Property Guides and Information for the Costa del Sol, Spain
Hello and welcome, I live in Spain and I think the Costa del Sol is a wonderful place to own property as a second home or retire to. If you are interested in property in Spain this weblog provides a guide for all the information on questions you may have about Spanish tax, law, mortgage and finance as well as explaining the steps you should take while buying your dream property.
Click on any of the categories in the right hand column to research a topic you are interested in NOW and the guides will appear as titles below.Buying a Property from a Developer: The Relevant Consumer Laws
Ben Johnson / Bright
keywords:spain, off plan, law, developer, property, purchase, new, build.
Learn about your rights when you purchase a property from a developer.
Ben Johnson / Bright
The following statutory regulations govern the standard purchase/sale:
1. General requirements as per the Consumer’s protection Act 1984. (Ley 26/1984 de 19 de Julio General para la defensa de los Consumidores y Usuarios)
2. General requirements as per the General Contractual Conditions Act 1998. (Ley 7/1998, de 13 de Abril, sobre Condiciones Generales de la Contratación).
3. Specific requirements of the Royal Decree 515/1989.
4. Spain’s Building Act, Articles 19 & 20
5. Miscellaneous requirements as per other laws.
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May 20, 2005 | Permalink
Spanish Inheritance Tax on Property
Ben Johnson / Bright
keywords: spain, wills, spanish, inheritance, tax, law, guide, assets, protection.
Few who own a property or are thinking about owning a property in Spain are aware of the full implications of inheritance tax and the surrounding law. In my article “Protecting your assets in Spain – Spanish wills and inheritance law”, I talked about the main legal issues surrounding the Spanish system of inheritance. Now I am going to explain the financial implications of this tax and how it has become a point of increasing concern due to the huge rise in the value of housing wealth in Spain.
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May 20, 2005 | Permalink
Capital Gains Tax
Ben Johnson / Bright
keywords: spain, spanish, capital, gains, tax, assets, protection, avoidance, residents, non, residents.
Capital Gains Tax is a fact of life when selling your home in Spain. During this article I will demonstrate how the gain and tax is calculated for residents and non residents and discuss how the taxn can be minimized.
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May 20, 2005 | Permalink
What are Bank Guarantees and how do they work?
Ben Johnson / Bright
keywords: spain, off plan, protection, bank, guarantee, insurance, property.
When thinking about purchasing a property off plan it's worth understanding that Spanish law has several good provisions that protect you as the consumer. In this article I want to focus on the most important protection available: bank guarantees or insurance policies that protect your deposit (normally held in an escrow account) while your property is being built.
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May 20, 2005 | Permalink
Taxes and Other Costs Associated With Owning a Property and Living in Spain.
A complete list of all your tax obligations while living and owning a property in Spain.
Ben Johnson / Bright
This article examines your obligations as a Spanish Property owner in terms of taxes and ongoing costs that need to be paid. The good news is that running and maintaining a property in Spain is generally much cheaper than doing so in the UK.
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May 20, 2005 | Permalink
The Spanish System of Inheritance Law
An overview of inheritance law in Spain and how it differs from the UK.
Ben Johnson / Bright
The Spanish inheritance law is similar to the Napoleonic inheritance laws in France, with the emphasis on protecting the rights of the deceased’s direct descendents. The legal system and the way the taxes are calculated are very different from the British system. If you already own or are seeking to own a property in Spain, take the time to speak to a lawyer and a qualified financial advisor. This ensures that your assets will be in order, and the correct provisions have been made so that your inheritor(s) pass through the process of probate easily.
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May 20, 2005 | Permalink
Buying a Resale Property from a Private Seller in Spain
A more detailed analysis of the contracts and processes surrounding the purchase of a resale property as well as a handy list of recommendations.
Ben Johnson / Bright
Buying property in Spain from a private seller puts both parties on an equal footing with regards to Spanish consumer laws. The transaction is mainly governed by the Spanish Civil provisions.
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May 20, 2005 | Permalink
An Introduction to the Property Buying Process and the Costs in Spain
All the basic information you'll need to assess the costs involved in buying property in Spain, as well as a good overview of the process.
Ben Johnson / Bright
If you are coming to Spain to buy a property chances are it will be through an agent. It is worth noting that currently there is no law regulating this industry in Spain, however, there are two professional associations that require examinations and set standards for their members. These are Agente de la Propiedad Inmobiliaria (API) and the Gestor Intermediario de Promociones y Edificaciones (GIPE).
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May 20, 2005 | Permalink
A Guideline on Self Build in Spain
Essential reading for anyone considering to build or renovate their own property in Spain.
Ben Johnson / Bright
For everyone who has ever dreamed of owning and building their own property abroad this article will help guide you through the process of developing in accordance with usual practices here in Spain. If you are not living in Spain and or do not speak the language fluently I have included some recommendations that will help you avoid the common pitfalls.
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May 20, 2005 | Permalink
Buying and Selling Spanish Property Using an Offshore Company Structure
A review of offshore company structures for holding Spanish properties.
Ben Johnson / Bright
During the property boom of the 1980s it was common practice on the Costa del Sol to buy property using an off shore company structure located in “tax haven” where little or no taxes were charged and the names of the owners remained confidential. According to “You and the law in Spain”, David Searls excellent publication, 12,000 companies exist in Gibraltar for the purpose of owning property in Spain.
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May 20, 2005 | Permalink
The Benefits of Having Spanish Residence
The benefits of having Spanish Residence
Ben Johnson / Bright
Even if you think it is beneficial for you to stay "tourist" for fiscal reasons, you may become a fiscal resident if you stay in Spain for more than 183 days per calendar year. The fiscal year of Spain runs concurrent with the calendar year. The 183 days are computed as a total, so it does not matter if your total stay has been made up of several smaller periods. This is spelled out both in the Spanish fiscal laws, as well as in the Tax Treaties signed between Spain and a number of other countries including Britain.
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May 20, 2005 | Permalink
Spain: An Economic Overview
The Importance of Stabilising Spain’s Housing Sector: The Impacts for the Costa del Sol Property Market for 2005.
Ben Johnson / Bright
In this report I will give an overview of the Spanish economy up until 2004, and explain why the building boom occurred, I will also describe the measures the government is now taking to control it and explain what impacts this may have for the markets on the Costa del Sol as well as provide my own predictions and insights for the coming few years.
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May 16, 2005 | Permalink
The 2005 Marbella Property Market Report
Christopher Clover Managing Director of Panorama, Marbella's longest established Real Estate Agency/ Panorama
Costa del Sol Property Marbella has recently been under the spotlight in the national and international press, where the property market is being analyzed. Differing viewpoints from valuers, estate agents and developers offer sometimes conflicting perspectives. And then there are the actual buyers and sellers who, at the end of the day, are the driving force behind the market...
May 15, 2005 | Permalink
Mortgage Information
A great website which provides answers to all questions regarding mortgages generally.
May 15, 2005 | Permalink
UK Pension Advice
The Department for Work and Pensions (DWP) is responsible for the Government's welfare reform agenda. Its aim is to promote opportunity and independence for all. It delivers support and advice through a modern network of services to people of working age, employers, pensioners, families and children and disabled people.
May 15, 2005 | Permalink
Want to Get More at the Bargaining Table?
Roger Dawson / REIClub.com
Power Negotiators know that you should always flinch-react with shock and surprise at the other side's proposals.
May 15, 2005 | Permalink
Unethical Negotiating Gambits and How to Protect Yourself Against Them
Roger Dawson / REIClub.com
Let me teach you the unethical gambits that people can use to get you to sweeten the deal. Unless you're so familiar with them that you spot them right away, you'll find that you will make unnecessary concessions just to get the other side to agree with your proposal.
May 15, 2005 | Permalink
To Be a More Powerful Negotiator Never Say Yes to the First Offer
Roger Dawson / REIClub.com
Power Negotiators know that you should never say Yes to the first offer (or counter-offer) because it automatically triggers two thoughts in the other person's mind. Let's say that you're thinking of buying a second car. The people down the street have one for sale, and they're asking $10,000. That is such a terrific price on the perfect car for you that you can't wait to get down there and snap it up before somebody else beats you to it.
May 15, 2005 | Permalink
Learn to Play the Reluctant Seller When You're Negotiating
Roger Dawson / REIClub.com
Imagine for a moment that you own a sailboat, and you're desperate to sell it. It was fun when you first got it, but now you hardly ever use it, and the maintenance and slip fees are eating you alive. It's early Sunday morning, and you've given up a chance to play golf with your friends because you need to be down at the marina cleaning your boat. You're scrubbing away and cursing your stupidity for ever having bought the boat. Just as you're thinking, "I'm going to give this turkey away to the next person who comes along," you look up and see an expensively dressed man with a young girl on his arm coming down the dock. He's wearing Gucci loafers, white slacks, and a blue Burberry's blazer topped off with a silk cravat. His young girlfriend is wearing high heels, a silk sheath dress, big sunglasses, and huge diamond earrings. They stop at your boat, and the man says, "That's a fine looking boat. By any chance is it for sale?" His girl friend snuggles up to him and says, "Oh, let's buy it, poopsy. We'll have so much fun." You feel your heart start to burst with joy and your mind is singing, "Thank you, Lord! Thank you, Lord!"
May 15, 2005 | Permalink
How To Negotiate Counter Offers
Roger Dawson / REIClub.com
Once you make an offer on a piece of property, it probably will not be accepted on the first go-round. It may be, but the Seller will probably counter. Before I get too far into this subject, it would probably be helpful to have a brief discussion of when we do and don’t negotiate.
May 15, 2005 | Permalink
How to Stop People from Grinding on You in Negotiations
Roger Dawson / REIClub.com
Let me tell you how to conclude negotiations very effectively. You don't have to use it when the other person is negotiating in good faith with you. You use it only when you feel that the other side is simply grinding away to get the last penny off your price. Or when you know that the other person wants to do business with you, but she's thinking, "How much would I be making per hour, if I spent a little more time negotiating with this person?"
May 15, 2005 | Permalink
How Time Pressure Affects the Outcome of a Negotiation
Roger Dawson / REIClub.com
In Puerto Prince, Haiti, former President Jimmy Carter, Colin Powell, and Senator Sam Nunn were in intense negotiations with Haiti's military commander, General Cedras. The phone rang and it was President Clinton calling to tell them that he had already started the invasion and they had 30 minutes to get out of there.
May 15, 2005 | Permalink
Ask for More Than You Expect To Get
Roger Dawson / REIClub.com
One of the cardinal rules of Power Negotiating is that you should ask the other side for more than you expect to get. Henry Kissinger went so far as to say, "Effectiveness at the conference table depends upon overstating one's demands."
May 14, 2005 | Permalink
Solbank's Mortgage Calculator
An excellent tool on the Bank's website that allows you estimate for various mortgages at the current rates in Spain. The website is also a good source of information for foreigners as it is in english.
May 14, 2005 | Permalink
Real Estate Calculator
An excellent general calcualtor that lets you discount cachflow, calcualte mortgages and a whole heap of other things.
May 14, 2005 | Permalink
Tinsa Report June 2004
Provides an excellent house price index province by province for Spain. Tinsa is a valuations company that gives the most up to date market prices for property in Spain. Click here for the full list of housing reports available on their website.
May 14, 2005 | Permalink
A table of mortgage options that compares Spain with other Countries that are currently popular for second homes
Interesting table of available mortgages, terms and rates throughout the areas of the world where people from the UK seem to be buying. If you want to compare Spain with other investment hotspots, this table from Conti Financial Services provides a very good overview.
May 14, 2005 | Permalink
Policy Brief OECD- Economic Survey of Spain 2005
A summary of recommendations for solving the various problems highlighted in the 2005 OECD Report.
May 14, 2005 | Permalink
OECD Report 2005: Economic Survey od Spain 2005: Stabilising the Housing Market
Provides an excellent overview of Spain’s construction industry including the history, and factors that brought it up to today’s level. The report also details the problems the industry is now facing and the risks involved for Spain’s economy if the sector does overheat. The final section details the measures the Spanish government is taking as well as suggesting several courses of action not yet taken to further control the sector.
May 14, 2005 | Permalink
La Caixa Informe Mensual 2005
Excellent review of the local market in Spain in relation to the countries economy. So good in fact that I summarized it and translated it into English.
May 14, 2005 | Permalink
BNP EcoFlash Report
Latest economic study of Spain reviewed on a monthly basis, including a complete overview. A good way of keeping an eye on things is to read this monthly report.
May 14, 2005 | Permalink
Spain’s Labor Statistics by the Global Policy Network
Spain’s labor statistics including number of hours worked, average wages and minimum wage compared to other countries in the EU.
May 14, 2005 | Permalink
The World Travel and Tourism Council Report for Spain 2005
This gives a breakdown of how the tourist industry is expected to develop over the next 10 years, providing the statistics that offer insights into the importance of the sector for the Spanish economy as a whole.
May 14, 2005 | Permalink
Global Real Estate Transparency Index 2004
La Salle Investment Management introduced the GRET index in 1999, designed to help investors better understand local market dynamics. This report comprises of over 50 countries and focuses on issues of greatest concern. Read this report to compare Spain with other countries.
May 14, 2005 | Permalink
Global REITS (Real Estate Investment Trusts) A Platform for Ownership
Many countries are considering tax transparent property investment vehicles similar to the US real estate investment trusts. This report examines the key drivers of the recent REIT market growth and its implications of a vibrant global REIT market.
May 14, 2005 | Permalink
Is Property set to benefit from the pension fund crisis? EPRA 2004
With the EU pension fund market in crisis and state systems struggling to cope further onus will shift the private pension fund market, leading to growth in the private pension fund industry. Real estate investment allocations are forecast to increase with potential significant inflows of capital over coming years as real estate has proved to be high yield asset class offering investors an attractive risk return profile.
May 14, 2005 | Permalink