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Real Estate law and legal questions

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Tax obligations when buying a property in Spain

Derecho Inmobiliario y cuestiones Fiscales
If you are the owner of a property or you are thinking of buying a property in Spain, it is important to be aware of the taxes and legal obligations that this implies. Concerning tax matters, the implications can vary depending on whether you are resident or not. The use given to the property also affects the tax implications, this be as investment, rental, sale or as a second home.

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Before and after the Brexit

Derecho Inmobiliario y cuestiones Fiscales
The most obvious immediate impact for British clients has been the drop in the value of Sterling. Currently, the rate is around 1.20 Pounds to the Euro, having dropped just under 10% since the vote to leave was confirmed. The value may fall further but the UK Government has already said that it would take steps to shore up the Pound if necessary.

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Is the ten year guarantee insurance compulsory?

Derecho Inmobiliario y cuestiones Fiscales
The Law stipulates this be compulsory for buildings whose main use is for that as homes. At present the ten year guarantee is that which guarantees the responsabilities of the agents of the building for damages caused through faults or defects that affect the technical resistence or stability of the building. The ten year gurantee gives rise to numerious questions for those who are not familiar with this subject: what risks are covered, its obligatory nature and the exceptions of same, the consequences of the lack of same, the necessity of an OCT (Technical Control Organization).

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Tax Measures for Non Residents

After the approval of the General Budget Law for the Autonomous Region of the Balearic Islands, that comes into effect on the 1st January 2016. An increase in the scale of the taxes granted to the autonomous region is established for the year 2016, although in certain taxes these will be back dated for 2015, these taxes being that of the Personal Income Tax and Wealth Tax. Concerning the Wealth Tax the non residents may choose to pay tax in the scale most convenient to them, as you will see it is better to pay the state scale rather than the autonomous scale under which the residents must pay.

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Why do you need a lawyer when you buy or sell a house in Mallorca or Ibiza?

Derecho Inmobiliario y cuestiones Fiscales
A real estate lawyer is trained to deal with these problems and has the most experience to deal with them. As a result, some states certify lawyers as “Real Property Specialists”. It is highly recommended for the success of the transaction, to have the legal, judicial and tax services of an attorney who specializes in real estate law. As well as one who speaks the same language as the client.

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