Archives for March 2008

March 31st, 2008

Around 5,000 offshore account holders who failed to let HM Revenue & Customs (HMRC) know about their overseas savings are being written to in the latest stage of the crackdown by the UK Government on tax evasion. HMRC has sent letters to those who hold offshore accounts but did not reveal ...

Continue reading Offshore Tax Evaders Targeted

March 28th, 2008

Thousands of properties could be confiscated and ultimately demolished in the latest drive by the Spanish government to protect the nation’s coastline, it has been claimed. Britons with homes on the Costas are among those at risk from a £3.5 billion campaign by the environment ministry to restore and protect coastal ...

Continue reading New Costa Demolition Threat

March 27th, 2008

If you reside in Spain for more than 183 days in any Spanish tax year then you are obligated to pay your taxes to the Spanish tax authority on your worldwide income, gains and wealth. You do not have an option. In addition, your assets may be liable to Spanish ...

Continue reading Spanish Tax Saves Money

March 26th, 2008

Eager for any positive signs, the property industry closely followed the recent elections in Spain. The reelection of prime minister José Luis Rodríguez Zapatero was seen as a new mandate for his socialist party (PSOE), which came to power four years earlier in the wake of the terrorist bombings in Madrid. With ...

Continue reading Zapatero Reelected, What Now?

March 25th, 2008

After writing about the decline of foreign property transactions, I got my wrists slapped by Luisa at Mirodali Properties. She quite rightly pointed out that, by combining sales figures for new-build properties and resales, I had (unintentionally) distorted the actual growth rates for each province. This is because a new-build property essentially ...

Continue reading Lies, Damned Lies and Statistics

March 25th, 2008

According to Kyero.com, the Costa Blanca region, in the province of Alicante, is most the popular Spanish Costa – receiving 26.6% of all coastal property enquiries in Spain. This area boasts a relatively large number of English-speaking residents, making it easier for relocating Brits to fit into everyday life, as well ...

Continue reading Popular Costa Blanca

March 24th, 2008

Millions of savers are missing out on tax-free interest as nine in 10 Brits fail to make the most of their individual savings account (Isa) allowances, according to research from Lloyds TSB Savings. Just 8 per cent of Brits use both their cash and stocks and shares Isa options each year, ...

Continue reading ISA Advantages

March 21st, 2008

Spain is calling for the British colony of Gibraltar to be blacklisted as a tax haven amid claims it shelters corrupt businesses. Spanish authorities will this week ask the Organisation for Economic Cooperation and Development (OECD) to list the disputed territory as "uncooperative" because it is failing to help investigate financial ...

Continue reading Spain Blacklists Gibraltar

March 20th, 2008

Turbulence in the global economy is not putting Britons off buying foreign properties, according to new research. Figures from the Association of International Property Professionals (AIPP) found that the number of overseas transactions went up by 21 per cent to 240,000 last year. Many of these purchases were said to have been ...

Continue reading Economy not Deterring Overseas Buyers

March 19th, 2008

1 Casa have a small number of newly-built, fully licenced and legal 3 bed, 3 bath homes, with fitted kitchens, individual rear gardens, underground parking and even a separate storage room. Located between the traditional Spanish Villages of San Miguel and Villamartin, nestled amongst almond groves, they are in an elevated ...

Continue reading Developer Blowout in Alicante

March 18th, 2008

One of Spain’s biggest private savings banks has slashed lending to property developers which are caught in a looming housing crisis and barely able to sell land or property, its head of property lending told Reuters on Tuesday. Jose Aguilar Martin, head of real estate at Seville-based Cajasol, said the bank ...

Continue reading Spain Bank Slashes Lending

March 17th, 2008

The Costas have long been a popular holiday destination with the Spanish, offering good weather, long sandy beaches and varied scenery. Since the booming development period of the 1950’s, these coastal areas have become synonymous with the typical ‘Spanish holiday’ for not only Spanish nationals but millions of international tourists ...

Continue reading The Cost of the Costas

March 14th, 2008

Your Key to Spain are offering a spectacular viewing package Free 1 night trips to Spain for 2 people – includes free return flights, free 4* accommodation – even your meals are included in the package. You will get the chance to see the various Polaris World resorts, and view a range ...

Continue reading Tempted by Polaris World?

March 13th, 2008

As the Spanish property market continues to suffer from both falling sales and negative publicity, many property professionals talking to OPP believe not enough is being done to promote the sector’s interests abroad and to provide the British and European media with accurate information concerning recent land grab and corruption ...

Continue reading Negative Publicity in Spain

March 12th, 2008

The latest figures from the Spanish Ministry of Housing contain good and bad news about how many homes were purchased by foreigners during the second quarter of 2007. Comparing Q2 2006 to Q2 2007 we see the following: Overall number of property transactions fell by 16% from 28,702 to 24,222 Andalucia ...

Continue reading Foreign Property Transactions Down 16%