Showing posts with label Property-law. Show all posts
Showing posts with label Property-law. Show all posts

Friday, April 18, 2008

Possible Tax rebate for overseas investors

Emilio Alvarez, a Spanish lawyer, recently said that Non-Spaniards who have sold property between March 2004 and December 2006 in Spain could be in line for a substantial tax rebate.

CAM&A (Costa, Alvarez, Manglano & Associates) and HiFX has said that overseas investors who sold their properties between March 2004 and December 2006 paid an income tax rate of 35% on any capital gains. On the contrary, Spanish nationals paid only 15%. These disproportionate charges breach the EU Treaty. The non-residents have paid 20% over the usual limit equates to a total income of nearly £37m and average at £11,000 each including interest.

Capital gains tax (CGT) rate forced non-residents paying inflated CGT bills to the extent of 20%. This tax is thought to have affected thousands of overseas investors.

The capital gains tax for non-residents has now been reduced from 35% to 15% in 2007. Consequently, thousands of overseas investors who’d previously sold property in Spain are entitled to a 20% rebate.

More details is available on www.Spanishtaxreclaim.co.uk or by calling their helpline on 0845 680 3849.

Sunday, February 17, 2008

Spanish Law Distresses Property Owners

Spain's efforts to conserve its coastal environment have created diverse reactions from various sectors of the society. Environmentalists lauded the efforts of the government but it has caused undue distress to property owners near the coastline.

The policy, 1988 Coastal Law, requires properties in the proximity of the shores constructed after 1988 to be demolished since it bestows the government. This has encountered much opposition for it encroach numerous privately-owned homes and real estate agencies as well as home owners feel that this has gone too far. Owners of the coastal properties have banded together to dispute the order. It is even feared that legal actions might reach the European Court of Human rights and would prove to be expensive.

It is the contention of most sectors that the said law should not have any retroactive effect. It is said that the law is liable to subjective interpretations due to the ambiguity of its provisions. It is even believed that compensations are not even offered as part of the deal. The grievance will still be brought to the appropriate agencies for resolution and if no satisfactory action is done, then formal charges will be lodged with the European Union versus the Kingdom of Spain.

This is a major issue of concern for those who have properties in Spain but it should not be a cause of panic. Instead, it is recommended that property owners should seek legal advice to make sure that their possessions will not be affected and that all the legalities have been satisfactorily complied.