Monday, January 26, 2009

Spanish property hunters should do their homework

Overseas investors looking for property in Spain should do research their locations thoroughly and get good local advice, according to one legal expert.

Bruce Wilson, tax partner with chartered accountant Campbell Dallas, claims Brits looking for Spanish property needs to remember that unfamiliar laws and customs can make buying a home seem like a daunting prospect, but these potential pitfalls could be avoided by carrying out the correct research and establishing relationships with companies.

Mr Wilson commented: "It's a different culture, different rules, different laws … It's just a different way of doing it,"

Jim McCook, of Safe Buying Experience, said that buyers can also look for the Safe Buying Experience accreditation, which is an independent quality award. He added that friends and family who already own property in Spain could help with vital inputs, adding that living in Spain for a few months offers the chance to make a truly informed decision.

He also said that having a lawyer who is a member of the Colegio de Abogados, which can help minimize risks. Meanwhile Citywire has stated that downturn in the Spanish economy and property market mean that house prices have fallen and bargains may be available to overseas buyers. Anyone thinking of taking advantage of that situation should ensure they plan the move carefully that includes researching any potential legal pitfalls, preferably by employing professional help.

Shelter Offshore also stressed the point and reports that UK consumers should seek legal and financial advice from an independent professional. The tax regulations are very different in Spain from in the UK and buyers also have to look into local taxes and the purchase procedure, inheritance and capital gains taxes. The website also added that Prospective expats should familiarize themselves with their future home before planting permanent roots.


AVIL said...

really good post..thanx for sharing your your ideas over this topic.