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Buying a property in Spain - Steve's story

Buying a property is never easy. It is especially more complicated if you are attempting to buy a property in Spain, and you are unfamiliar with its property laws and language.

That is why it is important to enlist the help of an independent Spanish property lawyer to ensure that you are aware of the pitfalls and obligations associated with purchasing a property in Spain. Failure to do so could have serious consequences for you and your family.

Last updated: 17 July 2020

Spanish inheritance tax refunds – what you need to know

When an individual inherits assets located in Spain they are required to pay inheritance tax on the amount they have inherited. Up until very recently non-residents of Spain often found themselves paying more in Spanish inheritance tax than those who were resident in the country – even if the amount they were inheriting was the same.

The good news is that due to recent changes to Spanish inheritance tax law, if you have paid Spanish inheritance tax in the past four years and either you, or the person from whom you inherited, were non-residents of Spain at the time you inherited, then you could be eligible for a full or partial refund from the Spanish tax authorities.

Last updated: 14 August 2020

Buying Spanish property through a limited company

It is said that there are two things certain in life: death and taxes. Up until the last few years those taxes appeared especially high for non-residents in Spain who were inheriting property in the country.

The European Court of Justice has recognised the unfairness of Spain’s different rates of inheritance tax for residents and non-residents, which ultimately led to the Spanish authorities streamlining the tax liabilities faced by residents and non-residents alike. But the hangover of getting a raw deal in terms of inheritance tax still lingers for many expats and foreign investors in Spain.

Last updated: 17 July 2020

Buying a business in Spain

A warm climate, beautiful views, great food and a steady source of income to support your lifestyle are things that many of us aspire to.  A potentially viable means of achieving all of the above in one fell swoop is to open a business on the Spanish coast.  During the ‘80s and ‘90s opening a bar was considered a likely route to success.  As we begin to recover from the economic crisis we have noticed that the Bed and Breakfast is the business that many Brits are favouring. 

Last updated: 10 August 2020

Buying a bank repossessed property in Spain

As with most economic downturns there are always winners and losers. When it comes to real estate in Spain, those who experienced financial uncertainty during the economic downturn were often faced with the prospect of losing their homes. Ironically, and despite claims of financial mismanagement, it was the banking sector that was able to make a series of gains through property repossessions during the Eurozone crisis.

So what does this mean for the Spanish real estate sector? Well, it would now appear that banks have a substantial stake in the property market. Those banks are also keen to sell on those properties to recoup recession-era losses. Bank repossessed properties have become an attractive purchase prospect for those seeking to invest in a property in Spain.  

Last updated: 14 August 2020

Spanish "land grabs" soon to be a thing of the past?

For many investing in Spanish real estate, the urge to build your home from scratch or pick a property in need of TLC is all too great a challenge to resist.

But developing properties on non-urban land, that is to say land that is neither urban nor authorised for development by the local authorities, could leave you open to so-called ‘land-grabs’

Last updated: 14 August 2020

The EU Succession Directive and what it means for you

The free movement of people may be one of the fundamental rights of the European Union, but it has arguably caused the greatest difficulties for EU nationals in matters of probate.

Laws across Member States are rarely uniform for succession purposes. In cases where the deceased was a national of one Member State but domiciled in another, careful consideration will need to be taken as to which laws will govern their estate. The national of a deceased person, where he or she was domiciled, and where his or her assets are located will all play a part in determining what laws should apply.

Last updated: 30 July 2020

Spain tackles ECJ’s inheritance tax criticisms

The Spanish government has taken steps to bring its inheritance tax rules into line with a recent European Court of Justice (ECJ) ruling

On 3 September 2014, the ECJ held that Spain was not acting in the spirit of the European Union by charging different rates of inheritance tax for residents and non-residents.

A new inheritance tax law amending the Spanish law 29/1987, passed on 27 November 2014, makes clear the tax liabilities now faced by residents and non-residents alike.

Last updated: 14 August 2020

Should I get a survey if I'm buying a property in Spain?

Purchasing a property in Spain is rarely done on a whim. But at times it can feel like cutting corners here and there will help relieve the burden and stress of navigating a transaction in an unfamiliar language and jurisdiction.  It is all too easy to be swayed by the relaxed purchasing culture of Spanish nationals who may suggest that commissioning a survey prior to purchase is an unnecessary expense that will delay the sale going through. 

Last updated: 13 August 2020

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Testimonials

Despite the difficulties faced with COVID-19, E&G Solicitors in Spain reassured us at all times on the progress of our purchase. The team gave us clear guidance and advice, and were trustworthy and honest, fully understanding our anxieties about buying a property in Spain. We would recommend E&G Solicitors in Spain to anyone considering buying in Spain.

Mark Byrne, Guernsey

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