#EmbraceSpain XXII: The commitment to Brexit opens fruitful new stage for us

#EmbraceSpain XXII: The commitment to Brexit opens fruitful new stage for us

According to Theresa May, only a few weeks remain for the implementation of Article 50 of the Treaty on European Union, which would officially start Brexit. We still do not know what form it will take but we continue to reiterate that respect for consensus will turn it into an opportunity that will effectively benefit the general interest.

This week in Del Canto Chambers we continue to work on the extrajudicial procedure of the floor clauses and organizing, together with the newspaper El Pais, the breakfasts #BrexitOpportunity, the first in Madrid this next Tuesday 28th and in London on April 19th.

In London, from our office in Strand 218, we have had meetings with several private clients with issues related to their properties, companies and businesses in Spain, and at the same time offering confidence despite Brexit.

In addition, our Managing Partner, Leon Fernando del Canto, has met with several entities with which we are collaborating and offering our services, such as the Cervantes Institute in London, the Association of International Property Professionals (AIPP), Kysen Professional Services and Legal PR.

Our lawyer Claudio Rodríguez Vera, in his article entitled “The black points of the extrajudicial procedure of the floor clauses“, comments on this procedure approved by the Government of Spain: “it seems that the purpose of this procedure is contrary to the protection of the consumer and enforce a final judgment of the Court of Justice of the European Union. To dilute in any way this defense would only confirm the worst suspicions about this decree and a more than possible case of unconstitutionality. “

Rodriguez Vera continues to comment on how the courts in Spain are collapsed before the avalanche of claims for land clauses that are being received throughout the country, to the point that municipalities are enabling free counseling services as there are many doubts raised this extra-judicial procedure, as explained

The bank, meanwhile, increases the interest of fixed-term mortgages to mitigate the large outlays it will have to make to its clients affected by these clauses. As for taxes, the Constitutional Court (TC) annulled the municipal capital gains in case of losses on the sale of the property.

While the courts are collapsing with these issues, in Del Canto Chambers we continue our work together with the Communication and Gender Agency for the #GenderEquality, so poorly treated in our country at the judicial and legislative level.

Thus, our colleague and lawyer Laia Fernández Bernalte defends the drafting of new legislation on gender-based violence that results in a more fruitful judicial activity, as the current LO 1/2004 is outdated. Laia comments: “The problem is that we have assimilated the concepts of law and justice as synonyms. But because of the wear and frustration caused by daily checking that the law is not the same for everyone, we are less and less the ones who hold this affirmation “

In Madrid, our partners from MALNE MADRID, designers Paloma Álvarez and Juanjo Manez presented their Fall / Winter 2017-18 collection this past Sunday at the Mercedes Benz Fashion Week in Madrid. The magazine Telva comments on this: An ode to fun and maximalism, these are the two main lines that outline the collection “Breakfast with champagne” from MALNE, with hollywood glamour, eclecticism, Art Nouveau…

At European level, the implementation of new BEPS measures against tax evasion is delayed until 2020 after the last Council decision. According to an article in the newspaper “El Economista: the European Commission has been trying to put a stop to the fiscal optimization of large companies, but the measures are not finished by the opposition of some countries, which have made their tax system a competitive advantage to other partners to attract large companies. Once again we see how political interests surrender to the economic interests of large multinationals and large groups in the banking and insurance sector.

In Qatar, the government has just passed a new law on arbitration designed to meet the country’s economic and trade needs and will benefit international companies with business in the country. Investment in both the real estate market and the oil sector also increases, the latter being a trend that is repeated in all Gulf countries.

In addition, the three largest Islamic banks in the country, Masraf Al Rayan, Barwa Bank and International Bank of Qatar, are expected to be merged into the Qatari banking sector with the intention of becoming the first Islamic bank in Qatar and countering the current situation where 18 banks serve a population of 2.6 million, and Qatar National Bank continues to monopolize the market.

There are only a few weeks left for the government of Theresa May to activate the Brexit and begin the negotiations of British exit of the European Union. Going down to the facts, as we defended last week, will be the way to act from now on.

If in the negotiations both parties use both consensus and respect for the general interest, Brexit could be a fruitful new stage rather than a gloomy turning point.

We will continue to share our opinions about Brexit and the rest of the international tax situation in our blog and in our social networks (Twitter, Linkedin and Facebook). Until next time.

Xavier Nova (@xavinova)

Director at Del Canto Chambers

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