are purchasing from a developer, and instead you pay 10% of IVA (VAT)
and 1.5% of AJD (stamp duty). Both taxes are based on the purchase price. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
“plusvalia”, as previously mentioned, may be payable by the buyer or the
vendor, as agreed in the contract. Other costs are the same as the resale
property, i.e. the notary and land registry fees. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">It is very important to appoint a legal representative when
purchasing “off plan” so that this representative can check that all the
necessary licences are in place. The good news is that a new Andalusian decree
has been introduced to protect the consumer. Since February 2007, all
developers are obliged to supply a complete information package to a
prospective buyer. The documents include papers identifying the builder, the
planner, the project manager and the developer and any other intermediary
involved in the sale. It also includes the floor plans, building
specifications, dimensions, delivery date, terms and conditions of the sale,
property registration details, and information on the building insurance that
protects the buyer should the builder not complete the project. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Spanish law requires that the purchase contract must contain the
delivery date with a penalty clause, specifying that the property must be
handed over within “x” days of the first occupation licence being issued. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The developer must also provide bank guarantees for the payment
made when private purchase contracts are signed and any further payments made
during the construction period. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Your lawyer or property consultant will request and check the
following: <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• The
construction specifications <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• The
specifications of the materials used <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Details of the
communal areas <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Bank guarantee
details <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• The contract <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Whether the
developer or purchaser will pay the plusvalia tax <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Whether the
developer can offer a mortgage <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level2 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• If the 10 year
insurance policy covers defects on the property. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level2 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">The developer is responsible for attending to defects at the
moment the property has been handed over: <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Up to 1 year
for any snagging defects <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Up to 3 years
for any minor defects <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l8 level1 lfo2; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Up to 10 years
for any structural defects <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<div class="Default">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="background: #DBE5F1; mso-background-themecolor: accent1; mso-background-themetint: 51; padding: 0cm 5.4pt 0cm 5.4pt; width: 550.8pt;" valign="top" width="734"><h1 style="margin-left: 36.0pt; mso-list: l7 level1 lfo9; text-indent: -18.0pt;">
<a href="" name="_Toc377061306"><span style="font-family: Verdana, sans-serif;">3.<span style="font-size: 7pt; font-weight: normal;"> </span><!--[endif]-->SELLING
YOUR PROPERTY</span></a></h1>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">When you find a buyer for your property, you will first receive
a reservation fee, at which time you must take the property off the market. The
private purchase contract is then signed within a specified time frame and you
will receive a full 10% deposit on signature of the contract. The private
purchase contract will stipulate all the terms and conditions of the sale,
including the final date by which the balance of the sales price must be paid
and title deeds signed before the notary public. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection14">
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061307">3% TAX RETENTION for a non-resident vendor</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Up until January 1, 2007, all buyers of Spanish property from
non-resident owners were required to withhold 5% of the total purchase price
and pay it to the Spanish tax authorities due to the non-resident seller’s
capital gains tax liability. The new law has cut this retention to 3%.
Non-resident sellers and persons who buy from non-resident owners must remember
that they are required to make this retention and declare it to the tax
authorities by filing tax form 211. If they do not do this, the tax authorities
can charge the retention to the property itself. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">As a seller, once the sale has been completed, you will
therefore need to file your capital gains tax form 212, indicating the capital
gain payable, within 30 days of the sale taking place. Should this amount
exceed the 3% deposit, then you will be entitled to a refund of the difference,
or alternatively if the capital gains tax is more, you must pay the difference
within the 30 days. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection15">
<div class="Default">
<br /></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061308">CAPITAL GAINS TAX</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">On November 28, 2006, the Spanish parliament passed law 35/2006,
modifying the 2007 regulations, with the outcome that, as of January 1, 2007, a
non-resident owner pays 21% of the profit made when selling a Spanish property.
The resident owner’s capital gains tax has been raised to 21% from 0 to 6,000
euros of gain, 25% from 6,000 euros to 24,000 euros and 27% from 24,000 euros
onwards.. The non-resident tax cut comes in response to a ruling from the
European Union that the former rate of 35% discriminated against non-resident
EU property owners in Spain, while residents were taxed at only 15%. These
rates have now been made equal. Since January 2010, the new rate of 21% applies
to all sellers, resident and non-resident, even if they are not EU citizens. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Until January 1, 2007, all buyers of Spanish property from
non-resident owners were required to withhold 5% of the total purchase price
and pay it to the Spanish tax authorities because of the non-resident seller’s
capital gains tax liability. The new law has cut this retention to 3%.
Nonresident sellers and persons who buy from nonresident owners must remember
that they are required to make this retention and declare it to the tax
authorities. If they do not do so, the tax authorities can charge it to the property
itself. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">As a vendor, you will need to file capital gains tax form 211 on
which the non-resident declares his capital gain or loss when he sells his
Spanish property. On this form the non-resident seller applies for a refund, if
the deposit of 3% is greater than the tax, or makes an extra payment, if the
deposit is less that the tax due. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061309">LONG-TERM OWNERS</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Long-term owners are no longer exempt from capital gains tax
when they sell their Spanish property. Until 2007, owners who bought before
December 31, 1986 were able to apply a reduction factor and had no capital
gains tax at all. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This total exemption was cancelled with effect of January 20,
2006. Now the long-term owners are also required to pay this tax. The original
reduction is still in force, so they will pay only for the percentage of
profits generated after January 20, 2006; however, they must pay something. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The long-term owners applied a reduction factor of 11.11% per
year of ownership, i.e. after 10 years, they had no capital gains tax at all.
This reduction factor was cancelled in 1996 so that only those who owned their
property for 10 years before 1996 had a total exemption. Buyers between 1986
and 1994 had partial reductions. Even when the factor was cancelled, the early
buyers retained their right to exemption. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">They retain their reductions up to January 20, 2006. After that
they face capital gains tax of 21% on the portion of their profits generated
after January 20. <o:p></o:p></span></span></div>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">All sellers, both resident and non-resident, still have the
right to use the inflation correction factor which helps to reduce their
taxable profit. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061310">NEW ANDALUSIAN DECREE ON REAL ESTATE</a> </span></h2>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
Andalusian government enacted the Decree 218/05 to support consumers in buying
and selling properties. Briefly, the decree imposes the obligation on real
estate agents to have one “data sheet” for each property on their books which
must include the following data (Article 10) which you as the vendor must make
available to the estate agent: <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">1.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">1. Address of the
property. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">2.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">2. General
description of the property and of the building or development. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">3.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">3. Price of the
property. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">4.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">4. Owner, land
registry charges or encumbrances, possible rights of way, residential and
constructed size, i.e. all of these backed up by a recent (no older than 3
months) land registry “nota simple”. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">5.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">5. Date of
construction, if available. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">6.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">6. Percentage of
the communal elements allocated to the property. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">7.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">7. Note of the
presence of electricity, water, tele- phone or gas supplies. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">8.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">8. When visiting
the property, there is a period of time during which the buyer will be able to
process the required paperwork for completion. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l2 level1 lfo3; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">9.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">9. Declaration as
to whether the vendor can or cannot provide the following documentation: copy
of by-laws of the community of owners, certificate indicating that there are no
debts with the community, available insurances and guarantees, the property
book (only provided by developers). <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<div class="CM19" style="line-height: 14.15pt; margin-left: 21.25pt; text-align: justify; text-indent: -21.25pt;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">10. Certificate proving that council tax IBI is
paid up to date. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Article 12 provides for a mandatory document containing the
right of the consumer to be given a copy of the property data sheet in Spanish.
<o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Articles 14 and 15 relate to enforcement of the obligations and
to the fines imposed in the event of non-compliance, ranging from 200 to 5,000
euros (pursuant to articles 71.4 LEY 13/2003, DE 17 DE DICIEMBRE, DE DEFENSA Y
PROTECCION DE LOS CONSUMIDORES Y USUARIOS DE ANDALUCIA). Contraventions which are
considered “serious” may be subject to higher fines (5,000 to 30,000 euros) if
the agent has deliberately or negligently ignored the obligations, repeats the
offence (which is therefore considered habitual) or if such non-compliance
affects a large portion of the market. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">With respect to developers, it must be remembered that failure
to guarantee down payments is subject to a fine of 5,001 euros to 30,000 euros,
depending on the size and gravity of the offence but fines can be as high as
30,001 to 400,000 euros. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061311">NON-RESIDENT CERTIFICATE</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This may be required by the buyer, not by you as the vendor. If
the buyer is non-resident and the form of payment is not via a bank cheque
which identifies the buyer, as the issuer, and the issuing bank, the buyer must
in advance obtain a certificate of non-residence from the Spanish Ministry of
the Interior; it can take up to two months for this certificate to be issued. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If
payment takes place abroad, by transfer from the buyer’s account in the UK to
your account in the UK, this is perfectly legal, but it offers the Spanish tax
authorities no control over the transaction for documentation purposes. The tax
authorities therefore require the certificate with full details of the buyer
and vendor and their respective banks outside Spain. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If the buyer pays through a Spanish bank, a certificate of
conversion of the respective currency into euros for the property purchase will
have been issued, and the transaction will have Spanish documentation. If the
sale takes place in pounds sterling or in any other currency outside Spain,
this is also perfectly legal and acceptable as long as the cheque is presented
when the deal is completed before the Spanish notary. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061312">INCOME TAX DECLARATION</a> </span></h2>
<div class="CM9" style="text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="font-size: 11pt;">As
a non-resident vendor you will normally be requested to </span><span style="color: #221e1f; font-size: 11pt;">submit </span><span style="font-size: 11pt;">the </span><span style="color: #221e1f; font-size: 11pt;">form 210 </span><span style="font-size: 11pt;">in which you have
declared and paid property owner’s income tax as well as </span><span style="color: #221e1f; font-size: 11pt;">the </span><span style="font-size: 11pt;">Spanish wealth tax </span><span style="color: #221e1f; font-size: 11pt;">each year. The </span><span style="font-size: 11pt;">buyer may also
ask to see the form 210 in which the imputed income tax has been declared. </span><span style="color: #221e1f; font-size: 11pt;">If </span><span style="font-size: 11pt;">your annual non-resident
tax declarations </span><span style="color: #221e1f; font-size: 11pt;">are not up to date</span><span style="font-size: 11pt;">, these taxes may be deducted </span><span style="color: #221e1f; font-size: 11pt;">from
the 3% retention amount</span><span style="font-size: 11pt;"> by the tax authorities. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061313">TAXES AND FEES</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">As the vendor, the only tax that you may be liable for is the
local “plusvalia” tax. However, you can negotiate for this tax to be paid by
the buyer. All other costs related to the sale, for example the transfer tax
ITP, notary fees and land registry fees are payable by the buyer. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Other
costs, however, may include legal fees and estate agent’s fees. <o:p></o:p></span></span></div>
<span style="font-family: Verdana, sans-serif;"><span style="font-size: 12pt;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</span><div class="Default">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="background: #DBE5F1; mso-background-themecolor: accent1; mso-background-themetint: 51; padding: 0cm 5.4pt 0cm 5.4pt; width: 550.8pt;" valign="top" width="734"><h1 style="margin-left: 36.0pt; mso-list: l7 level1 lfo9; text-indent: -18.0pt;">
<a href="" name="_Toc377061314"><span style="font-family: Verdana, sans-serif;">4.<span style="font-size: 7pt; font-weight: normal;"> </span><!--[endif]-->ANNUAL
PROPERTY AND INCOME TAXES</span></a></h1>
</td>
</tr>
</tbody></table>
<div class="MsoNormal">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061315">PROPERTY TAXES</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">All property owners in Spain are liable to pay three separate
taxes every year. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">These
taxes are: <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l3 level1 lfo4; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Property
owner’s imputed income tax <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l3 level1 lfo4; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Wealth tax <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l3 level1 lfo4; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">• Annual real
estate tax (IBI) <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061316">Property Owner’s Imputed Income Tax</a> </span></h3>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Spanish
property owner’s imputed income tax is not charged on a resident owner’s
principle residence; however, a second home would be taxed. In the case of a
non-resident, since this property will not be considered to be the principle
residence, the tax must be paid on a yearly basis. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The tax payable is 2% of the rateable value of the property
attributed to the property owner as a fictitious income on rental. This is
reduced to 1.1% if the rateable value has been raised since 1994 – and many of
the values have been raised. Residents pay tax on this notional income by
having it added to their other income as if it were more earnings. Lower
incomes pay 15% tax and higher incomes 30% or even 40%. A non-resident is
always taxed at the flat rate of 24% on any income arising in Spain. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This tax of 24% on income must not be confused with the capital
gains tax of 21% which applies to profits from the sale of assets, such as a
house or shares in a company. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection16">
<div class="Default">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061317">Wealth Tax</a> </span></h3>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
wealth tax will now only affect properties with a property purchase price
higher than 700,000 euros. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection17">
<div class="Default">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061318">Annual Real Estate Tax (IBI)</a> </span></h3>
<div class="CM7">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This tax is based on the “valor catastral”
and can vary widely from town to town for the same type of property because it
is a municipal tax. This real estate tax is called the IBI, the “Impuesto sobre
Bienes Inmuebles”. The tax is increased every year in line with inflation. For
a non-resident, the best solution is to have the tax paid by standing order
from a bank account. The bank will provide a form which authorises them to pay
the tax, and a copy of the form is deposited with the local council. This
ensures that taxes are paid when they are due, just as with the other utility
bills of your property. In addition to the assessed value of your property
(“valor catastral”), the IBI also lists your referencia catastral number, which
will identify your property at the “catastro” office together with its
officially documented size. This can be important in buying and selling
property because sometimes the physical description does not agree with the
description given in the property title. <o:p></o:p></span></span></div>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">These three taxes cannot be avoided as the Spanish tax agency,
“Hacienda”, will audit the books at the time of the property sale. They will be
holding your deposit of 3% of your total sale price, which is a guarantee
against your imputed income tax and wealth tax obligations for the previous
four years, as well as against your capital gains tax liability. You will also
be required to present the current real estate tax receipt, the IBI, when you
sign the sale contract. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection18">
<div class="Default">
<br /></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061319">SPECIAL TAX ON OFFSHORE COMPANIES (3%)</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">There are thousands of offshore tax havens used for the sole
purpose of owning a property in Spain. Tax exempt companies formed in Gibraltar
to own Spanish property are no longer recognised since the end of 2010. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
strict controls on tax havens and money laundering have made these changes
necessary. <o:p></o:p></span></span></div>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">There is a new form of non-resident company that offers many of
the same advantages. The special tax on properties owned by offshore companies
is 3% of the “valor catastral”. For companies registered in Gibraltar or other
tax havens there are no exemptions. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061320">NON-RESIDENT RENTAL TAX</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">It is legal and acceptable for you, as either a resident or
non-resident property owner in Spain, to rent out your property. However you
must remember that you must declare your rental income to the tax authorities.
You are actually required to declare the income within 30 days of receiving it,
but can instead apply to make quarterly tax declarations in order to save
paperwork. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">It
is true that almost all owners who let their properties do not declare this
income to the Spanish tax authorities and the chances of getting caught are
slim. Nonetheless, Spanish income tax is due on any profits arising in Spain. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If you are non-resident, you are liable to pay 24,75% from the
very first euro of rental income. You cannot take advantage of the reduction of
50% for resident landlords. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If you are a resident, you should include your rental income
with your other income when you make your annual Spanish income tax declaration.
<o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If you register your property as a tourist letting operation,
you can charge the maintenance expenses of your property as a business expense
and offset it against tax. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061321">BUSINESS INCOME</a> </span></h2>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If
you are a non-resident, but own and operate a business in Spain, such as a
restaurant, or a bar etc., you are also liable for Spanish tax on your profits.
<o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061322">YOUR FISCAL REPRESENTATIVE</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
non-resident property owner of only one property is no longer required by
Spanish law to appoint a fiscal representative who is resident in Spain. Owners
of two or more properties, however, must do so – under penalty of fines that
can go as high as 5,000 euros in the event of noncompliance. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
fiscal representative guarantees to the Spanish tax authorities that they have
a reliable contact inside Spain for the non-resident tax payer. Most
non-residents appoint their tax consultant or legal representative as their
fiscal representative. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061323">NON-RESIDENT’S FISCAL IDENTIFICATION NUMBER (NIE)</a>
</span></h2>
<div class="CM19" style="line-height: 14.15pt;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If
you are a non-resident property owner, you must pay the above-mentioned taxes
and may have to name a fiscal representative. In order to pay these taxes, you
must apply for a NIE (Numero de Identificacion de Extranjero), which is your
Spanish tax identification number. Non-Spanish residents of all nationalities
also have such a number. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">You
should apply for this number when you purchase your property. The number
identifies you to the Spanish authorities and is required when you pay taxes or
have any dealings with “Hacienda”. To obtain it, you need to make an
application at the nearest police station, or “comisaria”, which has a
foreigner’s department and to submit a photocopy of the relevant pages of your passport.
If you are an EU citizen coming to live in Spain, you will be assigned your NIE
number when you obtain your new certificate of registration which has replaced
the residence card. <o:p></o:p></span></span></div>
<div class="CM7">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Alternatively, you can appoint a legal
representative to apply for it on your behalf by means of a power of attorney.<o:p></o:p></span></span></div>
<div class="CM7">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061324">Residents in Spain must declare overseas assets</a>
</span></h3>
<div class="CM19" style="line-height: 14.15pt;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Since
February 2013, all residents in Spain must declare their overseas assets worth
more than 50,000 euros. Severe fines will be awarded for failure to comply with
the new law. Tax residents have until 30 April to present their declaration for
2013 and 30th of March of the following years. <o:p></o:p></span></span></div>
<div class="CM7">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The new legislation regarding the disclosure
of overseas assets by all fiscal residents and businesses in Spain has now
fully come into force (since 1 February) and declarations, made by filling out
Model 720. <o:p></o:p></span></span></div>
<span style="font-family: Verdana, sans-serif;"><span style="font-size: 12pt;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</span><div class="Default">
<br /></div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
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<td style="background: #DBE5F1; mso-background-themecolor: accent1; mso-background-themetint: 51; padding: 0cm 5.4pt 0cm 5.4pt; width: 550.8pt;" valign="top" width="734"><h1 style="margin-left: 36.0pt; mso-list: l7 level1 lfo9; text-indent: -18.0pt;">
<a href="" name="_Toc377061325"><span style="font-family: Verdana, sans-serif;">5.<span style="font-size: 7pt; font-weight: normal;"> </span><!--[endif]-->TAX
ADVANTAGES FOR RESIDENTS</span></a></h1>
</td>
</tr>
</tbody></table>
<div class="Default">
<br /></div>
<div class="Default">
<br /></div>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Foreigners sometimes believe that taking out an official
residence permit in Spain will cost more money and expose them to Spanish taxes
which non-residents can avoid. The reverse is actually true. The resident
property owner has a number of tax advantages over the non-resident. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection19">
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061326">EXEMPTION FROM CAPITAL GAINS TAX</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">(Under the following circumstances) <o:p></o:p></span></span></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061327">Residents over 65</a> </span></h3>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">An
official resident of Spain aged 65 or more who has lived in a principle
residence for three years is not subject to CGT when selling the residence. If
you are 65 or over and hold a Spanish residence permit or the EU certificate of
registration, you can buy a principal residence this year, live in for three
years and sell it on with no capital gains tax to pay. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection20">
<div class="Default">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061328">Residents reinvesting profits in a new home</a> </span></h3>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">An official resident of Spain who reinvests all the proceeds of
a house sale in the purchase of another Spanish residence as a principal
residence will have complete relief from CGT. If a portion of the total amount
of the house sale is used, a percentage of relief up to the amount invested
will be granted. However, the seller must have lived in the home for three
years to qualify. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection21">
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061329">Holders of usufruct</a> </span></h3>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">These
are people who have the right to live in a property until their death. A person
of 65 or older who has a contract with a company to sell a principle residence
in exchange for a lifetime right to inhabit the property and a monthly stipend
will not be subject to tax. This makes such deals to turn home ownership into
lifetime income more attractive for older persons of modest means. The right to
inhabit the property is called “usufructo”. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection22">
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061330">3% RETENTION NOT APPLICABLE</a> </span></h2>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">If you are a resident and you sell your property, you are not
subject to having 3% of the total purchase price withheld and deposited with
Spain’s tax authorities as a guarantee against your capital gains tax
liability. Also, any tax payable on the sale will not be due until the
following year. A non-resident must however declare and pay within 30 days. </span><o:p></o:p></span></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061331">95% REDUCTION IN INHERITANCE TAX</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Official residents of Spain who leave their principle residence
to a wife or to children, who are also official residents, may be eligible for
a 95% reduction in their tax base under the national law. This is 99.9% in
Andalusia. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Three
conditions apply to be eligible for this reduction: <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l1 level1 lfo5; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">1.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">1. You must have
held an official residence permit for at least three years. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l1 level1 lfo5; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">2.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">2. The home you
bequeath must be your principle residence and you must have lived in it for at
least 3 years. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l1 level1 lfo5; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">3.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">3. The heirs must
undertake not to sell the property for 10 years, or for 5 years in many
regions. If they do, they are subject to taxation. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This reduction applies only up to a maximum of 120,000 euros.
For example if the inheritance is a property worth 120,000 euros, you can
reduce this total by 95%, deducting 114,000 euros, and therefore only paying
tax on 6,000 euros, i.e. no tax at all. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This
reduction is also available for a principal dwelling left to a brother or
sister over 65 years of age who has been living with the testator for the
previous two years. The reduction does not apply to any other assets, such as
cars, yachts or shares in companies, only to the home itself. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061332">ANNUAL IMPUTED INCOME TAX NOT APPLICABLE</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Spanish property owner’s imputed income tax does not apply to
the owner’s principal residence. A resident of Spain also has an exemption,
which ended in 2007, on the first 108,000 euros of valuation for Spanish
capital assets tax. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061333">UNLIMITED STAY</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If you actually live most of the year in Spain as a
non-resident, then you are breaking the law as it says that your tourist stay,
even as a European Union citizen, is limited to 180 days per year. You can be
fined 300 euros if you over-stay this limit. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061334">RESIDENT PAYS CAPITAL GAINS TAX AS INCOME TAX</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">A resident pays CGT as part of income tax, so if you sell in
2012, you do not declare the tax until May of 2013 when you file for Spanish
income tax. In Spanish, the capital gains is called “incremento de patrimonio”.
Until 2007, the resident had his capital gain taxed at a maximum rate of 15%.
Under the new law, this is 19%, i.e. just under 20,000 euros on a profit of
108,000 euros. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061335">RESIDENCE PERMITS</a> </span></h2>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
Spanish Royal Decree 240/2007 went into force in 2007 ending the need for EU
citizens to obtain a residence card in Spain. EU citizens are now issued with a
certificate of registration which also contains the EU citizen’s NIE number.
Only citizens of the EU are entitled to this certificate (including the
European Economic Area and Switzerland). All other nationals must apply for
cards as before and this also applies to non-EU family members of an EU
citizen. <o:p></o:p></span></span></div>
<span style="font-family: Verdana, sans-serif;"><span style="font-size: 12pt;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
<tbody>
<tr>
<td style="background: #DBE5F1; mso-background-themecolor: accent1; mso-background-themetint: 51; padding: 0cm 5.4pt 0cm 5.4pt; width: 550.8pt;" valign="top" width="734"><h1 style="margin-left: 36.0pt; mso-list: l7 level1 lfo9; text-indent: -18.0pt;">
<a href="" name="_Toc377061336"><span style="font-family: Verdana, sans-serif;">6.<span style="font-size: 7pt; font-weight: normal;"> </span><!--[endif]-->REGISTRATION
AT YOUR TOWN HALL</span></a></h1>
</td>
</tr>
</tbody></table>
<div class="Default">
<br /></div>
<div class="Default">
<br /></div>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The “Padrón” is the list of all the people who live in a certain
town. “Empadronarse” is the act of registering yourself on this list at your
local Town Hall. <o:p></o:p></span></span></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061337">Who should be registered?</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Officially all residents in Spain are required by law to
register on the padrón, yet many still have not done so. The “Padrón” is the
way the Town Hall knows how many people live in their area without having to
make any investigations as to a person’s official residence status or financial
affairs. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
information provided at registration is confidential and protected by data
protection laws and will not be provided to any other official or private
entity. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection23">
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061338">What are the benefits?</a> <span style="color: #221e1f; font-size: 11.0pt; font-weight: normal; line-height: 115%; mso-bidi-font-family: "Frutiger 45 Light";"><o:p></o:p></span></span></h2>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061339">Better public services</a> </span></h3>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">The Central Government allocates money to the different
municipalities according to how many people are on the “Padrón”. Therefore, if
you are not registered, your Town Hall is losing money for the provision of
health centres, doctors, police officers, firefighters and schools. </span><o:p></o:p></span></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061340">Access to benefits and social care</a> </span></h3>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">You must be on the “Padrón” for a certain period of time to take
advantage of some income-related benefits and other aspects of social care
available through social services at your Town Hall. Those on the “Padrón” can
enjoy discounted courses, leisure and cultural activities run by the Town Hall.</span><o:p></o:p></span></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061341">Voting rights</a> </span></h3>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">In
order to register for local or European elections, you must first be registered
on the “Padrón”, as this is where the Census Office in Malaga collects the data
when preparing the electoral roll. When you register, you should also ask for
the form to register for the vote in these elections. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection24">
<div class="Default">
<br /></div>
<h3>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061342">Day-to-day life</a> </span></h3>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Because this document is your official proof of address, you
will need your “Padrón” certificate to carry out almost any administrative task
such as registering for healthcare, registering your car with Spanish number
plates or any procedure carried out at the Traffic Headquarters, enrolling your
children in Spanish schools, etc. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection25">
</div>
<span style="font-family: Verdana, sans-serif;"><span style="font-size: 12pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: auto;" />
</span>
</span><br />
<div class="WordSection26">
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061343">What Documents are necessary to register?</a> </span></h2>
<div class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">1.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">1. Original
passport and photocopy/NIE or Certificate of Registration with the National
Police Foreign Office and photocopy <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">2.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">2. Proof of
ownership of property (either your title deeds or a rates receipt in your name
and a photocopy). <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l0 level1 lfo6; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">3.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">3. If you do not
own a property and are renting, your rental contract in Spanish and photocopy
will be necessary. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 17.0pt; mso-list: l0 level1 lfo6; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">4.<span style="font-size: 7pt;"> </span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">4. If you do not own a property and you
are not renting, you have to come with the owner of the dwelling in order for
him to sign the registration form, authorising you to register at his property.
<o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; margin-left: 17.0pt; text-align: justify; text-indent: -17.0pt;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">5. All family members over the age of 18, have
to sign the registration form. <o:p></o:p></span></span></div>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">This certificate is valid for three months but can be issued
again upon request. <o:p></o:p></span></span></div>
</div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-break-type: section-break; page-break-before: always;" />
</span>
</span><br />
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061344">Does it need to be renewed?</a> </span></h2>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The
Town Hall will send you a notification at the address on the “Padrón” if and
when renewal becomes necessary.<o:p></o:p></span></span></div>
<span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</span><br />
<div class="CM9" style="text-align: justify;">
<br /></div>
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<tbody>
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<td style="background: #DBE5F1; mso-background-themecolor: accent1; mso-background-themetint: 51; padding: 0cm 5.4pt 0cm 5.4pt; width: 550.8pt;" valign="top" width="734"><h1 style="margin-left: 36.0pt; mso-list: l7 level1 lfo9; text-indent: -18.0pt;">
<a href="" name="_Toc377061345"><span style="font-family: Verdana, sans-serif;">7.<span style="font-size: 7pt; font-weight: normal;"> </span><!--[endif]-->SPANISH
WILLS & INHERITANCE TAX</span></a></h1>
</td>
</tr>
</tbody></table>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061346">SHOULD I HAVE A SPANISH WILL?</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If a non-resident dies in Spain, without a will, the estate in
Spain will be distributed according to the Spanish laws of inheritance. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Let us take as an example a man who dies leaving 3 children and
a spouse. The only property is the house they are living in. If the widow’s
name is in the title as half-owner, she continues to own half the house. The
other half of the house constitutes the estate which is divided equally between
the 3 children. When the estate is settled, each child will own one third of the
title in half of the house, i.e. each of them owns one sixth of the house, and
the title deed has four names on it (the widow and each of the three children).
The widow is, however, entitled to hold a usufruct (lifetime use) of the
children’s share. This means she can stay in the property until she dies. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">However, all parties must then agree and sign the deeds if the
house is to be sold. It is this provision of inheritance law that causes the
situation frequently seen in the Spanish countryside and villages where six
brothers are part-owners of a finca. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Dying without a will can give rise to time-consum-ing and
expensive legal procedures for your heirs, so if you really want to look after
them and if you have definite ideas about how you want your estate to be
apportioned, you should make a Spanish will. It is a simple procedure and you
will feel more secure. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">All
the tax rates and exemptions refer to national inheritance law, and apply to
almost all non-resi-dents. Residents will find regional differences. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061347">SPANISH WILL</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">There are four points to consider: <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l6 level1 lfo7; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">1.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">1. You should make
a Spanish will which disposes of your Spanish property in order to avoid
time-consuming and expensive legal problems for your heirs. Make a separate
will to dispose of assets located outside Spain. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 17.0pt; mso-list: l6 level1 lfo7; text-align: justify; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">2.<span style="font-size: 7pt;"> </span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">2. As a foreigner, Spanish law does not
require you to be subject to the Spanish law on the statutory division among
the heirs according to which you must leave two-thirds of your estate to your
children. Most foreigners enjoy free disposition of their estate so that you
can bequeath your Spanish property to any person of your choice as long as your
own national law allows this. Your estate will, however, be subject to Spanish
inheritance tax, which can be high when property is left by a non-resident to
non-relatives. The law also states that any foreigner officially resident in
Spain is subject to Spanish inheritance tax on his worldwide estate. However,
in practice the authorities will not ask the testator if he or she is an
official resident or not. The only requirement enforced by Spain is the payment
of the inheritance tax on the property or assets held in Spain. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l5 level1 lfo8; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">1.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">3. There are a few
ways around the inheritance tax and these legal ways require advance planning.
Spanish law does not allow any large exemption from inheritance tax, as many
other countries do where the family home is concerned. Tax is payable after the
first 16,000 euros for each beneficiary. <o:p></o:p></span></span></div>
<div class="Default" style="margin-left: 0cm; mso-list: l5 level1 lfo8; text-indent: 0cm;">
<!--[if !supportLists]--><span style="font-family: Verdana, sans-serif;"><span style="color: #221e1f; font-size: 11pt;">2.<span style="font-size: 7pt;">
</span></span><!--[endif]--><span style="color: #221e1f; font-size: 11pt;">4. If you are an
official resident of Spain leaving your property to a spouse or child who is
also resident, you may be eligible for a 95% reduction in the value of the
property for inheritance tax calculation. This is not available to non
residents, and the reduction applies to the first 120,000 euros. <o:p></o:p></span></span></div>
<div class="Default">
<br /></div>
<div class="Default">
<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061348">FAMILY TRUST</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Amongst the perfect legal possibilities is the formation of a
family corporation or “trust”, in which the family’s assets pass into the hands
of the company, with each family member becoming a director of the company. So
when one member of the company dies, it involves only a reorganisation of the
board of directors and a transfer of some of the company shares, thus ensuring
very little tax. <o:p></o:p></span></span></div>
<div class="CM24" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">However, in Spain, trust documents do not exist under Spanish
law, so instead a Spanish company is used. <o:p></o:p></span></span></div>
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<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061349">EQUITY RELEASE, REVERSE MORTGAGE</a> </span></h2>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">A
wide variety of plans are now available from Spanish lenders. You may borrow
half the value of the property and pay back nothing until the property is sold
or you die, at which time the full amount plus interest becomes due. Your heirs
can repay the loan and take possession of the property or sell the property and
repay the loan, dividing up whatever is left over. As the loan is a charge
against the property, the inheritance tax is greatly reduced. <o:p></o:p></span></span></div>
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<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061350">OFFSHORE COMPANY</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">For non-Spaniards, the constitution of a Gibraltar-based company
or other offshore operation in order to own real property in Spain has been
another way to avoid Spanish inheritance taxes. When the founder of the company
dies, he leaves his shares in the company to whomever he chooses, in a will
made outside Spain. As far as the Spanish authorities are concerned, the same
company continues to own the property and no transfer has taken place, hence
there is no tax or any other costs to pay. <o:p></o:p></span></span></div>
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<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061351">FOUR YEAR LIMIT</a> </span></h2>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The statute of limitations on inheritance tax runs out after
four years. The state cannot collect the tax once four years have elapsed. At
the end of this time the beneficiary opens the will and applies to register the
property, free of any inheritance tax, in his name. Spanish law requires that
an inheritance be declared within six months of the death. If not you can be
subject to a surcharge of 35% on the tax due. This period of six months is
included in the statute of limitations, so in reality four years and six months
is the period for prescription. <o:p></o:p></span></span></div>
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<br /></div>
<h2>
<span style="font-family: Verdana, sans-serif;"><a href="" name="_Toc377061352">POWER OF ATTORNEY</a> </span></h2>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Many
foreigners have been confused by the reference in English to an “enduring power
of attorney”. This POA does not mean that it endures beyond the death of the
person who grants it. A POA dies with its maker, in Spain and in the UK. The
“enduring” only means that it has no other fixed date of expiry. <o:p></o:p></span></span></div>
<span style="font-family: Verdana, sans-serif;"><span style="font-size: 12pt;"><br clear="all" style="mso-special-character: line-break; page-break-before: always;" />
</span>
</span><br />
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<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<td style="background: #DBE5F1; mso-background-themecolor: accent1; mso-background-themetint: 51; padding: 0cm 5.4pt 0cm 5.4pt; width: 550.8pt;" valign="top" width="734"><h1 style="margin-left: 36.0pt; mso-list: l7 level1 lfo9; text-indent: -18.0pt;">
<a href="" name="_Toc377061353"><span style="font-family: Verdana, sans-serif;">8.<span style="font-size: 7pt; font-weight: normal;"> </span><!--[endif]-->SPANISH
BANK ACCOUNTS</span></a></h1>
</td>
</tr>
</tbody></table>
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<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">The accounts of residents and non-residents differ in that
different regulations apply to money transfers for the resident and the
non-resident. The main difference is that Spanish withholding tax of 21% is not
withheld from the non-resident account. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If you are a resident, 21% of your interest earnings will be
withheld and paid to the Spanish tax authorities in your name, just as for
Spaniards. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">If you are a non-resident, no tax will be withheld, but you will
be liable for tax in your country of residence. <o:p></o:p></span></span></div>
<div class="CM19" style="line-height: 14.15pt; text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Any bank transaction of more than 1,000 euros requires the payor
and the payee of the amount to be identified. <o:p></o:p></span></span></div>
<div class="CM9" style="text-align: justify;">
<span style="color: #221e1f; font-size: 11pt;"><span style="font-family: Verdana, sans-serif;">Some
banks charge more than 4% when transferring money out of Spain. Other banks
charge fees of around 21 euros per 6,000 euros of transfer so make sure you
discuss the conditions which apply to your bank account at the time you open
it. </span><span style="font-family: Helvetica;"><o:p></o:p></span></span></div>
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Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-57007226780407863442013-11-14T09:27:00.001+01:002013-11-14T09:32:09.362+01:00Property Sales Increase in the Costa del Sol<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span>
<span style="font-family: Arial, Helvetica, sans-serif;">Despite the crisis, the desire of foreigners to live on the
Costa del Sol has not diminished, but rather the opposite. The President of the
Tourist Board and the Council of Malaga, Elijah Bendodo, reported last week
that, in the first six months of this year, foreigners bought a total of 3,260
homes in the province of Malaga, which is 33% more than in the same period of
2012 – specifically 812 more, according to the data provided by the General
Council of Notaries.</span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">ACP President, Jose Prado, said that the sale of homes on
the coast to British buyers grew by 18% in the first half of this year, which
is a rate not seen for several years, and is six times more than the increase
achieved in the same period last year, which reached 3%.</span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">In the Costa del Sol region property sales have increased by
a third in the first half of this year, with Brits and Scandinavians being the
most prolific buyers. The area is also particularly popular with Russian,
Belgian and French house hunters.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">With respect to nationalities, Diario Sur reported that
British buyers were still the best foreign clients with regard to the
acquisition of property on the Malaga coast, with 630 transactions, well ahead
of the 377 purchases made by Swedish buyers. Belgians bought 288 houses on the
Costa del Sol, citizens from Norway acquired 281 homes, Russia 251 and France
200.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">According to the latest house price index published by real
estate portal, idealista.com, the price of existing homes experienced a slight
increase during the month of October, rising by 0.7% to stand at 1,768 euros
per square metre.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Year-on-year, the price of housing fell by 7.8% in the tenth
month of the year, compared to October 2012, when it stood at 1,918 euros per
square metre.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Prices rose in seven regions throughout the month of
October, and El Economista reported that the number of provinces which
maintained their positive rates in the month increased to 24.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Fotocasa’s analysis of recent government data confirms that
it’s in coastal areas where house prices have decreased the most. These are
also the same areas in which the number of home sales have remained stable
recently, or are even increasing.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">They reason that it is the increased foreign interest in
picking up a cheap property which is heading the sales push. And statistics
from Idealista, give additional credence to these results, where asking prices
in the same regions have improved for the resale market.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">While Britain remains the largest supplier of foreign
buyers, the number of properties sold is still down from the highs of the last
decade. So it’s very promising to see a near 20 percent increase in British
buyers this year.<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">The recovery of interest from the UK was also reported at
the recent ‘A Place in the Sun‘ exhibition (the UK’s leading overseas property
show).<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Ten percent more visitors attended the exhibition and a
visitor survey revealed that the dream of moving to Spain is still the clear
cut choice for Brits looking to buy or move abroad (besting France and the
USA).<o:p></o:p></span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">Most were also planning on buying a home within the next 6
months to two years, a time when prices are expected to be at their absolute
lowest level.</span></div>
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;"><br /></span></div>
<br />
<div class="MsoNormal">
<span style="font-family: Arial, Helvetica, sans-serif;">For a selection on properties in the Costa del Sol, visit <a href="http://www.propertyoverseasgroup.com/">www.propertyoverseasgroup.com</a></span><o:p></o:p><br />
<br />
<br />
<br /></div>
Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-21931890744939159802013-09-19T13:08:00.001+02:002013-09-19T13:08:21.335+02:00Spain could emerge from recession this year<h1 style="background: white; margin-bottom: .0001pt; margin: 0cm;">
<span style="color: #666666; font-family: Arial, sans-serif; font-size: 10pt; line-height: 12pt;"> </span></h1>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Despite the recession lasting three months longer than had been
originally forecast, Spain’s economy looks likely to imminently exit the three
year downturn.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">According to the National Institute of Statistics (INE), Gross Domestic
Product in Europe’s fourth largest economy shrank by 0.1 per cent from the
first to the second quarter of this year. But in the third and fourth quarters
it should be flat or grow by up to 0.2 per cent.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Should this come to fruition, it would support the government’s line
that the country will be out of recession this year and allow it to reach the
end-of-year target of a 1.3 per cent economic contraction.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Speaking on the upbeat findings, Spain’s Economy Secretary, Fernando
Jiménez Latorre, comments: “We believe there’s been an important turnaround in
the economic cycle and that the bases are there to continue this new trend and
this will show growth, finally ending the long and deep recession.”<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">The drop of 0.1 per cent in GDP was the lowest since the second quarter
of 2011, when the Spanish economy began to shrink.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">With spending cuts, unemployment at 26 per cent and tax hikes still
dampening domestic demand, it is exports and the tourism sector that is largely
responsible for what is expected to be a gradual reversal in Spain’s economic
fortunes.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Exports have jumped 6 per cent after a 3.8 percent decline in the
previous quarter, mainly because the EU, which includes Spain’s primary trading
partners, emerged from its longest-ever recession in the second quarter.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Similarly, the number of tourists grew by 3.9 per cent in the first two
quarters of 2013, compared to the same period in 2012. Tourism accounts for
almost 11 per cent of Spain’s GDP and 12 per cent of jobs.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Turnaround?<o:p></o:p></span></b></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Whilst, clearly, there is a long way to go until there is a full
recovery, news that Spain’s economy could be about to turn a corner has been
supported by many business owners on the Costa del Sol.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">“There’s a growing sense of optimism amongst those of us who own our own
businesses; there’s a growing sense that there is, finally, a light at the end
of what has been a very dark tunnel. Most of us kind of feel that if we’ve made
it this far through the recession, we’re now going to be OK,” explains Jules
Lehanneur, who runs a beauty salon in Mijas.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;"><br /></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Alhaurín de la Torre resident Daniel Harper, who has run his own
construction and decoration firm on the coast for the last seven years says:
“My customers – both new and existing – have seemed over the last six months or
so slightly less reluctant to spend money. Of course, this then has a knock-on
effect to me and my suppliers. Things are starting to move a bit more.”<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">Others, however, are not so convinced. One restaurateur from Fuengirola,
who declined to be named, affirms: “Even though things do appear to be picking
up slightly, things are still incredibly tight. There are lots of people around
but they’re just not spending the money they once did, especially our Spanish
customers.<o:p></o:p></span></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="background: white; line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span style="color: #666666; font-family: "Arial","sans-serif"; font-size: 10.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-GB;">“This summer has been better for us than last summer, but it’s nowhere
near where what it used to be. We’re not out of the woods yet.”<o:p></o:p></span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<o:p><span style="font-family: Arial, Helvetica, sans-serif;"><span style="font-size: xx-small;">Extracted from The Sur in English </span></span></o:p></div>
<div class="MsoNormal">
<o:p><br /></o:p></div>
<div class="MsoNormal">
<a href="http://www.propertyoverseasgroup.com/"><span style="font-family: Arial, Helvetica, sans-serif;">www.propertyoverseasgroup.com</span></a></div>
<br />
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Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-58729005665915889752013-09-19T13:05:00.000+02:002013-09-19T13:05:14.497+02:00Millionaire foreign investors to buy property in exchange for visas<h1 style="background: white; margin-bottom: .0001pt; margin: 0cm;">
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Thousands of non-European Union high-net-worth individuals are expected
soon to invest in luxury Spanish properties, in return for being granted
permanent residency in Spain, according to international real estate experts.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">In a bid to revitalise the property sector, and therefore the wider
economy, the Spanish government announced last October that those who invest
more than 500,000 euros in real estate will be allowed to stay indefinitely in
Spain, and therefore the entire Schengen Area, which consists of a group of 26
European countries.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">The law is due to be passed any day, but it is now more likely to come
into force in September, after the summer break. We will not know the exact
process until the law is enacted but it is expected to be an administrative one
involving checking the applicant has all of the necessary documentation.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">So, why is Spanish residency such an attractive prospect for so many
foreign investors?<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“The law is interesting because it provides a hassle-free, relatively
cheap solution to non-EU clients who want to get European residency and travel
rights for themselves and their families - it will allow investors to move
freely across the Schengen zone,” <o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“In some cases it will be for lifestyle and education reasons, and in
others it will be a combination of investment and diversification of risk.
Chinese investors, for example, may use it as insurance against future
instability in China.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“In all cases it will make it easier for investors to travel to Europe
without the need to go through a complicated, lengthy visa application process.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“Out of the other areas that are currently offering similar schemes,
Cyprus has lost a lot of credibility recently due to its banking crisis and
Portugal is still regarded as Spain’s poorer cousin.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“The investment limits in the UK and France are much higher and Spain
offers a much better year-round lifestyle. It will make the prospect of
investing in Spanish property far more attractive to the wider global community
and, as a result, will improve national confidence, which is much needed.”<o:p></o:p></span></span></div>
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<b><span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Destinations<o:p></o:p></span></span></b></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Naturally, it is expected that the areas of the country, such as Madrid,
Barcelona, Ibiza and Mallorca, which have traditionally attracted high-end
buyers will be those most likely to do well from this government initiative.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">With this theory in mind, in southern Spain, it is probable that
Marbella, which has been synonymous with a jet-set lifestyle since the 1960s,
will receive a boost to its real estate sector.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“Marbella and Puerto Banús as well as other affluent areas offering
desirable properties with a good potential rental income will benefit from the
new residency law. Properties within luxury residential complexes, ski chalets
in the Sierra Nevada, country houses in national parks, and historic buildings
within cities popular with tourists, such as Seville and Granada, will be most
in demand.”<o:p></o:p></span></span></div>
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Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-34190398198759138302013-09-19T13:00:00.000+02:002013-09-19T13:00:25.689+02:00An influx of tourists in Malaga<div class="MsoNormal" style="background-color: white; background-position: initial initial; background-repeat: initial initial; margin-bottom: 0.0001pt;">
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<span style="color: #666666; font-family: Arial, Helvetica, sans-serif; font-size: 10pt; line-height: 12pt;">More than 300,000 passengers used Malaga-Costa del Sol Airport between Wednesday
(14th August) and Monday (19th August), according to the Spanish Airport
authority, AENA.</span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">In what has been one of the busiest weeks of the year so far for the
airport, 1,782 flights landed or took off, with 385 of them doing so on
Saturday (17th August) – Saturday’s flights alone carried approximately 66,000
passengers. The second most active day was Friday (16th August), when 357
flights brought or took some 59,000 people through the terminals’ doors.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Of course, it is no surprise that passenger figures spike in the summer
months, especially in August when schools and many workplaces throughout Europe,
as well as other parts of the world, are closed or operating on reduced hours.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Similarly, these released figures from AENA relate to a period in which
there is a national bank holiday and in which the highly anticipated annual
Malaga fair is taking place.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">With so many tourists flying in over the last few days, recently arrived
returning passengers were asked what keeps on drawing them here. Everyone,
without fail, who was polled, cited the climate as a major motivation for
visiting this part of southern Spain.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Kath Adams who flew in from Dublin says: “We come to stay for a week
every year in Marbella – although this year we’re slightly later than usual as
we’ve coincided the holiday with my sister’s birthday. What keeps us coming
back is the weather - you’re almost guaranteed sunshine here and we’re all sun
worshippers and love the heat.”<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">It is a view shared by British holidaymaker, Clive Raddon. “It’s almost
the nearest place to home where you’re always going to get sun, isn’t it? It’s
always lovely and hot in Malaga,” he comments.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">But whilst many northern European visitors are coming to Malaga
specifically for their love of the warmth, many domestic tourists are flying in
to escape it. Félix Rios, from Madrid, explains: “It’s just too hot in the
capital, it’s good to get away in August. And whilst it’s still quite hot here
there’s always the sea and it’s a bit breezier.”<o:p></o:p></span></span></div>
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<b><span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Familiarity<o:p></o:p></span></span></b></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">But, naturally, it wasn’t just the weather that passengers highlighted
as reasons for visiting.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“This is our fourth holiday here. The reason why we chose to come back
this time was because there’s now a familiar feel to the place; we know where
things are, and so we can hit the ground running. We don’t need to spend time
exploring where the best beaches or restaurants are, as we already know. This
is important as we’ve got three young kids,” says Nikki Allnutt from Norfolk,
UK.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“Also - and I don’t want to sound like a heathen - but there’s lots of
English products available for the children as they’re quite fussy eaters, most
people speak English here so you order things easily and get about OK, and also
there’s lots of other English people to meet and mix with - as we don’t speak
Spanish. I know it’s [a holiday that is] not going outside of my comfort zone,
but that’s alright too!”<o:p></o:p></span></span></div>
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<b><span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Variety<o:p></o:p></span></span></b></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Others told that, besides the weather, it is the Costa del Sol’s sheer
variety that is one of the major attractions.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">Georgia Edwards, who arrived from London with two of her best friends,
sums it up. “There are lots to do and see here – and each area of the coast can
offer something different, there’s a different ‘buzz’ in each town really, a
different reason to go there.<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“And on top of that, there’s so much variety within each area too. In
Malaga [city] you can visit the beautiful old cathedral – do the historical
thing - and then walk straight to the beach.”<o:p></o:p></span></span></div>
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<span style="color: #666666; font-size: 10pt;"><span style="font-family: Arial, Helvetica, sans-serif;">“There are brilliant sports facilities, national parks, beaches of all
kinds, a massive choice of nightlife from the wild to the intimate, lots of
cultural activities – the list is endless – so it’s not surprising it appeals
to so many different kinds of people of all ages and from all over the world.”<o:p></o:p></span></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif; font-size: xx-small;">Extracted from The Sur in English</span><span style="font-family: Arial, Helvetica, sans-serif;"> </span></div>
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Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-66065449749183182532013-07-02T12:30:00.005+02:002013-07-02T12:38:45.652+02:00Living in Spain<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><span style="color: #20124d;">This guide sets out essential information for British nationals
residing in the Costa del Sol in Spain - click on the topic below for further
information</span><o:p></o:p></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><a href="http://www.propertyoverseasgroup.com/residency.asp" target="_blank">Registry
certificate, residency & voting</a><o:p></o:p></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><a href="http://www.propertyoverseasgroup.com/passports.asp" target="_blank">Passports
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><a href="http://www.propertyoverseasgroup.com/markets.asp" target="_blank">Andalusian
markets & moroccan souks</a><o:p></o:p></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><a href="http://www.propertyoverseasgroup.com/helplines.asp" target="_blank">Helplines
& support groups</a><o:p></o:p></span></div>
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<span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;"><a href="http://www.propertyoverseasgroup.com/charity.asp" target="_blank">Charity
information</a><o:p></o:p></span></div>
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<a href="http://www.propertyoverseasgroup.com/emergency.asp" target="_blank"><span style="font-family: Helvetica Neue, Arial, Helvetica, sans-serif;">Emergency
Telephone Numbers</span></a><o:p></o:p></div>
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Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-49861925206436820592012-10-30T22:30:00.000+01:002012-10-30T22:30:22.380+01:00Spain's 'Bad Bank' (SAREB) to begin operations in November<table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;">
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<span style="font-family: Arial, Helvetica, sans-serif;">Spain agreed in June to receive up to 100 billion euros in European
aid for its troubled banks. The bad bank, known by its Spanish-language
acronym SAREB, was set up as a condition of that bailout; all banks that
receive European aid will be obliged to transfer assets to the bad bank.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Sareb will be established as a for-profit company that will not be
part of Spain’s central government. SAREB, which is set to begin operations
on Dec. 1, will absorb soured investments that have dragged down the balance
sheets of Spanish banks since the collapse of the country's housing market
four years ago.<o:p></o:p></span></div>
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<a href="http://www.propertyoverseasgroup.com/images/sareb.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><span style="font-family: Arial, Helvetica, sans-serif;"><img border="0" src="http://www.propertyoverseasgroup.com/images/sareb.jpg" /></span></a></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">The Spanish “bad bank” has been created to take on, and then sell
off, assets such as undeveloped property and unfinished buildings to restore
the banking sector to health. The new entity goes under the name of “Sociedad
de Gestión de Activos procedentes de la Reestructuración Bancaria” (SAREB),
“Society for the management of assets proceeding from the reconstruction of
the Banking System” and is expected to take over up to 90 billion euros of
bad property.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">According to Spain’s economy minister Luis de Guindos, assets will be transferred into the new entity “at a conservative price” and with “significant discounts”.</span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Within one week of the launch of SAREB next month, the Spanish
central bank is to establish the exact price of assets transferred to the
institution by Spanish banks, based on evaluations by an auditing firm.<o:p></o:p></span></div>
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<span style="font-family: Arial, Helvetica, sans-serif;">Sareb is to be financed with public funds but Spanish authorities
also hope to attract private investors willing to underwrite at least 55
percent of its capital.</span><o:p></o:p></div>
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Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-60192220962702975852012-05-11T11:58:00.001+02:002012-05-11T11:59:45.172+02:00Property Bank Repossessions in Spain<br />
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<b><span style="color: #3b3b3b; font-family: Arial, sans-serif; font-size: 14.5pt;">It appears that there are further doubts about the
BFA accounts in Bankia<o:p></o:p></span></b></div>
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<a href="http://www.propertyoverseasgroup.com/features_bank.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://www.propertyoverseasgroup.com/features_bank.jpg" /></a></div>
<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"><o:p><br /></o:p></span></div>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"><o:p><br /></o:p></span></div>
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<span style="background-color: white; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">With the Spanish stock market falling 20.4% so far this year, Bankia sees shares in its assets column worth some 66% less than in the official accounts. </span><span style="background-color: white; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">The
problem of the ‘toxic’ assets in construction, property, home loans and credits
to families and promoters is well commented, but new Chairman, José Ignacio Goirigolzarri,
will now also have to manage the shares in other companies the bank owns. </span><br />
<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"><br /></span><br />
<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">Their value is substantially less
than reflected in the bank’s accounts and El País reports an audit has put the
size of the new black hole at 2.465 billion.</span><span style="color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"> </span><span style="background-color: white; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">Deloitte says that the BFA has put
down as fiscal assets the losses suffered, which means that taxes the forecast
saving in the future are in the accounts now as real assets. This known as tax
credits.</span></div>
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<span style="color: #3b3b3b; font-family: Arial, sans-serif;">
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; font-size: 10.5pt; line-height: 115%;">The Spanish Government will impose that some 32
billion € must be put aside in the banks to cover real estate investments. </span></span><span style="background-color: white; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">It remains to be seen whether
today’s reforms of the financial sector are considered credible by investors,
and whether they finally free up the flow of credit.</span><br />
<span style="background-color: white; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"><br /></span><br />
<span style="background-color: white; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">But with this further
Government pressure it seems banks will have to release their stock for liquid
assets and become more receptive to offers on the prices advertised for their
property repossessions. T</span><span style="background-color: white; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">he Spanish Government, Developers
and Banks are drawing a common strategy in an attempt to promote Spanish
property market abroad, with the UK and German home buyers in the spotlight.
Also to encourage buyers investing in property, the Spanish Government says it
wants to give more security to foreign property buyers.</span></div>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"><br /></span></div>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">The pound is at a near
three-and-a-half year high against the euro, trading for around 1.20 euros, its
strongest rate against the currency since the financial crisis hit in 2008.<o:p></o:p></span><br />
<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"><br /></span></div>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">The property bargains are being
offered to market at heavily discounted prices and a window of opportunity has
opened up for buyers who want the best property at a reasonable price. Local
price cuts in Spain have returned them to good value holiday destination
status. Prices have fallen dramatically in Spain over the last 24 months,
making the country one of the cheapest for typical holiday spending items in a
36-nation list.<o:p></o:p></span><br />
<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"><br /></span></div>
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<span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;">Taking all these factors into consideration
now could be an ideal time for an investor to purchase a property in Spain.
Visit the Property Overseas Group website for a selection of </span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"><a href="http://www.propertyoverseasgroup.com/">property repossessions in Spain</a></span><span style="background-attachment: initial; background-clip: initial; background-color: white; background-image: initial; background-origin: initial; color: #3b3b3b; font-family: Arial, sans-serif; font-size: 10.5pt; line-height: 115%;"> <o:p></o:p></span><br />
<br />
<br /></div>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-74039803792202030142012-02-27T17:29:00.001+01:002012-02-27T17:31:45.786+01:00Distressed Property & Bank Repossessions in the Costa del Sol<div class="MsoNormal"><span style="font-family: Arial, sans-serif;"><span style="font-size: 19px;"><br />
</span></span></div><div class="MsoNormal"><br />
</div><table border="1" cellpadding="0" cellspacing="0" class="MsoTableGrid" style="border-collapse: collapse; border: none; mso-border-alt: solid windowtext .5pt; mso-padding-alt: 0cm 5.4pt 0cm 5.4pt; mso-yfti-tbllook: 1184;"><tbody>
<tr> <td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 220.8pt;" valign="top" width="294"><div class="separator" style="clear: both; text-align: center;"><a href="http://propertyoverseasgroup.com/images/menu_dis.gif" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="http://propertyoverseasgroup.com/images/menu_dis.gif" /></a></div><div class="MsoNormal" style="text-align: justify;"><span style="font-family: Arial, sans-serif;"><br />
</span></div></td> <td style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 215.2pt;" valign="top" width="287"><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: Arial, sans-serif;">We all know the current situation with the property market. Prices have been falling steadily for quite some time now. The more experienced buyers know that a falling market opens the opportunity to buy a bargain that in the medium to long term will become a great investment. We have seen this happening every time the economic circle has a downturn, so this is the best time to buy. <o:p></o:p></span><span style="font-family: Arial, sans-serif;">For those who don´t know the local market it is difficult to recognise when a property is a real bargain.</span></div><div class="MsoNormal" style="text-align: justify;"><br />
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<tr> <td colspan="2" style="border: none; padding: 0cm 5.4pt 0cm 5.4pt; width: 436.0pt;" valign="top" width="581"><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: Arial, sans-serif;"><o:p>Here are some tips for anyone who wants to take advantage of the current climate and bag one of those deals before prices climb up again. </o:p></span></div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: Arial, sans-serif;"><br />
</span></div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: Arial, sans-serif;">1- Firstly narrow down the area. The old cliché of location, location, location is there for a reason. Some areas depreciate less because there are always desirable spots in any case. This coast has different areas that offer different benefits. Decide those "must have" and find the area that covers your needs. You can then become a real expert on the area and track down the correct pricing. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: Arial, sans-serif;">2- Set out a budget from the start and stick to it. There are many properties on offer and it is easy to fall for a more emotional purchase rather than an investment which could tempt you to put your budget up spending more that you need to. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: Arial, sans-serif;">3- It is essential to find a good Estate Agent locally that can guide you through the prices. He will be able to show you comparable properties to those of your interest so you can identify when a price is good. He can also advise you on the average price of the square meter of the area and that will help you to see whether you are in front of a bargain or not. <o:p></o:p></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: Arial, sans-serif;">4- Take your time finding the right property but if you see a bargain in the area you want, within your budget and it makes a good investment buy it there and then. Don´t forget you are not the only bargain hunter out there and if you don´t do it someone behind will, taking away your chance. It is perceived that there should be 1000s of bargains out there but the reality is very different. Private owners cannot afford to lose a lot of money for the sake of a sale and although they want to sell there are not going to give it away. Corporate owners (i.e. banks), tend to repossess those properties that had the highest mortgages (for obvious reasons) and the cost and time to repossess in Spain is very high, making to find a bargain property with them also difficult. Keep your eyes open, work closely with your Estate Agent and be ready to pounce when that opportunity arises</span><span lang="EN-US" style="font-family: Arial, sans-serif;">. <span style="color: #1f497d;"><o:p></o:p></span></span></div><div class="MsoNormal" style="text-align: justify;"><br />
</div><div class="MsoNormal" style="text-align: justify;"><span lang="EN-US" style="font-family: Arial, sans-serif;">The Property Overseas Group has prepared a selection of Distressed Property Sales and Bank Repossessions that stand out and offered below market value to comparables. If you are interested in viewing any of these or you would like further information, please visit our website <a href="http://www.propertyoverseasgroup.com/">www.propertyoverseasgroup.com</a><o:p></o:p></span></div></td> </tr>
</tbody></table>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-7934373968209475682011-03-16T17:09:00.002+01:002011-03-16T17:21:38.398+01:00Properties sales in Spain increase in 2010<p class="MsoNormal"><span class="Apple-style-span"></span></p><p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">Recent figures from the property register confirm the Spanish housing market expanded last year for the first time in 4 years.<span style="mso-spacerun:yes"> </span>It’s the first bit of good news from the Spanish property market for several years, with 445,885 house sales last year, an increase of 5.38pc on 2009, according to the latest figures from Spain’s property register. <o:p></o:p></span></p> <p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">However, although this is positive news, temporary factors such as the elimination of mortgage tax relief at the start of this year, and the increase in VAT on new home sales mid-way through last year may have been the cause. This may be endorsed by the Idealista report in February 2011, who surveyed 400 estate agents all over Spain for their views on the property market today. These were the main findings:<o:p></o:p></span></p><p class="MsoNormal"><span style="font-family:"Arial","sans-serif""></span></p><p class="MsoNormal"></p><ul><li>Discount to asking price accepted by vendors: 30% of vendors accepted up to 10% lower, 43% accepted between 10 and 20% lower, 19% between 20 and 30% less, and 7% more than 30% less.</li><li>Change in stock of properties for sale since the end of 2010: 58% of agents reported an increase.</li><li>Vendor openness to offers: 88% more open than a year ago.</li><li>Main reasons why sales fall through: Vendors asking too much in 26% of cases, buyers offering too little in 40% of cases (remember, this is all in the opinion of estate agents), and banks not giving finance in 34% of cases.</li><li>Enquiries so far this year: Falls up to 20% or more say 51%, whilst 24% say an increase of up to 10%.</li><li>Sales so far this year: Falls of up to 20% or more say 71%, whilst 19% say an increase of up to 10%.</li><li>Expectations for the first quarter of the year (compared to same period last year): 47% say worse, 27% say the same, 26% say better.</li><li>Expectations for this year: 33% say worse, 28% say the same, and 38% say better.</li></ul><p></p> <p></p> <p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">However you wish to digest facts, figures and statistics, the bottom line is that it’s still a buyers market in Spain and a great time to buy a property for anyone with a long term vision or for their own use. As always the key when buying is location and with an abundance of quality property for sale in Spain, this could make now the perfect time to invest.<o:p></o:p></span></p> <p class="MsoNormal"><span style="font-family:"Arial","sans-serif"">Visit <a href="http://www.propertyoverseasgroup.com/distressed_spain.asp">www.propertyoverseasgroup.com</a> for properties for sale in Spain<o:p></o:p></span></p><span style="line-height: 115%; font-family: Calibri, sans-serif; "><span class="Apple-style-span"></span></span>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-74207815133125790482011-02-15T11:46:00.000+01:002011-02-15T11:49:16.471+01:00The forecast is fine for sun & sea holidays<table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;border:none;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 5.4pt 0cm 5.4pt;mso-border-insideh:none;mso-border-insidev:none"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="366" colspan="2" valign="top" style="width:274.75pt;padding:0cm 5.4pt 0cm 5.4pt"> <p style="margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left: 0cm;line-height:13.5pt;vertical-align:baseline"><span style="font-size:11.0pt; font-family:"Arial","sans-serif";color:#404040;mso-themecolor:text1; mso-themetint:191">The Costa del Sol is looking forward to the 2011 holiday season with optimism and plans to extend and improve leisure facilities on the beaches. The optimism is based on figures for 2010 showing a 1.1% increase in visitor numbers compared with the previous year and other positive indicators, while promoters of such amenities as spas, creches, yoga and pilates sessions are just awaiting the green light which will come in April when competence over the beaches is transferred from the Costas authority to the Junta de Andalucia. <o:p></o:p></span></p> </td> <td width="321" valign="top" style="width:240.95pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"; color:#404040;mso-themecolor:text1;mso-themetint:191;mso-fareast-language: EN-GB;mso-no-proof:yes"><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" spt="75" preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"> <v:f eqn="sum @0 1 0"> <v:f eqn="sum 0 0 @1"> <v:f eqn="prod @2 1 2"> <v:f eqn="prod @3 21600 pixelWidth"> <v:f eqn="prod @3 21600 pixelHeight"> <v:f eqn="sum @0 0 1"> <v:f eqn="prod @6 1 2"> <v:f eqn="prod @7 21600 pixelWidth"> <v:f eqn="sum @8 21600 0"> <v:f eqn="prod @7 21600 pixelHeight"> <v:f eqn="sum @10 21600 0"> </v:formulas> <v:path extrusionok="f" gradientshapeok="t" connecttype="rect"> <o:lock ext="edit" aspectratio="t"> </v:shapetype><v:shape id="Picture_x0020_3" spid="_x0000_i1025" type="#_x0000_t75" alt="foto-aeropuerto-sabado--253x190.jpg" style="'width:252.75pt;height:189.75pt;"> <v:imagedata src="http://www.surinenglish.com/noticias/201102/14/Media/foto-aeropuerto-sabado--253x190.jpg" title="foto-aeropuerto-sabado--253x190"> </v:shape><![endif]--><!--[if !vml]--><img width="337" height="253" src="http://www.surinenglish.com/noticias/201102/14/Media/foto-aeropuerto-sabado--253x190.jpg" alt="foto-aeropuerto-sabado--253x190.jpg" shapes="Picture_x0020_3" /><!--[endif]--></span><span style="font-size:10.0pt;font-family:"Arial","sans-serif";color:#404040; mso-themecolor:text1;mso-themetint:191"><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td width="688" colspan="3" valign="top" style="width:515.7pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: 12.0pt"><b><span style="font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#404040;mso-themecolor:text1;mso-themetint:191; mso-fareast-language:EN-GB">Airport growth above average<o:p></o:p></span></b></p> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: 12.0pt"><span style="font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#404040;mso-themecolor:text1;mso-themetint:191; mso-fareast-language:EN-GB">To be precise the increase in passengers using Malaga Airport in January was 8.1 per cent, two percentage points higher than the average for Spanish airports. This was the second greatest increase out of all of Spain’s large airports, behind Barcelona which started 2011 with an increase of 20 per cent.<o:p></o:p></span></p> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: 12.0pt"><span style="font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#404040;mso-themecolor:text1;mso-themetint:191; mso-fareast-language:EN-GB">According to figures for last month released by the airports authority Aena, in January 589,994 passengers used the terminal on 6,329 flights. The figures are a vast improvement on 2010 when passenger figures fell in January.<o:p></o:p></span></p> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: 12.0pt"><span style="font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#404040;mso-themecolor:text1;mso-themetint:191; mso-fareast-language:EN-GB"><o:p> </o:p></span></p> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: 12.0pt"><span style="font-family:"Arial","sans-serif";mso-fareast-font-family: "Times New Roman";color:#404040;mso-themecolor:text1;mso-themetint:191; mso-fareast-language:EN-GB">Also last month the number of passengers on international flights landing at or taking off from Malaga Airport increased by 6.8 per cent. The majority came from or travelled to the UK, 187,322 passengers, while 46,257 travelled between Malaga and Germany, and 26,070 between Malaga and France. </span><span style="font-family:"Arial","sans-serif"; color:#404040;mso-themecolor:text1;mso-themetint:191"><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td width="291" valign="top" style="width:218.0pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif""><o:p> </o:p></span></p> </td> <td width="397" colspan="2" valign="top" style="width:297.7pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><o:p> </o:p></p> </td> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td width="291" valign="top" style="width:218.0pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Source: The Sur in English</span><o:p></o:p></p> </td> <td width="397" colspan="2" valign="top" style="width:297.7pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><o:p> </o:p></p> </td> </tr></tbody></table>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-30693101016713719812011-02-15T11:03:00.008+01:002011-02-15T11:22:31.921+01:00Spain bids to woo back Brit Buyers<div style="text-align: -webkit-auto;"><span class="Apple-style-span"><span class="Apple-style-span" style="border-collapse: collapse;"><p style="margin-top: 12pt; margin-right: 0cm; margin-bottom: 12pt; margin-left: 0cm; vertical-align: baseline; "><table class="MsoTableGrid" border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;border:none;mso-yfti-tbllook:1184;mso-padding-alt: 0cm 5.4pt 0cm 5.4pt;mso-border-insideh:none;mso-border-insidev:none"> <tbody><tr style="mso-yfti-irow:0;mso-yfti-firstrow:yes"> <td width="366" colspan="2" valign="top" style="width:274.75pt;padding:0cm 5.4pt 0cm 5.4pt"> <p style="margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left: 0cm;line-height:13.5pt;vertical-align:baseline"><span style="color: black; ">The Spanish government has promised new planning laws and an end to the confusion surrounding “illegal” homes in a bid to woo back the British property buyer. There are 800,000 unsold homes in Spain – half of them near the coast. Most are now at heavily discounted prices which should make them attractive to bargain hunters.<o:p></o:p></span></p> <p style="margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left: 0cm;line-height:13.5pt;vertical-align:baseline;border-style:initial; border-color:initial;outline-width: 0px;outline-style: initial;outline-color: initial; background-image:initial;background-attachment:initial;background-origin: initial; background-clip: initial;background-position:initial initial;background-repeat: initial initial"><span><o:p> </o:p></span></p> </td> <td width="321" valign="top" style="width:240.95pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><span class="Apple-style-span"><span><!--[if gte vml 1]><v:shapetype id="_x0000_t75" coordsize="21600,21600" spt="75" preferrelative="t" path="m@4@5l@4@11@9@11@9@5xe" filled="f" stroked="f"> <v:stroke joinstyle="miter"> <v:formulas> <v:f eqn="if lineDrawn pixelLineWidth 0"> <v:f eqn="sum @0 1 0"> <v:f eqn="sum 0 0 @1"> <v:f eqn="prod @2 1 2"> <v:f eqn="prod @3 21600 pixelWidth"> <v:f eqn="prod @3 21600 pixelHeight"> <v:f eqn="sum @0 0 1"> <v:f eqn="prod @6 1 2"> <v:f eqn="prod @7 21600 pixelWidth"> <v:f eqn="sum @8 21600 0"> <v:f eqn="prod @7 21600 pixelHeight"> <v:f eqn="sum @10 21600 0"> </v:formulas> <v:path extrusionok="f" gradientshapeok="t" connecttype="rect"> <o:lock ext="edit" aspectratio="t"> </v:shapetype><v:shape id="Picture_x0020_2" spid="_x0000_i1025" type="#_x0000_t75" alt="salesboard.gif" style="'width:225pt;height:150pt;visibility:visible;"> <img src="http://www.propertyoverseasgroup.com/images/salesboard.gif" title="salesboard" /> </v:shape><![endif]--><!--[if !vml]--><img width="300" height="200" src="http://www.propertyoverseasgroup.com/images/salesboard.gif" alt="salesboard.gif" shapes="Picture_x0020_2" /><!--[endif]--></span><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:1"> <td width="688" colspan="3" valign="top" style="width:515.7pt;padding:0cm 5.4pt 0cm 5.4pt"> <p style="margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left: 0cm;line-height:13.5pt;vertical-align:baseline"><span style="color: black; ">Housing Secretary Beatriz Corredor has revealed in an interview that the Spanish government is to steer a package of legal reforms through Parliament this month, and in coming weeks the government will also launch a series of road shows around Britain and other northern European countries to promote Spain's property market. She said the new laws would eliminate the confusion that has led in some cases to British home owners being told to knock down their properties because they were illegally built.<o:p></o:p></span></p> <p style="margin-top:12.0pt;margin-right:0cm;margin-bottom:12.0pt;margin-left: 0cm;line-height:13.5pt;vertical-align:baseline;border-style:initial; border-color:initial;outline-width: 0px;outline-style: initial;outline-color: initial; background-image:initial;background-attachment:initial;background-origin: initial; background-clip: initial;background-position:initial initial;background-repeat: initial initial"><span style="color: black; ">She asked prospective buyers to “trust in the system that we have and the transparency we provide”, tempting them with prices significantly lower than two years ago – housing prices in Malaga have fallen on average by 24 per cent. Overall, since the country’s economic crisis began, prices have plummeted by up to 40 per cent and banks and construction firms are desperate to recoup their investment.<o:p></o:p></span></p> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal;border-style:initial;border-color:initial;outline-width: 0px; outline-style: initial;outline-color: initial;background-image:initial; background-attachment:initial;background-origin: initial;background-clip: initial; background-position:initial initial;background-repeat:initial initial">In recent years, one third of all Spanish properties sold to foreigners have been bought by Britons, but many are now being put off by horror stories of planning permission being retrospectively revoked and other complications, so numbers have slumped.<span class="apple-converted-space"> </span><br /><br />But the government is now trying to right all the wrongs committed in the past by local councils, builders, real estate agents and lawyers, who all reassured foreign buyers that any issuing bits of papers could be obtained “later” without any trouble. To correct this, a key element in the package of legal reforms is that for any property being sold the local council will be obliged to provide a document stating clearly its boundaries, the category of land on which it stands, its access to services including water and electricity, and details of its planning approval.<span style="font-size:12.0pt;mso-bidi-font-family:Calibri;mso-bidi-theme-font: minor-latin"><o:p></o:p></span></p> </td> </tr> <tr style="mso-yfti-irow:2"> <td width="291" valign="top" style="width:218.0pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif""><o:p> </o:p></span></p> </td> <td width="397" colspan="2" valign="top" style="width:297.7pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><o:p> </o:p></p> </td> </tr> <tr style="mso-yfti-irow:3;mso-yfti-lastrow:yes"> <td width="291" valign="top" style="width:218.0pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><span style="font-size:10.0pt;font-family:"Arial","sans-serif"">Source: TheNewsOnline</span><o:p></o:p></p> </td> <td width="397" colspan="2" valign="top" style="width:297.7pt;padding:0cm 5.4pt 0cm 5.4pt"> <p class="MsoNormal" style="margin-bottom:0cm;margin-bottom:.0001pt;line-height: normal"><o:p> </o:p></p> </td> </tr></tbody></table></p></span></span></div>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-24348704128836386282011-01-28T22:50:00.000+01:002011-01-28T22:50:07.023+01:00Spain and Portugal best value for holidays | This is Money<a href="http://www.thisismoney.co.uk/bargains-and-rip-offs/travel/article.html?in_article_id=521749&in_page_id=1093">Spain and Portugal best value for holidays This is Money</a>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-60356000361100077262011-01-20T17:58:00.002+01:002011-01-20T18:02:30.171+01:00Spanish government aiming to attract overseas property investors<span class="Apple-style-span" style="line-height: 14px; font-size: 12px; "><div class="storytop" style="font-family: Arial, Verdana; font-size: 9pt; color: rgb(0, 0, 102); margin-top: 10px; margin-right: 0px; margin-bottom: 5px; margin-left: 0px; padding-top: 5px; padding-right: 5px; padding-bottom: 5px; padding-left: 5px; background-image: url(http://www.holidaylettings.co.uk/images/library/story_top_left.gif); background-attachment: initial; background-origin: initial; background-clip: initial; background-color: rgb(173, 214, 255); font-weight: bold; width: 597px; background-position: 0% 0%; background-repeat: no-repeat no-repeat; "><br /></div><span class="Apple-style-span" ><span class="Apple-style-span" style="border-style: initial; border-color: initial;"><img src="http://www.holidaylettings.co.uk/images/library/news/20001308.jpg" alt="Spanish government aiming to attract overseas property investors" title="Spanish government aiming to attract overseas property investors" style="border-top-width: 0px; border-right-width: 0px; border-bottom-width: 0px; border-left-width: 0px; border-style: initial; border-color: initial; float: left; margin-right: 10px; margin-bottom: 10px; " /></span></span><span class="Apple-style-span" ><b>The Minister of Development for Spain, Jose Blanco, has announced a set of new measures he hopes will give his country's property market a much needed shot in the arm, reports Spanish Property Insight. Like the rest of the Spanish economy, the nation's housing sector is in a state of freefall, something that's been compounded by the country's fuzzy property laws.</b><br /><br />In an effort to boost the market Blanco wants to change Spain's attitude towards property rights, especially those of money-rich foreign investors. Speaking before the Parliamentary Housing Commission he made it clear he wants to make Spain more attractive to overseas buyers than it currently is.<br /><br />The plans he outlined include reinforcing legal protection for those who buy homes and holiday rentals in good faith, and holding international press conferences to win the confidence of investors. He also promised to build the sort of homes foreign investors require and wants to reduce a market-stifling glut of new builds.<br /><br />Blanco said price reductions will be needed in areas suffering from an oversupply of new homes and new jobs are still required to stimulate the market. But already his plans represent a major sea-change in the way Spain deals with foreign investors.<br /><br />This story was brought to you by <a href="http://www.propertyoverseasgroup.com/">Property Overseas Group</a></span></span>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-21075479514570688122010-12-15T18:09:00.003+01:002010-12-27T12:43:09.463+01:00<div style="BORDER-BOTTOM: #cbcbcb 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; mso-element: para-border-div; mso-border-bottom-alt: solid #CBCBCB .75pt"><p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-BOTTOM: 3pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; mso-border-bottom-alt: solid #CBCBCB .75pt; mso-outline-level: 3; mso-padding-alt: 0cm 0cm 3.0pt 0cm" class="MsoNormal"><b><span style="font-family:'Times New Roman';color:#a72323;">Market Overview<?xml:namespace prefix = o /><o:p></o:p></span></b></p></div><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">As we wrap up 2010, we can take a little time to look back over the past year. The Spanish property market has definitely fought back from 2009, and although it hasn't been a walk in the park, at long last there is movement in the real estate market. A lot of this movement is powered by bargain hunters looking to snap up deals on properties that have been dramatically reduced in price.<br /><br />So what about the more traditional buyer profile on the Costa del Sol: people looking for a holiday home or an investment property? With over a million web searches a month Spain is the number 1 holiday destination for the UK. Add to it Andalusia's current push for tourism and you can quite clearly see why the market is continuing to recover.<br /><br />The third quarter statistics show an increase of property sales by 12.9% in comparison to the previous quarter, which completes three consecutive quarters of growth. In terms of year on year comparisons, 2010 shows a modest recovery compared to the record lows of 2009: twenty-seven Spanish provinces showed positive growth figures, with some provinces showing over 30% growth. Most of the coastal provinces, which were especially hard-hit during the downward cycle, also show a moderate recovery in property sales. <o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><strong><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">Statistics taken from: Real Estate Statistics Register</span></strong></p><p class="top1"><br /></p><p class="top1"></p><div style="BORDER-BOTTOM: #cbcbcb 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; mso-element: para-border-div; mso-border-bottom-alt: solid #CBCBCB .75pt"><p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-BOTTOM: 3pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; mso-border-bottom-alt: solid #CBCBCB .75pt; mso-outline-level: 3; mso-padding-alt: 0cm 0cm 3.0pt 0cm" class="MsoNormal"><b><span style="font-family:'Times New Roman';color:#a72323;">Marbella to legalise first 1,000 illegal homes in town<o:p></o:p></span></b></p></div><span style="FONT-FAMILY: 'Arial', 'sans-serif'; mso-ansi-language: EN-GB; mso-fareast-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-: minor-latinfont-family:Calibri;font-size:9;color:#333333;" >Marbella City Council has announced it will legalised around a thousand houses before the end of 2010, in the process of "adjustment through compensation" determined under the new General Urban Plan (PGOU). The plan is for the promotors and builders of these illegal homes to compensate the city, via cash or land, for the "excesses carried out" in constructing the homes without permission. There are almost 17,000 illegal homes being studied for legalisation in the town.<br /><br />The Town Planning Officer, Pablo Moro (PP), has said in a press conference that before the end of the year the townhall is expected to approve a dozen orders that will legalise a thousand homes and that the process "marks the beginning of the road to compensate the city through the acquisition of land for facilities. "<br /><br /><strong><span style="font-family:'Arial','sans-serif';">Source of article: Almeria Property Talk</span></strong></span> <p></p><p class="top1"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; mso-ansi-language: EN-GB; mso-fareast-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-: minor-latinfont-family:Calibri;font-size:9;color:#333333;" ><strong><span style="font-family:'Arial','sans-serif';"><br /></span></strong></span></p><div style="BORDER-BOTTOM: #cbcbcb 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; mso-element: para-border-div; mso-border-bottom-alt: solid #CBCBCB .75pt"><p style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-BOTTOM: 3pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm; mso-border-bottom-alt: solid #CBCBCB .75pt; mso-outline-level: 3; mso-padding-alt: 0cm 0cm 3.0pt 0cm" class="MsoNormal"><a name="taxes"></a><b><span style="font-family:'Times New Roman';color:#a72323;">What's in store for the Euro?<o:p></o:p></span></b></p></div><table style="WIDTH: 100%; mso-cellspacing: 0cm; mso-yfti-tbllook: 1184" class="MsoNormalTable" border="0" cellspacing="0" cellpadding="0" width="100%" padding="0"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt"><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">Well the volatility of the currency markets in 2010 has certainly been the cause of a few nervous breakdowns this year. <o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">Until the eurozone debt crisis reignited at the start of October, sterling had been rapidly losing ground to a dominant euro, Then in September, when the Bank of England began to make noises about cranking up the printing presses again with more quantitative easing, sterling dropped back from just below €1.24 to levels as low as €1.12. <o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; WIDTH: 217.5pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" width="290"><p class="MsoNormal"><span style="font-family:'Times New Roman';"><img style="PADDING-LEFT: 10px; FLOAT: right" id="_x0000_i1026" border="0" src="http://www.resales-online.com/newsletter/2010/issue2/chart.jpg" /><o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 1; mso-yfti-lastrow: yes"><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';"><o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt"><p style="TEXT-ALIGN: center; MARGIN-LEFT: 48.75pt" class="MsoNormal" align="center"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size:12;"><br /></span></span></p></td></tr></tbody></table><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">But recent strong data for the UK economy, (which quashed the threat of more quantitative easing for<br />now), the Ireland bailout and the fear of Eurozone 'contagion' has seen the pound recover to its current level, even briefly popping its head above the €1.19 parapet. <o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">With less than 12 shopping days remaining until Christmas I don't expect much movement in the rate before the end of the year. I do however; have high aspirations for sterling going in to 2011. <o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">The pound should continue to outperform the Euro next year, and I'm targeting the lofty heights of 1.25/1.30 by year end. <o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">Now I can practically hear all the sharp intakes of breath from the doubting Thomases amongst you who have just read that last sentence and are shaking your heads in disagreement but let us not forget: <o:p></o:p></span></p><p style="TEXT-INDENT: -18pt; MARGIN-LEFT: 18pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt" class="MsoNormal"><span style="FONT-FAMILY: Symbol; mso-fareast-font-family: Symbolfont-family:Symbol;font-size:9;color:#333333;" ><span style="mso-list: Ignore"> ·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span><span style="font-family:'Times New Roman';font-size:9;color:#333333;">The UK economy is set to grow by around 2.5 % whereas the eurozone will, at its very best, be flat.<o:p></o:p></span></p><p style="TEXT-INDENT: -18pt; MARGIN-LEFT: 18pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt" class="MsoNormal"> <span style="FONT-FAMILY: Symbol; mso-fareast-font-family: Symbolfont-family:Symbol;font-size:9;color:#333333;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"></span></span></span> <span style="font-family:'Times New Roman';font-size:9;color:#333333;">Italy & Spain need to raise a staggering 600 Billion in the bond markets!<o:p></o:p></span></p><p style="TEXT-INDENT: -18pt; MARGIN-LEFT: 18pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt" class="MsoNormal"> <span style="FONT-FAMILY: Symbol; mso-fareast-font-family: Symbolfont-family:Symbol;font-size:9;color:#333333;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"></span></span></span> <span style="font-family:'Times New Roman';font-size:9;color:#333333;">Germany, the economic driver and growth engine of Europe, is set to watch its growth dip to 1.2%<o:p></o:p></span></p><p style="TEXT-INDENT: -18pt; MARGIN-LEFT: 18pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo1; tab-stops: list 36.0pt" class="MsoNormal"><span style="FONT-FAMILY: Symbol; mso-fareast-font-family: Symbolfont-family:Symbol;font-size:9;color:#333333;" ><span style="mso-list: Ignore"> ·<span style="FONT: 7pt 'Times New Roman'"></span></span></span> <span style="font-family:'Times New Roman';font-size:9;color:#333333;">And above all else, the UK has the ability to set its own monetary policy!<o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">All in all 2011 is looking like it could be critical to the very survival of the euro. I don't doubt for a moment that the Euro will remain intact; but it certainly has some very difficult days ahead. <o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;"><strong><span style="FONT-FAMILY: 'Arial', 'sans-serif'; mso-ansi-language: EN-GB; mso-fareast-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-: minor-latinfont-family:Calibri;font-size:9;color:#333333;" >Source of article: Currency Direct</span></strong></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:Arial, sans-serif;font-size:9;"><span style="font-family:Arial, sans-serif;font-size:9;"></span></span></p><div style="BORDER-BOTTOM: rgb(203,203,203) 1pt solid; PADDING-BOTTOM: 3pt; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm"><p style="BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; MARGIN-BOTTOM: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm" class="MsoNormal"><span class="Apple-style-span"><span style="FONT-WEIGHT: 800" class="Apple-style-span"><br /></span></span></p><p style="BORDER-BOTTOM-STYLE: none; PADDING-BOTTOM: 0cm; BORDER-RIGHT-STYLE: none; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP-STYLE: none; MARGIN-BOTTOM: 3pt; BORDER-LEFT-STYLE: none; PADDING-TOP: 0cm" class="MsoNormal"><span class="Apple-style-span"><span style="FONT-WEIGHT: 800" class="Apple-style-span"><span style="COLOR: rgb(0,0,0);font-size:16;" class="Apple-style-span" ><b><span style="COLOR: rgb(167,35,35);font-family:Arial, sans-serif;" >Statistics </span></b></span></span></span></p></div><p style="MARGIN-BOTTOM: 12pt; COLOR: rgb(51,51,51); FONT-WEIGHT: bold" class="MsoNormal">The sample below looks at apartments and villas in the ten most expensive areas based on two factors:</p><p style="TEXT-INDENT: -18pt; COLOR: rgb(51,51,51); MARGIN-LEFT: 18pt; FONT-WEIGHT: bold" class="MsoNormal"><span style="FONT-FAMILY: Symbol; mso-fareast-font-family: Symbolfont-family:Symbol;font-size:9;color:#333333;" ><span style="mso-list: Ignore"> ·<span style="FONT: 7pt 'Times New Roman'"></span></span></span> <span style="font-family:'Times New Roman';font-size:9;color:#333333;">The average listed sale price<o:p></o:p></span></p><p style="TEXT-INDENT: -18pt; COLOR: rgb(51,51,51); MARGIN-LEFT: 18pt; FONT-WEIGHT: bold" class="MsoNormal"><span style="FONT-FAMILY: Symbol; mso-fareast-font-family: Symbolfont-family:Symbol;font-size:9;color:#333333;" ><span style="mso-list: Ignore"> ·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span><span style="font-family:'Times New Roman';font-size:9;color:#333333;">The average price per square meter<o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt; COLOR: rgb(51,51,51); FONT-WEIGHT: bold" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;">These figures are not sales figures, simply an average of the currently listed properties. <o:p></o:p></span></p><table style="COLOR: rgb(51,51,51); FONT-WEIGHT: bold" class="MsoNormalTable" border="0" cellpadding="0"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" colspan="2"><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';color:#333333;">Villas<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt"><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';color:#333333;">Apartments<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 1"><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt"><table style="WIDTH: 182.25pt; FLOAT: left; mso-padding-alt: 3.75pt 30.0pt 3.75pt 3.75pt; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184" class="MsoNormalTable" border="0" cellspacing="1" cellpadding="0" width="243"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; WIDTH: 90pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt" valign="bottom" width="120"><p class="MsoNormal"><strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Location</span></strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; WIDTH: 60pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt" width="80"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Average</span></strong><b><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><br /><strong><span style="font-family:'Arial','sans-serif';">Listed Price</span></strong></span></b><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 1"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">La Zagaleta<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 6,285,000<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 2"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Guadalmina Baja<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 4,112,051<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 3"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">The Golden Mile<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 4,067,100<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 4"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Sierra Blanca<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 3,715,080<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 5"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Bahía de Marbella<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 3,601,286<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 6"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Los Monteros<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 3,353,146<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 7"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Los Flamingos<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 3,128,321<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 8"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Las Brisas<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 2,613,000<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 9"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Benahavís<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 2,454,050<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 10"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">El Madroñal<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 2,404,200<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt" colspan="2"><p class="MsoNormal"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size:12;"><br /></span></span></p></td></tr></tbody></table></td><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; WIDTH: 60pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt" width="80"><p class="MsoNormal"><span style="font-family:'Times New Roman';"><o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 0.75pt; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; PADDING-TOP: 0.75pt"><table style="WIDTH: 182.25pt; FLOAT: right; mso-padding-alt: 3.75pt 3.75pt 3.75pt 30.0pt; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184" class="MsoNormalTable" border="0" cellspacing="1" cellpadding="0" width="243"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; WIDTH: 90pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt" valign="bottom" width="120"><p class="MsoNormal"><strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Location</span></strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; WIDTH: 60pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt" width="80"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Average</span></strong><b><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><br /><strong><span style="font-family:'Arial','sans-serif';">Listed Price</span></strong></span></b><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 1"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Sierra Blanca<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 1,079,004<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 2"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Puerto Banús<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 1,036,542<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 3"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">The Golden Mile<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 1,025,469<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 4"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Los Monteros<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 811,402<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 5"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Sotogrande Marina<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 674,552<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 6"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">New Golden Mile<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 641,192<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 7"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Guadalmina Baja<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 639,811<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 8"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Bahia de Marbella<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 611,978<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 9"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Sotogrande Alto<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 604,364<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 10"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Nagüeles<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 558,823<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt" colspan="2"><p class="MsoNormal"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size:12;"><br /></span></span></p></td></tr></tbody></table></td></tr><tr style="mso-yfti-irow: 2"><td style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" colspan="2"><p class="MsoNormal"><span style="font-family:'Times New Roman';"><o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';color:#333333;">Villas<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm"><p class="MsoNormal"><span style="font-family:'Times New Roman';"><o:p></o:p></span></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';color:#333333;">Apartments<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 3; mso-yfti-lastrow: yes"><td style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm"><table style="WIDTH: 182.25pt; FLOAT: left; mso-padding-alt: 3.75pt 30.0pt 3.75pt 3.75pt; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184" class="MsoNormalTable" border="0" cellspacing="1" cellpadding="0" width="243"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; WIDTH: 90pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt" valign="bottom" width="120"><p class="MsoNormal"><strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Location</span></strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; WIDTH: 65.25pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt" width="87"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Average</span></strong><b><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><br /><strong><span style="font-family:'Arial','sans-serif';">Price per m²</span></strong></span></b><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 1"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Los Monteros<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,915<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 2"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">La Zagaleta<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,874<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 3"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">The Golden Mile<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,804<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 4"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Puerto Banús<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,730<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 5"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Bahía de Marbella<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,684<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 6"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Guadalmina Baja<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,533<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 7"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Sierra Blanca<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,241<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 8"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Las Brisas<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,171<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 9"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Los Flamingos<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 4,925<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 10"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">La Quinta<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 3.75pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 4,899<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 30pt; PADDING-TOP: 3.75pt" colspan="2"><p class="MsoNormal"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size:12;"><br /></span></span></p></td></tr></tbody></table></td><td style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; WIDTH: 75pt; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="100"><p class="MsoNormal"><span style="font-family:'Times New Roman';"><o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm"><table style="WIDTH: 182.25pt; FLOAT: right; mso-padding-alt: 3.75pt 3.75pt 3.75pt 30.0pt; mso-cellspacing: .7pt; mso-yfti-tbllook: 1184" class="MsoNormalTable" border="0" cellspacing="1" cellpadding="0" width="243"><tbody><tr style="mso-yfti-irow: 0; mso-yfti-firstrow: yes"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; WIDTH: 90pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt" valign="bottom" width="120"><p class="MsoNormal"><strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Location</span></strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; WIDTH: 65.25pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt" width="87"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><strong><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Average</span></strong><b><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><br /><strong><span style="font-family:'Arial','sans-serif';">Price per m²</span></strong></span></b><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;"><o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 1"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Puerto Banús<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,614<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 2"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Sierra Blanca<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,269<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 3"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">The Golden Mile<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 5,127<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 4"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Los Monteros<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 4,454<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 5"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">New Golden Mile<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 4,107<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 6"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Sotogrande Marina<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 4,058<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 7"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Bahia de Marbella<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 4,048<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 8"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Sotogrande Playa<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 3,983<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 9"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Guadalmina Baja<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 3,839<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 10"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p class="MsoNormal"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">Marbella<o:p></o:p></span></p></td><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt"><p style="TEXT-ALIGN: right" class="MsoNormal" align="right"><span style="font-family:'Times New Roman';font-size:9;color:#3a3a3a;">€ 3,834<o:p></o:p></span></p></td></tr><tr style="mso-yfti-irow: 11; mso-yfti-lastrow: yes"><td style="PADDING-BOTTOM: 3.75pt; PADDING-LEFT: 30pt; PADDING-RIGHT: 3.75pt; PADDING-TOP: 3.75pt" colspan="2"><p class="MsoNormal"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size:12;"><br /></span></span></p></td></tr></tbody></table></td></tr></tbody></table><p></p><p style="MARGIN-BOTTOM: 12pt" class="MsoNormal"><span style="font-family:'Arial','sans-serif';font-size:9;color:#333333;"><strong><span style="FONT-FAMILY: 'Arial', 'sans-serif'; mso-ansi-language: EN-GB; mso-fareast-language: EN-GB; mso-bidi-language: AR-SA; mso-fareast-: minor-latinfont-family:Calibri;font-size:9;color:#333333;" ><span style="FONT-WEIGHT: normal" class="Apple-style-span"><strong><span style="COLOR: rgb(51,51,51);font-family:Arial, sans-serif;font-size:9;" >Source of article: Resales Online</span></strong></span></span></strong></span></p>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-24476341895398831202010-09-18T12:22:00.002+02:002010-09-18T12:25:53.565+02:00Cheap Spanish Property and Distressed Sales in the Costa del Sol<span class="Apple-style-span" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; color: rgb(0, 0, 51); ">A window of opportunity has opened up for buyers who want the best property at a reasonable price. That window won’t stay open for ever. There are many affluent Europeans interested in buying at these prices and we are busy with viewings and sales. If the Pound strengthens, as it might next year, British vendors will be under less financial stress and won’t be minded to accept such big discounts. So buyers hoping to take advantage of this window of opportunity need to get their skates on. At the very least, you should be looking around. Prices have plummeted, so is it time to go bargain-hunting with our . . . <strong><a href="http://www.propertyoverseasgroup.com/distressed_cds.asp">Distressed sales in Spain</a></strong></span><div><span class="Apple-style-span" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; color: rgb(0, 0, 51); "><a href="http://www.propertyoverseasgroup.com/distressed_cds.asp"><br /></a></span></div><div><span class="Apple-style-span" style="font-family: Verdana, Arial, Helvetica, sans-serif; font-size: 12px; color: rgb(0, 0, 51); "><a href="http://www.propertyoverseasgroup.com/distressed_cds.asp"><img src="http://www.propertyoverseasgroup.com/distressed/distressed2.gif" alt="distressed property spain" /></a></span></div>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-31303351015311231732010-09-14T19:39:00.004+02:002010-09-15T16:14:50.760+02:00New Taxes On Property<p class="MsoNormal"><span lang="EN-US"><b><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">Capital Gains Tax</span></span></b><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"><o:p></o:p></span></span></span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">We are still getting used to the tax changes for 2007 with regards to Capital Gain Tax. In this year, both residents and non-residents paid 18%. Previously non residents paid at 35% and residents paid at 15%. Now we have to get used to some more changes. <o:p></o:p></span></span></span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"><o:p></o:p></span></span></span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">On January 1, 2010, Spain raised its capital gains tax from 18% to 19% on profits up to 6.000 Euros made in one year. The rate now jumps to 21% on profits over 6.000 euros. <o:p></o:p></span></span></span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">However, as of June, 2010, the tax increase is frozen at 19% for non-resident property sellers, meaning they pay only 1% extra tax instead of 3%. Most observers feel that this is an error on the part of the lawmakers which will be corrected in the near future. <o:p></o:p></span></span></span></p> <p class="MsoNormal"><span lang="EN-US"><b><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">Property transfer tax rises for properties over 400.000 Euros </span></span></b><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"><o:p></o:p></span></span></span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">Spain's ITP, the tax charged on private re-sales of property between individuals, also rises from 7% to 8% on transactions over 400.000 Euros. This leaves out the majority of private sales in today's property market. This property transfer tax is paid by the buyer. <o:p></o:p></span></span></span></p> <p class="MsoNormal"><span lang="EN-US"><b><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">European Court Extends CGT refund to 1997 </span></span></b><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"><o:p></o:p></span></span></span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">It was manifestly unfair that residents paid only 15% capital gains tax while non residents paid 35% up to 2007, especially when the non-resident sellers were EU citizens.European Court of Justice has ruled that non-resident sellers all the way back to 1997 can claim a refund. The ECJ over-ruled Spain's claim to a four-year statute of limitation of the claims. <o:p></o:p></span></span></span></p><p class="MsoNormal"><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">Visit our website and view a selection of Spanish property bargains and distressed sales in the Costa del Sol </span></span></span><a href="http://www.propertyoverseasgroup.com/" style="color: rgb(222, 112, 8); "><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">www.propertyoverseasgroup.com</span></span></span></a></span></p>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-10615186014427090572010-09-14T19:31:00.009+02:002010-09-15T15:15:19.198+02:00Costa del Sol - Market Overview<a onblur="try {parent.deselectBloggerImageGracefully();} catch(e) {}" href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-1XxzWmT5ZPLBxLkJqI2Eq8dOP-5LNOsy4Yz7QtVSJOcmvyDvHTAM31N35JBxxB3REoQTgVTG3wtzJiqMLEw2w7FnX-7191G2gjNxcC240VUbtlWce2hQOqK37uJDduA9f66Avdy3uRU/s1600/trend+july.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 320px; height: 224px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-1XxzWmT5ZPLBxLkJqI2Eq8dOP-5LNOsy4Yz7QtVSJOcmvyDvHTAM31N35JBxxB3REoQTgVTG3wtzJiqMLEw2w7FnX-7191G2gjNxcC240VUbtlWce2hQOqK37uJDduA9f66Avdy3uRU/s320/trend+july.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5517119736508430306" /></a><p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" >Is the Costa del Sol property market still falling? Interestingly, figures from Real Estate Registration Statistics show a light at the end of the tunnel, at last! <o:p></o:p></span></span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" >With everyone having their own opinion on the goings on of the Spanish property market it is difficult to distinguish fact from hearsay. It all depends on whom you are speaking to.</span></span></p><p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" >Despite fears that sales would plunge after a hike in VAT on new home sales at the start of July, the Spanish property market had its best month in almost 2 years.</span></span></p><p class="MsoNormal"><span class="Apple-style-span" >We all know that it hasn’t been a walk in the park, and that it seemed that the Costa del Sol’s bubble had burst with far more properties than purchasers.</span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" >However good news does lie ahead, comparing the sales in the last quarter of 2009 to the first quarter of 2010, we can see that re-sales have increased by 16.95% and off-plan sales have increased by 15.66%. This number of property sales is the highest it has been in the last year and a half. However these figures are not reflective of annual percentages as the property market in Spain is seasonal. If we take into consideration the seasonal fluctuations and average it out across the year we can see that the rate of increase of housing purchases amounts to 1.83% in the first quarter of 2010. This may seem like a small increase but this is the first positive growth after 15 quarters of decline.<o:p></o:p></span></span></p> <p class="MsoNormal"><span lang="EN-US"><span class="Apple-style-span" >A direct comparison between the 1st quarters of 2009 and 2010 shows a more</span></span><span lang="EN-GB"><span class="Apple-style-span" > favourable</span></span><span lang="EN-US"><span class="Apple-style-span" > annual growth rate of 7.04% - resale properties are the main contributor to this growth rate with an increase of 21.90% of sales, whereas the sale of off-plan properties presents a decline of -3,97%. <o:p></o:p></span></span></p> <p class="MsoNormal"><span class="Apple-style-span" >Whether this recovery of the real estate market is structural or circumstantial can only be determined once the results of at least one more quarter is published, as both circumstantial factors (e.g. the expected increase in VAT rate) and structural factors (e.g. progressive price reductions) can be identified. The results of coming quarters will allow us to make this determination.</span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-size: medium;"><span class="Apple-style-span" style="font-size: 13px; "><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium; "><span class="Apple-style-span"><span class="Apple-style-span" >Visit our website and view a selectio</span></span><span class="Apple-style-span" >n of Spanish property bargains and distressed sales in the Costa del Sol </span></span></span><a href="http://www.propertyoverseasgroup.com/" style="color: rgb(222, 112, 8); "><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium; "><span class="Apple-style-span" >www.propertyoverseasgroup.com</span></span></span></a></span></span></p>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-20209471755279972042010-07-01T15:54:00.001+02:002010-09-15T16:12:40.523+02:00Process and Costs of Buying Property in Spain<h3><span lang="EN-US" style="color: black; "><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"><br /></span></span></span></h3><h3><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">THE BUYING PROCESS – IN BRIEF</span></span></span></span><span lang="EN-US"><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"><o:p></o:p></span></span></span></span></h3> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">Once you have found a property and your offer has been accepted you can secure the sale by placing a holding deposit, normally between 3000€ to 6000€ depending on the purchase price. This deposit would take the property off the market, would be non refundable and would “freeze” the price for a period of a month or two. <o:p></o:p></span></span></span></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><o:p><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"> </span></span></span></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">In order to exchange contracts, once your lawyer has done all the due diligence on the property of your choice, 10% of the purchase price would have to be paid (minus the amount already paid). This does not mean you can finance the remaining 90% but that there is a binding agreement to sell and purchase.<o:p></o:p></span></span></span></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><o:p><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"> </span></span></span></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">To obtain finance in Spain banks will give you between 50% and 70% of the purchase price. Finance on rustic land is considerably less, but in all cases will depend on the bank and your own status (income, loans, mortgages and credit references). The balance would have to come from your own funds. </span></span></span><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"> </span></span></span><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"><o:p></o:p></span></span></span></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><o:p><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"> </span></span></span></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">The following costs are attached to any property purchase in Spain. <o:p></o:p></span></span></span></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><o:p><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"> </span></span></span></o:p></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"></p><ul><li><strong><span lang="EN-US" style="color: black; font-weight: normal; "><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">Transfer Tax:</span></span></span></span></strong><span lang="EN-US"><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"> 7% of the purchase price.</span></span></span></span></li><li><span class="Apple-style-span" style="font-family: verdana; line-height: normal; font-size: large; ">Legal fees: approx 1% of the purchase price</span></li><li><span class="Apple-style-span" style="font-family: verdana; line-height: normal; font-size: large; ">Notary and Land Registry fees: approx 1% of purchase price</span></li></ul><p></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><o:p><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"> </span></span></span></o:p></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;">If purchasing with a mortgage there is to add:<o:p></o:p></span></span></span></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><o:p><span class="Apple-style-span"><span class="Apple-style-span" ><span class="Apple-style-span" style="font-size: large;"> </span></span></span></o:p></span></p> <p class="MsoNormal"></p><ul><li><span class="Apple-style-span" style="font-family: verdana; font-size: large; ">Stamp duty: 1% of the mortgage amount. Stamp duty on the mortgage it’s not applicable when taking over an existing mortgage.</span></li><li><span class="Apple-style-span" style="font-family: verdana; font-size: large; ">Arrangement fee: 1% of the mortgage amount (this may vary from bank to bank)</span></li></ul><p></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><span class="Apple-style-span" style="font-size: large;"><span class="Apple-style-span"><br /></span></span></span></p> <p class="MsoNormal"><span lang="EN-GB" style="color:windowtext"><o:p><span class="Apple-style-span"> </span></o:p></span></p> <h3><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">THE COST OF BUYING - DETAILED<o:p></o:p></span></span></span></span></h3><div><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></div><div><span class="Apple-style-span" style="font-weight: bold; "><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Resale From A Private Individual</span></span></span></div> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Transfer Tax (</span></span></span></span></strong><em><b><span style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Impuesto sobre Transmisiones Patrimoniales – ITP</span></span></span></span></b></em><strong><span style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">)</span></span></span></span></strong><span style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">This tax applies if the property is deemed to be a second or posterior transfer. The Transfer Tax is 7% on the price of the purchase in most regions, but as of July 2010 there are plans to put it up to 8% in some regions like Catalonia. The transfer tax is paid by the buyer. If any deposit is paid before completion of the sale it is not subject to the transfer tax. However the full amount of the transfer tax still has to be paid upon completion. In this scenario there is no VAT to pay, and stamp duty is already included in this tax.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><o:p><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></o:p></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></strong></p><p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Income Tax Provision When Buying From Non-residents</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">If the seller is not a Spanish resident, the buyer has to withhold 3% of the purchase price and pay it to the tax authorities (application form 211). If this is not done the property will be considered by the tax authorities as the asset backing the capital gains tax liability of the seller. This condition is very unlikely to apply when purchasing from a developer.<o:p></o:p></span></span></span></span></p> <h3><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></h3><h3><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">New Build From A Developer<o:p></o:p></span></span></span></span></h3> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">VAT & Stamp Duty (</span></span></span></span></strong><em><b><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">IVA & Actos Jurídicos Documentados – AJD</span></span></span></span></b></em><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">)</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">These taxes apply if the property is being sold for the first time, and the seller is a property developer. The VAT (known as IVA in Spain) is 8% on the price of the purchase in the case of built residential property (villa, apartment, etc), and 18% in the case of plots of land (without built property) and commercial premises. The Stamp duty (known as AJD) is 1% of the price of the purchase, but might go up in some regions, so be sure to check on the latest rate. Both VAT and Stamp Duty are paid by the buyer, and if any deposit is paid before completion of the sale, such deposit will be subject to VAT at the moment of payment of this deposit. In this scenario there is no transfer tax to pay.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><o:p><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></o:p></span></p> <h3><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></h3><h3><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">COMMON COSTS<o:p></o:p></span></span></span></span></h3> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></strong></p><p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Agency Fees</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Estate agency fees or commissions are paid by the seller, unless otherwise agreed. Unless the buyer has specifically agreed to pay the agent’s fee this cost will be built into the sale price.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><o:p><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></o:p></span></strong></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></strong></p><p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Legal Fees</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">You are strongly advised to hire a lawyer to help you during the buying process. Your lawyer drafts and reviews contracts on your behalf and can explain all the legal and administrative issues you face. Your lawyer should also carry out any necessary due diligence (checking ownership claim of the seller, charges on the property, permits, etc.) and arrange all the required documents to complete the process (property registration, tax payments, etc.).<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">A lawyer –</span></span></span><span class="apple-converted-space"><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></span><em><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Abogado</span></span></span></em><span class="apple-converted-space"><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></span><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">in Spanish – will charge you according to the service you require. This will vary according to the complexity of the purchase. Many charge around 1% of the purchase price in legal fees. Be warned that some lawyers charge 1.5% or more of the sale price, which is a rip off. Even 1% can be unreasonably high given the work that is involved in a straightforward purchase of an expensive property with no legal complications. Your best option is to try and find a good lawyer who is prepared to charge on an hourly basis. Legal fees for a purchase without any complications and charged on an hourly basis should be in the region of 1.000 to 2.500 Euros.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><o:p><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></o:p></span></strong></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></strong></p><p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Mortgage costs</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">If you choose to buy with a mortgage then this will incur several additional costs. First there will be the property valuation that the mortgage provider will require before granting the mortgage. This is paid for the by the buyer and can cost around 500 Euros. Then there will be the costs of the mortgage itself. This varies according to the provider, and even according to the particular branch. However there is usually some kind of opening fee of around 1% of the value of the mortgage. Finally a mortgage will increase the Notary expenses.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><o:p><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></o:p></span></strong></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></strong></p><p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Notary Expenses</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Notary expenses are nearly always paid by the buyer and are calculated in relation to the purchase price declared in the deeds of sale. To be on the safe side you should calculate Notary fees as being 1% of the purchase price declared in the deeds of sale. In many cases however Notary fees are more like 0.5% (or less) of the price declared in the deeds.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><o:p><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></o:p></span></strong></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></strong></p><p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Property Registry Inscription Fees</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Expenses related to inscribing the sale with the land registry are also nearly always paid by the buyer, and are calculated in relation to the purchase price declared in the deeds of sale. To be on the safe side you should calculate 1% of the purchase price declared in the deeds, though once again it depends upon the property and the area, and the fee could be considerably lower.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><o:p><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></o:p></span></strong></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></strong></p><p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Other Costs</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Bear in mind that it may be prudent to carry out a survey of the property and that this will have a cost.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">In Summary, allow for up to 10% of the purchase price in taxes and other costs.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">If the buyer takes out a mortgage these costs can be somewhat higher due to an additional public deed for the mortgage and the inevitable bank charges involved. In this case transaction costs might reach between 10% and 12% of the value of the property purchased.<o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><o:p><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"> </span></span></span></o:p></span></strong></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><br /></span></span></span></span></strong></p><p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">Banking Costs</span></span></span></span></strong><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;"><o:p></o:p></span></span></span></span></p> <p style="margin:0cm;margin-bottom:.0001pt;line-height:15.0pt"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">To pay for the property, you will more than likely need to write a banker’s cheque. In order to do that, you will need to open an account in a Spanish bank and transfer money from the bank in your country. The cost of transferring the money can go up to 0,4% of the amount transferred. The Property Overseas Group has a preferred f</span></span></span></span><span class="apple-style-span"><span lang="EN-US" style="color: black; "><span class="Apple-style-span"><span class="Apple-style-span"><span class="Apple-style-span" style="font-size: medium;">oreign exchange specialist who can secure you the best deal.</span></span></span></span></span></p>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-11744652321781270022007-11-06T19:41:00.002+01:002010-09-14T20:17:07.890+02:00Why Invest in Egypt Property?<span style="font-family:arial;">Property investors today seek emerging markets such as Egypt for a stable investment with good growth rates. Learn below why Egypt property offers such great potential. </span><br /><span style="font-family:arial;"><br />Today, investors seek the stability and simplicity of the property market to gain good returns on investment. Under-performing stock markets are often proving more volatile than property and this is especially true for the non-professional as there are many external factors that can effect your financial investment. Did you know that 50% of the members of The Times Rich List made their money through investing in property?<br /><br />The benefit of buying specifically for investment purposes is the removal of emotion from your purchase while property is used purely as an investment vehicle. Egypt offers many possibilities in the form of re-assignable off-plan contract options to sell at a substantial profit prior to completion, or "buy-to-let" situations to generate reliable rental income and eventually substantial capital appreciation.<br /><br /><strong>Main Reasons Why Egypt is a Desirable Investment Location:</strong><br />- Low property prices starting at around only £30k<br />- Steady year-on-year capital appreciation of between 20-30%<br />- Beautiful, well established tourist hotspots suitable for varied tourist interests, from excellent diving and snorkeling to cultural and historical locations<br />- Stunning natural, unspoilt landscapes<br />- Steady annual growth in tourist figures<br />- Less property taxes than paid in the UK<br />- No capital gains tax<br />- British residents avoid inheritance tax on any Egyptian properties<br />- Foreign investors are regarded by the government as a big investment opportunity and laws have recently streamlined procedures, making the purchase procedure easy.<br />- Strong economic growth and increased investment in infrastructure are boosting the property investment market as a whole.<br />- Warm desert climate with temperatures ranging from 14°C in winter to 30°C in summer creating a year-round tourist season<br />- Politically stable country<br />- Increased inward investment, creating a rich investment climate.<br />- Well renowned developers are creating luxury resorts to cater for Egypt’s new influx of international tourists<br />- Easy air access from many European destinations makes Egypt an ever popular medium haul holiday location<br />- Cairo International airport is being modernized and a new terminal is to be built by early 2007<br />- Low cost of living and maintenance costs English is widely spoken, after Arabic<br /><br />The secret to a successful purchase of property abroad lies in finding the right property in the best location and snapping it up at the lowest price possible, before it becomes common knowledge. It is clear that wisely selected overseas property can offer some very secure and lucrative opportunities.<br /><br />Whether your dream property abroad is a holiday apartment, town house, luxury villa or a plot of land, we are dedicated to helping you on your way, with independent advice and tailor-made investment plans for the purchase of your property abroad.<br /><br />The Property Overseas Group have identified and showcase specific projects we believe offer exceptional investment opportunity. To view these, visit the website <a href="http://www.propertyoverseasgroup.com/">http://www.propertyoverseasgroup.com/</a></span>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-88848944681310257232007-11-06T19:34:00.001+01:002010-09-14T20:18:06.424+02:00Why Invest in Morocco Property?<span style="font-family:arial;font-size:85%;">There are good reasons for investing in property rather than the Stock Market. Here you can read about the advantages of investing in a stable country like Morocco. </span><br /><span style="font-family:arial;font-size:85%;"><br />No investment today offers the stability and simplicity coupled with the excellent return offered by investing in property. The stock market can offer high returns but it is a very volatile and dangerous place. This is especially true for the non-professional as there are many external factors that can effect your financial investment. In recent years major stock markets have generally been under-performing and property investment now stands heads and shoulders above other forms of investment.<br /><br /><strong>Advantages of Investing in Property</strong><br />Property is now the wise investor’s weapon of choice. No other investment allows you to purchase with other peoples’ money (the bank) and then pay this back with other peoples’ money (the rental income from tenants). If you own property you can release equity against this, although there is no law that states that your property will increase in value year on year, it is accepted that a well maintained property in a reasonable area will appreciate in value.<br /><br />- 50% of individuals mentioned on “The Times Rich List” made their money through investing in property.<br />- A property worth just €4,000 30 years ago would be today worth around €225,000.<br />- Equities or Stocks can be volatile, as with the .com crash. Property however is historically stable.<br /></span><br /><span style="font-family:arial;font-size:85%;">Buying specifically for investment allows you to remove the emotion you’re your purchase and look at the property as an investment vehicle. This might mean utilizing a re-assignable contract option and selling at a substantial profit prior to completion or taking the <span style="font-size:0;">buy-to-let</span></span><span style="font-family:arial;font-size:85%;"> situation and generating a reliable rental income as well as substantial capital appreciation. </span><br /><span style="font-family:arial;"><br /><span style="font-size:85%;"><strong>Why Invest In property in Morocco?</strong> <span style="font-size:0;"></span></span><span style="font-family:arial;"></span><br /><span style="font-size:85%;">Morocco is a currently a unique location for property investors and offers the opportunity to purchase property early in an emerging market at prices very favourable to most other destinations.<br />What is unique about the property market in Morocco is the sense of security for investors: with tourism already improving at a fast rate and buy-to-let investors reporting 85% occupancy rates during the high season, Morocco offers a safe arena in which to purchase property. </span></span><br /><span style="font-family:arial;"><span style="font-size:85%;"><br /><span style="font-family:arial;">The Moroccan King Mohammed VI and the UAE have allocated huge investment to drastically increasing tourism further, with a goal of 10 million per year by 2010. This investment along with the creation of <span>several tax advantages also helps investors to feel comfortable in investing in property in Morocco.<br /><br /><strong>Reasons Why Morocco Is An Intelligent Property Investment Location</strong><br />- Huge project (Vision 2010) to increase tourism backed by King Mohammed and the UAE. The aims are to improve infrastructure and increase tourism by 10m visitors per year.<br />- Increased tourism generated by the Vision 2010 project will create huge requirement for rental accommodation.<br />- New roads, marinas, trains, 5 star resorts, shopping malls, beach clubs to be developed through Vision 2010 project.<br /></span></span></span></span><span style="font-size:85%;"><span style="font-family:arial;">- Safe investment – notary supervised property registration similar to France and Spain<br />- Morocco is a free market economy and allows free movement of money.<br />- Stunning golf courses, tennis clubs, riding clubs, water skiing, sailing, scuba diving, hunting, hiking, camel treks, culture<br />- Mediterranean climate – hot, dry summers and mild winters<br />- French, Spanish & English widely spoken as well as traditional Arabic<br />- Site Seeing – from bustling Medinas and ancient cities to snow capped mountains or golden beaches<br />- Easily accessible (Tangiers) via helicopter, ferry, fast train or regular budget flights.<br />- “Open Skies” policy activated on 1st Jan 2006 will allow low cost airlines to service Morocco and create competition, which will lower fares.<br />- Costa del Sol is just 30 minutes away by hydrofoil from Tangiers<br />- Experience Moorish culture at its best<br /></span></span><br /><span style="font-family:arial;font-size:85%;">The secret to a successful purchase of property abroad lies in finding the right property in the best location and snapping it up at the lowest price possible, before it becomes common knowledge. It is clear that wisely selected overseas property can offer some very secure and lucrative opportunities. </span><br /><br /><span style="font-family:arial;font-size:85%;">Whether your dream property abroad is a holiday apartment, town house, luxury villa or a plot of land, we are dedicated to helping you on your way, with independent advice and tailor-made investment plans for the purchase of your property abroad.</span><br /><br /><span style="font-family:arial;font-size:85%;">The Property Overseas Group have identified and showcase specific projects we believe offer exceptional investment opportunity. To view these, visit the website </span><a href="http://www.propertyoverseasgroup.com/"><span style="font-family:arial;font-size:85%;">http://www.propertyoverseasgroup.com/</span></a>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-5497865828515063832007-11-06T19:29:00.002+01:002010-09-14T20:19:44.045+02:00Why Invest in Brazil Property?<span style="font-family:arial;font-size:85%;">Property purchase offers far greater returns today than most stock market investments and never before has international property been as popular as a highly lucrative opportunity to create wealth. </span><br /><span style="font-family:arial;font-size:85%;"><br />Worldwide property investors are now turning their attention to Brazil as it fast becomes a leader in the field of emerging markets. Returns on investment are considered to be excellent and investors are increasingly aware of the high growth potential that Brazil offers as a stable though fresh, new investment market.<br /><br /><strong>Advantages of Brazil Investment</strong><br />- Property capital appreciation of 20% per annum in some locations.<br />- Favourable currency exchange rates, making property transactions cheap for foreign investors.<br />- President Lula’s progressive policies, bringing many improvements to Brazil, including a decrease in inflation to an all-time low at 5.7%.<br />- Active encouragement and incentives for foreign investment - you can own 100% of land and property.<br />- Cost of living only 20% of that in the UK/Europe and property maintenance costs extremely low.<br />- Some of the lowest property prices in the world.<br />- Increase of thriving manufacturing industries relocated to Brazil and boosting the economy.<br />- Expected self sufficiency in oil reserves within the next year.<br />- Some economists believe Brazil is amongst the leaders of the future, along with Russia, India and China.<br />- Year-round sunshine, with average summer temperatures of 21°C.<br />- Great natural beauty with fantastic scenery and 7,000km of beaches.<br />- Friendly nature of the Brazilian people.<br />- Vibrant cities with carnivals and music.<br />- Low international risk ofwar, terrorism or SARS in Brazil.<br />- Easy access via direct flights from many international airports.<br /><br />Property purchase specifically as an investment vehicle is a popular option amongst those aiming to capitalize on the excellent growth potential of property in Brazil. This type of investment can consist of an off-plan purchase for sale prior to project completion. Alternatively, a buy-to-let situation can provide reliable rental income from the property, along with substantial capital appreciation.<br /><br />According to independent investment experts, including many articles in international investment press, Brazil is now widely considered to be a highly profitable market. The economic climate and tourist infrastructure are currently undergoing major upheaval, while the country’s economic strategy has caused much growth in the past 3 years. While Brazil remains on a steady growth curve, investors are urged to catch this promising market from the very start, while prices remain low and high returns on investment are inevitable in current hotspot locations.<br />Brazil has excellent direct flight communications with the UK and the rest of Europe, making it a convenient holiday destination. This accessibility increases potential investment yields and reinforces the promising future of Brazil. A low cost of living at only 20% of that in the UK, great quality of life, a fantastic climate, Tropical beaches and a rich and vibrant culture are all valuable contributing factors to Brazil's success.</span><br /><br /><span style="font-family:arial;font-size:85%;">The secret to a successful purchase of property abroad lies in finding the right property in the best location and snapping it up at the lowest price possible, before it becomes common knowledge. It is clear that wisely selected overseas property can offer some very secure and lucrative opportunities. </span><br /><span style="font-family:arial;font-size:85%;"><br />Whether your dream property abroad is a holiday apartment, town house, luxury villa or a plot of land, we are dedicated to helping you on your way, with independent advice and tailor-made investment plans for the purchase of your property abroad.<br /><br />The <strong>Property Overseas Group</strong> have identified and showcase specific projects we believe offer exceptional investment opportunity. To view these, visit the website </span><a href="http://www.propertyoverseasgroup.com/"><span style="font-family:arial;font-size:85%;">http://www.propertyoverseasgroup.com/</span></a><span style="font-family:arial;font-size:85%;"> </span>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0tag:blogger.com,1999:blog-7695124692609824290.post-16445205386718246022007-11-06T19:24:00.002+01:002010-09-14T20:20:06.425+02:00Why Invest in Italy?<div><span style="font-family:arial;font-size:85%;">The time for buying bargain property in Italy is definitely not over. The Italian property market remains an exciting market to invest in.</span></div><span style="font-family:arial;font-size:85%;"><br /><div><br />With a highly active tourist market, Italy makes an attractive investment to the property buyer. Due to its central position, Italy is easily accessible from most European capitals. </div><div><br />Not only are there large areas of “undiscovered Italy”, but also many knowledgeable investors are predicting that if you buy property in Italy now, you will be buying ahead of a surge of investors that will be heading to Italy in the near future.</div><div><br />Low cost airlines have opened routes to many of Italy’s regional airports; this is having a knock on effect on property prices in these areas, especially as there are many destinations in the hitherto less popular places.<br />Many of the new areas that are finding their way onto the property market are on the islands of Sicily and Sardinia where property prices are about 25% cheaper than on the mainland. The regions of Puglia, Le Marche and Abruzzo are also up and coming investment regions. In these areas bargains ranging from as little as £20,000.00 can still be found.</div><div><br /><strong>New Finance Laws<br /></strong>The government has introduced new finance laws relating to the buying and selling of residential property between private individuals. Now the buyer declares the actual purchase price in the deed of sale but only pays tax on the difference of this re-valued rateable value. This helps to make the market more transparent and helps buyers not to become unwittingly involved in money laundering transactions.</div><div><br /><strong>Italian Property is Market Rising<br /></strong>House prices, countrywide, have risen 7.2% in the first quarter of 2006 according to the Knight Frank Global Index. However in areas where no frills airlines are opening routes, the projected increases are as high as 20%</div><div><br /><strong>Rental Prospects Are Good.</strong><br />For those who are interested in the buy-to-let market, the high tourist numbers coming to Italy are encouraging. Increasingly tourists are becoming interested not only in visiting the large cities, but in rural tourism as well. This bodes well for those who invest in converting old Italian houses into fabulous modern residences. There are government grants available for those undertaking renovation projects in rural areas.</div><br /><div>The low cost airline revolution has also changed the way holidays are booked and holidaymakers tend to book over the internet. This has increased the demand for self-catering properties in these areas.<br />Foreign tourists are not the only market in Italy. Italians take great pleasure in enjoying their own country and make a point of travelling around it, therefore creating a strong internal market.<br />Investing in the north and around the lakes can double your rental prospects as you can benefit not only from the summer season but also from winter ski holidays. However remember property prices become more favourable the further south you go.</div><div><br /><strong>Favourable Tax Legislation</strong>.<br />Italy is reforming its tax legislation. There is no wealth or capital gains tax. If you take out residency it is possible to cut your property costs considerably.</div><br /><div><br /><strong>Reasons Why Italy is an Intelligent Property Investment Location<br /></strong>- Italy is a primary tourist destination.<br />- There is strong rental potential from both the tourist market and a strong internal market.<br />- Low cost airlines have put Italy at the centre of their growth.<br />- The property market is rising steadily up to 20% in “undiscovered” areas.<br />- There are still “bargains” to be had in some areas.<br />- There is no wealth or capital gains tax to be paid in Italy.<br />- Rural tourism is becoming a strong tourist market and there are grants for property renovation in rural areas. </div><div><span style="font-family:arial;font-size:85%;"></span></div><br /><div><span style="font-family:arial;font-size:85%;">The secret to a successful purchase of property abroad lies in finding the right property in the best location and snapping it up at the lowest price possible, before it becomes common knowledge. It is clear that wisely selected overseas property can offer some very secure and lucrative opportunities.</span></div><div><br /><span style="font-family:arial;font-size:85%;">Whether your dream property abroad is a holiday apartment, town house, luxury villa or a plot of land, we are dedicated to helping you on your way, with independent advice and tailor-made investment plans for the purchase of your property abroad.</span></div><br /><div><span style="font-family:arial;font-size:85%;"></span></div><div><span style="font-family:arial;font-size:85%;">The <strong>Property Overseas Group</strong> have identified and showcase specific projects we believe offer exceptional investment opportunity. </span></div><div><br /><span style="font-family:arial;font-size:85%;">To view these, visit the website </span><a href="http://www.propertyoverseasgroup.com/"><span style="font-family:arial;font-size:85%;">http://www.propertyoverseasgroup.com/</span></a><span style="font-family:arial;font-size:85%;"> </span></div></span>Property Overseas Grouphttp://www.blogger.com/profile/12153942833809865592noreply@blogger.com0