Now, time is essential for a successful reclaim of your off-plan property deposit.
One of every five houses bought by foreigners in Spain, belongs to British Buyers; however, some of these buyers saw truncated their dreams, as they put their life savings into Off-Plan deposits for properties that were never built... Read More
From Del Canto Chambers we condemn the recent attacks in London Bridge and express solidarity with the families of the victims and wounded people. We totally stand against the terrorist attacks that have clouded Ramadan, a sacred month for Muslim all over the world.Today, just one week left for the... Read More
A hung parliament (#HungParliament) leaves Theresa May at the edge of the sword. Results in the UK elections boosted Labour Party with more than 30 seats. The UK Parliament majority (326 seats) leaves the Conservative Party, 7 or 8 seats short, this is what the Conservative Leader, Jeremy Corbyn quotes... Read More
Tourism leases in Andalusia. What should we know?
The growing tourist demand in Spain causes an increase of the leases of residential dwellings. If you are a property owner and you are thinking of renting it for tourist purposes, you must know what is required by law.
Each autonomous community has... Read More
Moderate business optimism before Brexit
The Chamber of Commerce in Great Britain presents in the Joint Commission for the EU of the Congress and the Senate a survey on the Brexit made among its members.
The Spanish Chamber of Commerce in Great Britain participated last May 17, invited by the Spanish Parliament,... Read More
Gibraltar and its tax regime: more complexity in the negotiations of the Brexit
Spain and the United Kingdom disagree on where to approach Gibraltar's future fiscal status, whether within the Brexit negotiations or posteriori on a bilateral basis.
Gibraltar is the most controversial territorial issue of Brexit. It is not yet known... Read More
#EmbraceSpain XXXIV: As the month of Ramadan starts, this week the EU has formally accepted the start of Brexit
The European Union has formally accepted the opening of the Brexit negotiations with the United Kingdom and Spain has presented its lines of action in this process.
In Qatar, several events have taken... Read More
Capital gain, cadastre and taxes increase the final price of housing by 25%
The calculation of the municipal surplus value and the increase of the value of the land by the update of the Cadastre make the taxpayer to pay 25% more of the price of the house.
Buying a property implies... Read More
A ruling of the provincial Court of Madrid annuls the IRPH banking
The Provincial Court of Madrid annuls the IRPH of a mortgage loan for abusive following the doctrine that the Supreme Court applies to the floor clauses.
Section 13 of the Provincial Court of Madrid issued a ruling on May 4... Read More
On palaces and ashes
Our Managing Partner, León Fernando del Canto, has published in The Huffington Post a personal reflection on the transitivity of life and death entitled "Palaces and ashes". As an example, he uses Ibrahim's King of Balkh fable, from the VIII century (the old city of Bactria, currently... Read More
#EmbraceSpain XXXIII: Gibraltar is not Brexit bargaining chip
The authorities of Gibraltar claim Theresa May’s protection against a possible "interference"of Spain and the European Union in the Brexit negotiations.
UK political parties are tweaking their electoral machinery to prepare for the upcoming general election in June. The Tories and Labor have published... Read More
Gibraltar calls for more support against interference from Spain and the EU
The Gibraltarian authorities ask the British government and the party of Theresa May for a greater commitment from London in supporting the Rock in the negotiations of Brexit.
Gibraltar's chief minister, Fabian Picardo, has called on UK Prime Minister Theresa... Read More
#EmbraceSpain XXXII: UK Elections and Negotiating Suspicion
The British government and the opposition are launching proposals and measures for a general election that has momentarily taken the media focus off Brexit.
At Del Canto Chambers, we have focused this week on taxes and the British real estate market, sectors for which, in... Read More
The TS recovers its old doctrine on the transparency of the floor clauses
The Supreme Court issues a new ruling on the floor clauses in which it tightens the requirements of material transparency of these clauses and guarantees the case-by-case study.
Floor clauses do not leave legal status. If the Supreme Court... Read More
#EmbraceSpain XXXI: Expats, free movement and polarization of Brexit
The British Government changes the general guidelines for Residence Card applicants following the recent implementation of a new warning system.
At Del Canto Chambers residence permits for European citizens living in the United Kingdom are, once again, a key subject this week.
In this... Read More
Gulf tax revolution: Qatar approves VAT bill
Qatar has approved a bill for the implementation of VAT and other taxes in 2018. The rest of Gulf countries will also introduce measures of this type.
The Qatari government has recently approved a proposal for legislation to introduce the VAT tax and another rate... Read More
The Home Office changes the EEA (PR) Guidance Notes
After media published that the Home Office tries to stop the applications to Permanent Residence Card from EEA citizens suggesting to these citizens to subscribe to an email alert instead of applying to a PR due to the huge increase of applications... Read More
#EmbraceSpain XXX: Expats as Brexit social problem
Expats rights are the social challenge of Brexit and it is already included in the British political parties’ discourse even before negotiations and elections start.
This week at Del Canto Chambers we continue to work from our offices in the UK and Spain to strengthen... Read More
The British government is trying to curb applications for residence permits
The British Home Office in charge of Permanent Residence applications has opened an alert system to manage and control the growing number of applications from European residents in the UK since the last referendum of June 23, 2016At the moment,... Read More
The City claims itself before Brexit
Our Managing Partner, León Fernando del Canto, took part in the event #EmbraceLondon, held by the Spanish journal El País, last 19th April. The event was assisted by British and Spanish businessmen and politicians in order to discuss the post-Brexit United Kingdom and to claim... Read More
Spain to recover its political influence in the EU
The Spanish government is facing a new role within its EU partners by gaining its lost influence due to the Brexit and its recovery from the economic crisis.
Spain is trying to recover its diplomatic and influential position inside the European Union which... Read More
#EmbraceSpain XXIX: Pragmatism as a solution to Brexit
Businessmen and representatives of British and Spanish institutions agree that pragmatism is the best option for successful Brexit negotiations.At Del Canto Chambers we are back from the Easter break with a vortex of activity. Our Firm participated in the event #EmbraceLondon, the editorial... Read More
Pragmatism, mutualism and certainty is what the City of London needs on Brexit negotiations
Our managing Partner León Fernando Del Canto, (Del Canto Chambers) embraced the scope of a historical relationship between United Kingdom and Spain, as well as #EmbraceLondon as an open arm Worldwide Business City. The Business Breakfast organized... Read More
The Parliament of the Balearics will discuss modifying the standard of tourist rentals
The Balearic parliament will urgently discuss a bill to regulate tourist rentals on the islands and ensure access to residential housing.The government of the Balearic Islands admitted to processing on April 7 a bill to regulate tourist rentals... Read More
Del Canto Chambers bets for the pragmatism on Brexit negotiations
Our Managing Partner, León Fernando del Canto, has taken part of the event EmbraceLondon, a briefing held by the Spanish journal El País, gathering representatives of the Spanish and British financial sectors in order to discuss the consequences of the EU... Read More
The Spanish tourist market, global leader in competitivity
Spain is found to be the first competitive global tourist power in a World Economic Forum's report.
The Spanish tourist market keeps increasing and this year's provisions are higher than 2016's. Spain was visited last year by 75.6m tourists, up to 10.3% more than... Read More
The floor clauses extrajudicial procedure, wastepaper for Spanish banks
The floor clauses affectees are claiming Spanish banking's non-compliance of the extrajudicial procedure approved by the government two months ago.
The Royal-Decree 1/2017 of 20th January approved by the government establishes an extrajudicial procedure to claim for floor clauses. It is in force... Read More
Floor clauses: Also a nightmare for British residents in Spain
It is estimated that around 200.000 British residents in Spain own properties with mortgages containing floor clauses that could be claimed at courts.
Mortgage floor clauses were declared as 'abusive' by the CJEU in December 2016 and last February the Spanish Supreme... Read More
Life, the Levant and the Bolonia beach
Our Managing Partner, León Fernando del Canto, has published a short story in The Huffington Post, promoting the release of his first novel "Que tu viaje sea largo" next May.
PDF version in Spanish Language.... Read More
The Spanish economy improves by reaching pre-crisis values
Spanish economic data are upgrading although there is still a wide margin for improvement in relation to employment.
After three years of growth, the Spanish economy is improving and reaching levels prior to 2008 crisis. The government forecasts for 2017 places this growth around... Read More
#Embracespain XXVIII: It's not about Gibraltar or Scotland
Mobility between Europe and the United Kingdom concerns expats from both sides. The Spanish Embassy in London establishes a one-stop process to inform residents in the UK.
With #Brexit without way back and waiting for negotiations to start, free movement of people seems to... Read More
The Spanish Embassy in the UK will resolve Spanish residents’ Brexit’s doubts
The Spanish Embassy in the United Kingdom has opened a single window to resolve the Spanish residents' doubts about residence permits in the UK due to Brexit.
The Spanish Embassy in the UK has communicated through the web verne.elpais.com, the... Read More
Qatar amends its arbitration law to attract foreign investment
The Qatari government has approved a new arbitration law adapted to the international standards on commercial law that are marked by the United Nations.
Qatar is one of the most important investment destinations in the Middle East, and for some years now it... Read More
#EmbraceSpain XXVII: Brexit is here, play your bets, gentlemen!
The United Kingdom finally notified the EC of its intention to leave the EU, and now two years of negotiations are under way in which the future of trade and expatriate relations in the country is at stake.
#Brexit is here. It is... Read More
Travelling as metaphore of living
Our Managing Partner, León Fernando del Canto, has published in The Huffington Post a review of his first novel, entitled "Que tu viaje sea largo", released by Trampoline Editores. A personal tale, inspired by Íthaca by Kavafis, describing his positive self-construction in the journey of knowledge's... Read More
The Spanish Embassy held a meeting on Brexit
“This is a historic moment from which there can be no turning back” said yesterday Theresa May in the House of Commons; few hours after her ambassador in the EU Tim Barrow gave to Donald Tusk; EU Council President, the letter which officially... Read More
ISA Accounts: Effortlessly Save (tax) in the UK
Individual Savings Accounts (ISA) are a very popular savings model in the UK. The fiscal will implement in April new fiscal measures that will make them more attractive.
Helping families to increase their savings levels: that was the idea of the North American economist... Read More
Qatar to invest 5 billion pounds in UK
Qatar announces that it will invest a total of £5 billion over the next three to five years in transport, real estate and digital technology infrastructures.
The Qatari government, through the Ministry of Finance, has announced that it will invest some 5,000 million pounds... Read More
#EmbraceSpain XXVI: The UK activates Brexit
The UK Prime Minister Theresa May has announced that she will activate Brexit on 29 March. Negotiations with the EU will last for at least two years.
There have been three events that have set the tone for our Firm Del Canto Chambers this week: Theresa... Read More
"La Venta del Rayo": the book converting History into Memory
Our Managing Partner, León Fernando del Canto, has published a review in The Huffington Post on the new book by our partner Encarna Castillo, "La Venta del Rayo", edited by Trampoline Editores which it has been prefaced by the judge Baltasar... Read More
SOCIMI: Real Estate Investment Companies
The tax advantages offered by the #Socimi make these companies a safe investment vehicle in Spain, sponsored by the improvement of the real estate market in our country.
The #SOCIMI or Listed Companies of Real Estate Investment are Spanish companies listed on the Alternative Stock Market (MaB)... Read More
#EmbraceSpain XXV: Waiting for Theresa May
The British government announces that Brexit activation is to take place at the end of the month, without giving a specific date. Recognition of residency rights is one of the keys to impending negotiations.
The imminence of #Brexit activation, in other words, the British government's notification... Read More
Application for UK Residence CardA popular Spanish proverb says "All fields bloom in March... Read More
Recovering deposit paid for Spanish properties
British tourists at the end of the 90’s started to dream with a home in Spain. Banks were happily lending money to make the dream a reality and all seemed to be so easy. Spanish developers visited cities and towns to offer the excellences of... Read More
#EmbraceSpain XXIV: Expats as a social aspect of Brexit
#Brexit's hottest social aspect is the future of both British expatriates in Spain and those of other EU countries in the UK.
Last Sunday, a summary of the editorial breakfast #BrexitOpportunity was published in the “business” section of the newspaper El Pais, under... Read More
Our Managing Partner, León Fernando del Canto, published an opinion piece in the Spanish journal Cinco Días on gender perspective and business management. Its translation into English is the following:
"Gender perspective and business management"
"The inclusion of gender perspective in companies is a crucial issue for the improvement of business results... Read More
Spain facing the Brexit's game
Our Managing Partner, León Fernando del Canto, took part in event #BrexitOpportunity, organised along with the journal El País, that have been deeply reported by its "Business" supplement.
The meeting gathered businessmen and diplomats in order to discuss the Spanish role in the Brexit's negotiation process, the... Read More
EmbraceSpain XXIII: The role of the Spanish government before Brexit
In the #BrexitOpportunity breakfasts our Firm clearly opts for an active role of Spain in the preservation of relations with the United Kingdom, a few days before Brexit starts.
In the United Kingdom, the House of Lords has approved amendments to the... Read More
Islamic banking lands in Morocco
The lawyer Gonzalo Rodríguez Marín, Main Coordinator at Saudi-Spanish Center for Islamic Economics and Finance (SCIEF) in the IE Business School, and the banking consultant and researcher Fatima Z. Bensar published a piece in the "Markets" section of the Spanish economic journal "Cinco Días" on the... Read More
The asymmetrical soldier of a contradictory XXth Century
Our Managing Partner, León Fernando del Canto, published an overview in The Huffington Post of the book "The Asymmetrical Soldier", by writer and professor of Law at the University of Córdoba, Antonio Manuel. The novel has been released by our partners of Trampoline... Read More
EU countries agree on taking a step forward on anti-avoidance rules
The EU is about to approve a new Directive on anti-avoidance measures against third countries, the next step to implement the whole OECD recommendations for BEPS.
International tax avoidance has been the new taxation battlefield for OECD and the EU’s tax... Read More
#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... Read More
Higher Education and Visa Requirement in Spain for International Students
Spain offers a variety of higher education choices. Students come from different countries to study in one of the seventy four universities situated inside the nation. The reason is a mix of good education facility and a chance to soak in... Read More
When will we finally have a law for the eradication of gender-based violence?
Law is an instrument used to structure society. The more filled with justice it is, the easiest will be to comply with the rules.
We must distinguish between legality and legitimacy. Legality is the set of legal norms of... Read More
Three Qatari banks' merger could result in the largest Islamic bank in the country
Qatari banks Masraf Al Rayan, Barwa Bank and International Bank of Qatar (IBQ) could merger in the largest Islamic bank in Qatar after Qatar National Bank (QNB), being the first Islamic bank in the country. If executed,... Read More
The black spots of the floor clauses’ extrajudicial procedure
The extrajudicial process for the refund of the floor clauses leaves the consumers defenceless by making stealthy changes to their procedural rights.
When the Court of Justice of the European Union ruled in favor of the total retroactivity of the floor clauses, consumers... Read More
#EmbraceSpain XXI: from rhetoric to facts
Whilst in the United Kingdom, the government is only awaiting the decision of the Lords to activate Brexit, the Supreme Spanish Court has finally positioned itself on the floor clauses.
Brexit should not be an excuse for the deterioration of the commercial and cultural relations... Read More
The civilization sustained by the gender perspective
Our Managing Partner, León Fernando del Canto, along with the Director of the Agencia Comunicación y Género, Isabel Mastrodoménico, have written an joint opinion piece in The Huffington Post in which they dismantle the criticisms on gender perspective in a previous article published in... Read More
The Spanish-British axis
It is time to get around the negative reading of 'Brexit' and strengthen ties between the two countries
Published by León Fernando del Canto in El Pais on October 8th 2016
The Brexit has been a major blow to the dream of building an European Union, which, in truth,... Read More
#EmbraceSpain XX: Respect for the general interest of the public will measure the success of Brexit
The implementation of the "Brexit bill" was discussed at the request of the opposition in Parliament. Once the House of Lords decides on it, Article 50 can be triggered and the exit will be negotiated... Read More
Del Canto Chambers: Universal jurisdiction and self-regulation to tackle tax fraud
Our Managing Partner, León Fernando del Canto, has published an opinion piece in the Financial Instruments Tax & Accounting Review magazine in which he bets for applying universal jurisdiction principles and CDPs for tax professionals in order to effectively fight... Read More
British owners in Spain can reclaim their lost money on off plan properties
After recent legal changes in Spain, buyers have the right to get back their property’s deposits on certain circumstances.
The Spanish housing bubble was one of the most important 2008’s international crisis in this country. Thousands of citizens lost... Read More
#EmbraceSpain XIX: activating Brexit, preparing the consensus?
The UK Parliament passed a law by which the British government is authorized to activate Brexit and Brussels will be formally notified of the start of the negotiations in March.
Brexit is already here. This past week the British Parliament discussed and approved the so... Read More
War between banks and consumers for the return of the floor clauses
Banking and government delay compliance with ECJ ruling.
The Minister of Justice, Rafael Catalá, recently announced that specialized courts in floor clauses may be designated with the aim of not collapsing the judicial system in the face of an avalanche... Read More
Del Canto Chambers: fight against tax avoidance is key to restore confidence in tax system
Our Managing Partner, León Fernando del Canto, has published a piece in the journal Bloomberg BNA on the Joint International Taskforce on Shared Intelligence and Collaboration's meeting (JITSIC) that took place in Paris
Del Canto considers that... Read More
#EmbraceSpain XVIII: The British Parliament as Brexit supervisor
The British Supreme Court rules that Brexit must be signed off by the UK Parliament while in Spain, floor clauses mark the legal rhythm and unemployment drops to levels of seven years ago.
This week at Del Canto Chambers, the floor clauses in Spain,... Read More
Del Canto Chambers is confident on the floor clauses' claims refund
Our Managing Partner, León Fernando del Canto, has been quoted in an article, published by The Times, on the new floor clauses claiming procedure established in Spain:
"The question on every borrower’s lips will be “How do I get my money?”... Read More
Del Canto Chambers thought as the well-placed firm to claim back for floor-clauses mortgages
The specialised website Spanish Property Insight has published an article, by market analyst and consultant Mark Stücklin, in which it has been quoted our Managing Partner, León Fernando del Canto, with regard to the recently approved Decree... Read More
The municipal capital gain could be reclaimed to the town halls
Numerous courts in all of Spain support the return of the municipal surplus value which current calculation does not consider the real value of property.
The municipal capital gain, or Tax on the Increase of the Value of Urban Land... Read More
Side B of the #floorclauses extrajudicial procedure
The #floorclauses extrajudicial procedure favours the banks instead of consumers
As anticipated in our article “Floor clauses and smoke curtains”, the #floorclauses extrajudicial procedure regulated by the Royal Decree 1/2017 of 20 January has come to establish that banks continue winning this battle.
This is not... Read More
How to claim for floor clauses mortgage loans’ expenses and other void credits
Floor clauses’ sentence triggered legal claims to recover mortgage’s arrangement fees and costs of mortgages loans affected both by said clauses and other void ones.
In Spain, when signing a mortgage with a bank, the client is usually paying... Read More
#EmbraceSpain XVII: May finally proposes a strategy for #Brexit
The UK bets on tough negotiations with the EU while in Spain the government tries to undermine the effectiveness of the ECJ ruling on floor clauses.
This new installment of the series #EmbraceSpain in Del Canto Chambers is totally marked by two... Read More
Taxation of amounts returned by floor clauses
Customers who receive their refunds of floor clauses may have to pay for them, depending on the deductions applied at the time.
The amounts received for the return of the floor clauses may be taxed, depending on the deductions applied at the time. The system... Read More
#EmbraceSpain XVI: “Soft Brexit” as a consensus alternativeThe risks of a hard Brexit could risk the bullish tendency of the Spanish and British economies. The soft alternative could imply more possibilities for consensus.
The commercial relations between Spain and the United Kingdom will be marked in 2017 by the Brexit... Read More
Self-employed workers and SMEs, with more margin to defer their debts with the Spanish Tax Agency
SMEs and self-employed workers will be able to defer their debts and tax payments such as VAT, income tax or corporate tax after the flexibilization of the deferral system by the Tax Agency.
The Ministry of... Read More
Del Canto Chambers considers like a "smokescreen" the floor clauses' extrajudicial process
Our Managing Partner, León Fernando del Canto, has published an opinion article in the journal Huffington Post in which he considers the new extrajudicial process that the Spanish government is trying to pass as a smokescreen to not to... Read More
Schengen after Brexit
Refugees crisis and spread nationalism across Europe have questioned the third-countries visa rules in the Schengen Area, but the real test will be the Brexit that will redefine expats status.
Free movement of people, goods and services are one of the basic cornerstones of the EU’s political project. The... Read More
Investment triangle between government, companies and investors in SID 2017
The event “Spain Investors Day” celebrates a new edition in Madrid and brings together foreign investors with the government and executives of the big Spanish firms to capture business.
The VII edition of Spain Investors Day (SID) brings together in Madrid over... Read More
#EmbraceSpain XV: Growth and good relationships to mitigate effects of Brexit
The economies of Spain and the United Kingdom have good prospects for growth in 2017 and continue to maintain good commercial relations before the imminence of Brexit.
In 2017 Brexit will set the agenda, according to numerous experts and for this... Read More
The British government eases the inheritance tax regimeReal estate wealth in the UK tends to concentrate generationally. The difficulties of young people's access to this market influence their taxation.
In the UK young people will inherit more but in more unequal conditions in the future. This is clear from a report... Read More
Fiscal developments in 2017: increases and constraints in Corporate Tax and Property Tax
Application of the changes in Corporate Tax and Property Tax introduced by the government a month ago started on New Year’s Day. They will affect large companies and municipalities.
Some of the tax changes approved by the Spanish government... Read More
Del Canto Chambers bets for Spain as British housing investments' destinationOur Managing Partner, León Fernando del Canto, has published statements in the British magazine Expat Network in which he highlights that Spain, despite Brexit and the Sterling's devaluation, is still an important destination for British wanting to purchase a property... Read More
04-01-2017 | EXPAT NETWORK
Our Managing Partner, León Fernando del Canto, has published statements in the British magazine Expat Network in which he highlights that Spain, despite Brexit and the Sterling’s devaluation, is still an important destination for British wanting to purchase a property in our country.... Read More
The banking sector strikes back: mortgage loans increase after the ruling of the CJEU
Spanish banks will increase credit to cope with a Euribor still at record lows and the CJEU ruling on floor clauses.
Spanish banking has been in crisis for a number of years in the context of a low-margin... Read More
The IRPF's box could be extended to other seven religions in Spain
A similar box to that of the Catholic Church could be implemented in the tax return's application from which might be benefited around seven religious creeds in Spain.
The Minister of Justice will implement a box like the Catholic Church... Read More
#EmbraceSpain XIV: Twelve months to build certainties
Spain and the United Kingdom end 2016 with their economies up and with optimistic data in investments and in the financial and real estate sectors.
In Del Canto Chambers we dismissed the last week of the year with the desire that Spain and the United... Read More
The Government will pass a procedure for floor clauses refund
In view of the predictable wave of claims following the ruling of the CJEU, the government will provide banks with a code of good practice, in order for them to give back the floor clauses to their clients.
The government will... Read More
The United Kingdom's investments in the Costa del Sol increases despite Brexit
Brexit's uncertainty does not stop British hedge funds' investments in the Costa del Sol's luxury housing market, with new projects for 2017.
British housing investors are betting to keep investing in Spain despite Brexit’s generated uncertainty, especially, in the Andalusian... Read More
#EmbraceSpain XIII: Hot New Year with flood clauses, IRPF Maternity Claim, #Brexit
The judgments on the floor clauses and on maternity benefits will have enormous effects in Spain and especially the first, also in the United Kingdom.
Two court rulings have topped all the activity in Del Canto Chambers this week: that... Read More
The sentence on floor clauses to give legal security to British owners in Spain
Our Managing Partner, León Fernando del Canto, has published some comments in The Times' The Brief on ECJ's floor clauses' ruling effects for Britons owning real estate properties in Spain.
On Del Canto's opinion, the European's top tribunal... Read More
The EC keeps fining Apple for breaching the state aid regulations
The EC in its report on Apple's case accuses the company of enjoying a favorable tax treatment in Ireland without any basis and for breaching the state aid rules.
The European Commission has recently published its report on the conducted investigation... Read More
The CJEU definitively overturns the floor clauses
The European High Court recognizes the total retroactivity of the floor clauses and banks must return all the amounts overcharged to their customers.
The Court of Justice of the European Union (CJEU) has issued the final judgement on land clauses forcing banks to repay the... Read More
The TSJA does not consider the maternity benefit exempt from the IRPF
The TSJA opposes in a ruling the TSJM when it rejects to exempt maternity allowances in the income tax by referring to the Spanish Tax Agency's thesis.
The High Court of Justice of Andalusia (TSJA) enacted a ruling last October... Read More
#EmbraceSpain XII: Converting Brexit into stimulus
The UK is preparing to reconfigure its role as a political power because of the internal and external challenges of Brexit.
Maintaining trade links with the United Kingdom is one of the objectives Spain should not ignore. Regarding this topic, we launched our campaign #EmbraceSpain: to... Read More
15-12-2016 | SPEAR’S
Our Managing Partner, León Fernando del Canto, has published an opinion piece in the Spear’s magazine on the consensus necessity among professional international tax advisors and States in the global tax avoidance’s fight.
... Read More
Del Canto Chambers advocates for the tax advisors' leadership on the fight against fraud
Our Managing Partner, León Fernando del Canto, has published an opinion piece in the Spear's magazine on the consensus necessity among professional international tax advisors and States in the global tax avoidance's fight.
For Del Canto, the starting... Read More
Brexit and its effects on British leadership in the Middle East
Brexit will not only affect British foreign policy with the EU but also with other world regions such as the Middle East.
As Chris Doyle comments on in his article "Will there be a British Middle East Policy after Brexit?", published... Read More
Gibraltar: the Brexit's territorial problem
Gibraltar advocates a distinctive agreement for the Rock and other British territories in the negotiations regarding Britain’s exit from the EU.
Gibraltar's Chief Minister, Fabian Picardo, advocated in the British TV Channel “BBC” that the upcoming negotiations between London and Brussels to negotiate Britain’s exit from... Read More
#EmbraceSpain XI: The path towards a new Europe
With the parliament’s okay regarding Theresa May’s plans on Brexit and the offensive against Fraud of states and organizations, there will be a definite change in Europe, even in the tax area.
This week the UK has taken a step further towards Brexit, with... Read More
Football Leaks: The tax evasión league
A European consortium of investigative journalists uncover footballers and celebrities' massive tax fraud, with an emphasis on Cristiano Ronaldo and José Mourinho.
The German newspaper “Der Spiegel” known as Football Leaks, has revealed that several European clubs and soccer players have committed a crime of... Read More
#EmbraceSpain X: A small step for the following big jump
Spain and the United Kingdom are carrying out their last fiscal measures of the year and are preparing for a budding 2017 with their growing economies.
In the tenth edition of the articles dedicated to our campaign #EmbraceSpain, we enter into the... Read More
Del Canto Chambers apuesta por la "jurisdicción universal" también para delitos fiscales
Our Managing Partner, León Fernando del Canto, has published an opinion piece in the magazine Spear's in which he defends the application of the universal jurisdiction principle for tax crimes to make the fight against international tax avoidance more... Read More
A court recognizes the floor clauses' total retroactivity
A Basque court recognizes the floor clauses' total retroactivity a few days before the CJEU's final sentence. The costs for the banks could be up to E5.2bn.
The Barakaldo's First Instance Court (Basque Country, Spain) has admitted the floor clauses' total retroactivity and it... Read More
2-12-2016 | SPEAR’S
Our Managing Partner, León Fernando del Canto, has published an opinion piece in the magazine Spear’s in which he defends the application of the universal jurisdiction principle for tax crimes to make the fight against international tax avoidance more effective.
... Read More
#EmbraceSpain IX: Ethical tax to achieve true equality.
Spain and the United Kingdom attract foreign capital, whilst establishing measures to avoid tax fraud within and outside its borders, protecting its taxpayers.
Both Spain and the United Kingdom’s economies are growing, despite the economic crisis and Brexit. There are many differences between the... Read More
Del Canto Chambers advises British expats to comply their taxation duties in Spain
Our Managing Partner, León Fernando del Canto, has published a statement in the magazine Silver Surfers in which he advises Brexpats who own a property in Spain to comply their tax duties with the Spanish Tax Agency due... Read More
1-12-2016 | SILVER SURFERS
Our Managing Partner, León Fernando del Canto, has published a statement in the magazine Silver Surfers in which he advises Brexpats who own a property in Spain to comply their tax duties with the Spanish Tax Agency due to the uncertainty caused by the Brexit.
... Read More
Our Managing Partner, León Fernando del Canto, has published an opinion piece in the journal The Huffington Post in which he analyses the last Madrid’s High Court’s sentence on the payback of the income tax paid by a taxpayer when receiving a maternity leave.
Del Canto considers that there is a... Read More
25-11-2016 | THE HUFFINGTON POST
Our Managing Partner, León Fernando del Canto, has published an opinion piece in the journal The Huffington Post in which he analyses the last Madrid’s High Court’s sentence on the payback of the income tax paid by a taxpayer when receiving a maternity leave.
... Read More
Madrid’s High Court contradict the Spanish tax authority’s criteria and it recognizes the refund of income taxes paid on maternity leave.
The Community of Madrid’s High Court of Justice (TSJM) has recognized to a taxpayer the income tax’s refund paid when receiving a maternity allowance.
This judgment contradicts the Spanish Tax Agency’s... Read More
Our Managing Partner, León Fernando del Canto, has published a statement in the economic journal Bloomberg BNA, in which he bets for the British tax authority to get wider powers of action against tax fraud in Overseas Territories too.
Del Canto highlights that it is, especially, “at an international level, which... Read More
Our Managing Partner, León Fernando del Canto, has published an article entitled “Gibraltar: the yardstick of the future of Spanish and British relations” in The Barrister Magazine, where he analyses the Gibraltar’s current status after Brexit and the Spanish’s co-sovereignty purposes with the United Kingdom.Versión en PDF... Read More
New indicators show that the UK economy continues to grow, while the fight against international tax fraud adds a new ally in rating agencies.The #EmbraceSpain campaign was developed by our firm Del Canto Chambers just two months ago, and in this time we have been able to confirm that the... Read More
The agency Morgan Stanley will lower its ratings of businesses for evading taxes and maintaining opaque structures in order to not to comply their tax duties.
The rating agency Morgan Stanley Capital International (MSCI) has announced to penalize tax evader businesses or companies following aggressive tax policies when rating since January... Read More
The future of the relations between Spain and a Post-Brexit United Kingdom starts with the meeting between Rajoy and Theresa May in Madrid. Enhancing them is key for both countries. #embracespain.The caretaker president, Mariano Rajoy, has met with the British prime minister, Theresa May at Palace of Moncloa. During the... Read More
17-11-2016 | THE BARRISTER MAGAZINE
Our Managing Partner, León Fernando del Canto, has published an article entitled “Gibraltar: the yardstick of the future of Spanish and British relations” in The Barrister Magazine, where he analyses the Gibraltar’s current status after Brexit and the Spanish’s co-sovereignty purposes with the United Kingdom.
... Read More
The Spanish tax authority keeps its collection policy and it is focused on HNWI and multinationals, increasing its inspections in areas like Costa del Sol and Madrid
The Spanish Tax Agency is increasing its tax inspections both HNWI, especially those non-residents owning properties (generally, second-home residences) and multinationals in our country,... Read More
The luxury real estate market in the United Kingdom has improved with Brexit and the presence of internationals (including Spaniards) has had no significant decrease despite the effects of an almost ten-year crisis.Seven weeks have passed since our firm, Del Canto Chambers, developed the campaign #EmbraceSpain, during which we have... Read More
British tax authority is targeting high-net-worth individuals in order to collect more taxes that patch the public deficit hole up.
The United Kingdom has an economic problem: in 2015 its public deficit reached up to 4.20 of GDP. To cover that hole is a priority for the State to regain income.... Read More
Spain’s global presence both in the EU and worldwide remain steady, despite the crisis, according to the “Real Instituto Elcano’s” report “Elcano’s Report on Global presence 2016”.Spain keeps its political and economic presence in the international arena through the Elcano’s Global Presence Index (IEPG, in Spanish), Which is the result... Read More
09-11-2016 | BLOOMBERG BNA
Our Managing Partner, León Fernando del Canto, has published a statement in the economic journal Bloomberg BNA, in which he bets for the British tax authority to get wider powers of action against tax fraud in Overseas Territories too.
... Read More
The British luxury housing market keeps increasing despite Brexit and the recent changes implemented by the government in the Stamp Duty Land Tax.The luxury properties’ selling in the United Kingdom (those worth more than one million pounds) has increased up to 12% in 2016 with regard to the previous year... Read More
The 0.5% rise in the British economy and the judicial decision that has given Parliament control over Brexit has soothed fears around the dreaded recession and paved the way for a clearer process.
Over the past seven days at Del Canto Chambers, as we transitioned between October and November, we have... Read More
Our Managing Partner, León Fernando del Canto, has published a film review on the documentary “The Keys to Memory” in the journal Huffington Post.
This documentary, by the director Jesús Armesto, filmed with his production company Almutafilm, has been selected in the Seville European Film Festival XIII’s billboard, which is going... Read More
Our Managing Partner, León Fernando del Canto, has published and article in the Spear’s magazine where he analyses the legal changes that would affect British expatriates in Spain and in other European Union’s countries, once the United Kingdom will complete the Brexit.PDF version.... Read More
The United Kingdom’s GDP increases five decimals three months after EU’s exit referendum, with the service sector leading this growth.
The British economy seems to be dodging the negative effects that were foreseen after Brexit and it has registered a GDP growth of up to 0.5% in the third quarter of... Read More
As part of the #EmbraceSpain campaign, we continue to support Spanish-British relations and we attended a conference organized by the British Chamber of Commerce in Spain
This week at Del Canto Chambers, as a continuation of the #EmbraceSpain campaign, our Managing Partner, Leon Fernando Del Canto, published several pieces in the... Read More
The European Parliament debates a proposal to create a common base for corporate tax in the European Union.
The European Commission has presented a proposal to the European Parliament to harmonize the corporate tax’s base between the 28 States members.
This Consolidated Common Corporate Tax Base (CCCTB) would allow businesses to pay... Read More
Our Managing Partner, León Fernando del Canto, has published a statement in the journal Bloomberg BNA on the UK’s International Development Committee’s parliamentary report in which the British government is asked for more tax transparency in its Overseas Territories and Crown Dependencies such as the British Virgin Islands or Gibraltar”.“They’re... Read More
The British capital has the highest concentration of Family Offices in Europe, a booming business sector that manages high-net-worth families’ wealth.
London is the Europe’s financial capital, headquarters of numerous businesses that move and attract extraordinary investments. Amongst its most vigorous businesses, is where Family Offices (FO) are found. They are... Read More
The #EmbraceSpain campaign is progressing well and has been successful in showing the strong relationship with the United Kingdom, which is especially important given that there is now an approximate date for the UK to exit the EU.This week at Del Canto Chambers in London, we have continued our work... Read More
Business leaders urge the government to improve the British taxation system and they see Brexit as a chance to simplify the fiscal model.The British tax system in need of an improvement, according to the Institute of Directors, which defines it as “punishingly complex”, a system that hinders the United Kingdom’s... Read More
Our Managing Partner, León Fernando del Canto, has published an article in the journal Huffington Post in which he analyses the advantages of implementing the compulsory voting.PDF Version.... Read More
Non-domiciled in the United Kingdom are reshaping their properties and taxation schemes in anticipation of government’s taxation changes due to the Brexit.The British tax system and its rules will radically change since April 2017 and it will do more once London calls upon Article 50 of TEU to start the... Read More
The Spanish housing market is recovering and it is increasing its purchase and mortgage loans, while prices have decreased up to four points in the last month of August.Housing purchases have increased up to 17.4% in August with regard to the same month last year and the total amount of... Read More
We continue to strengthen our #EmbraceSpain campaign in what has been a decisive week for the relations between Spain and the UK, with Theresa May meeting President Rajoy.This week at Del Canto Chambers we continue our #EmbraceSpain campaign, strengthening commercial ties between Spain and the United Kingdom.On this topic, Leon... Read More
Del Canto Chambers, firme defensor del eje hispano-británico
Our Managing Partner, León Fernando del Canto, has published an article in “El País“, in which he bets again for maintaining the Spanish and British’s economic bonds against the Brexit’s generated uncertainty.With this article, written within the frame of the #embracespain campaign, Del... Read More
08-10-2016 | EL PAÍS
Our Managing Partner, León Fernando del Canto, has published an article in “El País“, in which he bets again for maintaining the Spanish and British’s economic bonds against the Brexit’s generated uncertainty.... Read More
Our firm continues the #EmbraceSpain campaign to strengthen Spanish-British ties. In addition, it looks further into these ties by assessing various different sectors.
At Del Canto Chambers, October began with the launch of our monthly Newsletter featuring the activities that we are developing, such as our #EmbraceSpain campaign.
Although it is not... Read More
Our Managing Partner, León Fernando del Canto, has published an article in the economic journal "Cinco Dias" where he is defending that relations between Spain and the United Kingdom should be maintained after Brexit. He also requires the Spanish government to establish bilateral negotiations with the UK as soon as... Read More
Twitter UK increased its tax payments in the United Kingdom from earning up to 30% more than in 2015 although the real figure is estimated to be even higher.
The British Twitter's branch has paid a total amount of £1.24m (€1.40m) in taxes due to an increasing of its profits up... Read More
The Spanish industrial sector has grown by 34º again this month due to the increase of demand and employment rates, while the Eurozone has also registered a rise for the 39th consecutive month.
Last September 2016, the industrial market in Spain reached its best figures since April by increasing the number... Read More
06-10-2016 | CINCO DÍAS
Our Managing Partner, León Fernando del Canto, has published an article in the economic journal “Cinco Dias” where he is defending that relations between Spain and the United Kingdom should be maintained after Brexit. He also requires the Spanish government to establish bilateral negotiations with the UK... Read More
Low rates and the resulting decrease in the Spanish debt's profitability are saving the State up to €2bn in interests. The risk premium is below 100 points.
Spain has saved the Public Treasury around €2bn in debt interests, according to the Ministery of Economy. This is the saved amount with regard... Read More
The United Kingdom's tax authorities investigate the offshore accounts of non-residents in their Overseas Territories and Dependencies upon US request.
Last September the 30th, The British Treasury (HMRC -HER Majesty Revenues & Customs) received information on hundreds of thousands of offshore bank accounts of American citizens and residents from the United... Read More
Our Managing Partner, León Fernando del Canto, has published a statement in the magazine Bloomberg BNA where he comments on the last measures that HMRC has implemented to fight against VAT fraud.
The article, written by the journalist Ben Stupples, is titled "UK proposes new penalties for VAT fraud" and it... Read More
Our Managing Partner, León Fernando del Canto, has published an article entitled, "The right to privacy vs parliamentary immunity or money powers against rule of law", in the Global Assets Magazine on a recent Bahamian High Court's sentence on right to privacy.PDF Version.... Read More
#EmbraceSpain: The necessary embrace between Spain and the United Kingdom
The #EmbraceSpain campaign highlights the need for Spanish-British trade ties and furthers our expansion in the UK despite the uncertainty generated by the Brexit.
At Del Canto Chambers we spent the last week of September in London promoting the #EmbraceSpain campaign with... Read More
Our Managing Partner, León Fernando del Canto, has published an article on the British magazine Money Observer, entitled "British expats facing 'green card' procedures in EU", in which he analyses the British expats' situation after Brexit with regard to their visa residences in the EU's countries.The British exit from the... Read More
The Director of Agencia Comunicación y Género participates in a conference on the use of gender perspective in the media.The Cordoba Young Creation Festival “Eutopía 2016” has recently offered, as part of their discussion activities, a conference entitled “Gender Culture: communicating with gender perspective“. Participating in this conference was Isabel... Read More
29-09-2016 | GLOBAL ASSETS MAGAZINE
Our Managing Partner, León Fernando del Canto, has published an article entitled, “The right to privacy vs parliamentary immunity or money powers against rule of law“, in the Global Assets Magazine on a recent Bahamian High Court’s sentence on right to privacy.
... Read More
29-09-2016 | BLOOMBERG BNA
Our Managing Partner, León Fernando del Canto, has published a statement in the magazine Bloomberg BNA where he comments on the last measures that HMRC has implemented to fight against VAT fraud.
... Read More
29-09-2016 | MONEY OBSERVER
Our Managing Partner, León Fernando del Canto, has published an article on the British magazine Money Observer, entitled “British expats facing ‘green card’ procedures in EU“, in which he analyses the British expats’ situation after Brexit with regard to their visa residences in the EU’s countries.
... Read More
The World Economic Forum places the UK among the most competitive economies.
The United Kingdom is the seventh most competitive economy worldwide. This has been confirmed in the report by the World Economic Forum (WEC), also known as Davos Forum, which released the ranking of the most competitive economies in the... Read More
Spanish bank entities' toxic assets continue to increase and they are a further factor of the currently weak economic recovery in Spain. The Spanish banks' burden:
Spanish banks accumulate up to 350.000 million euros in their accounts in 'toxic assets', the equivalent to a third of the Spanish GDP. Such an amount... Read More
The 31st of October marks the end of the Spanish Tax Agency's Tax Inspection's Intensified Action Plan against tax fraud, which has been described as arbitrary and confiscatory by the fiscal sector.
Last February, the Spanish Association of Tax Advisors (AEDAF) criticized the plan of incentives against tax fraud that the... Read More
The economic journal "Cinco Días" has published an opinion piece by our Managing Partner, León Fernando del Canto, in which he explains what a living will is and why it can be a helpful legal document.The living will, also known as an "advance healthcare directive" allows to clarify a number... Read More
This week we have participated in the Madrid Fashion Week together with MALNE and Eutopía 2016 in Cordoba with Spanish agency ‘Agencia Comunicación y Género’ which works to tackle gender issues by opening up lines of communication.Last Monday, the Del Canto Chambers team was present on the catwalk at the... Read More
Qatar and the United Kingdom are strengthening their trade relations in the view of the UK's exit from the EU.
Greater cooperation between the United Kingdom and Qatar would be a huge opportunity for both countries. This is the conclusion reached by both countries' agents and diplomats gathered in a lunch... Read More
The firm of haute couture MALNE offered a fashion show at Madrid Fashion Week inspired by Cervantes and the Spanish Golden Age fashion style.
The firm of haute couture MALNE offered a fashion show on the catwalk of the 64th edition of the Mercedes-Benz Fashion Week Madrid, better known as Cibeles,... Read More
The European Union is tax-tackling McDonald's and demands that the fast-food company pay a huge to Luxembourg for back taxes, just as it did with Apple.
The American fast-food giant McDonald's could face a fine imposed by the European Union of 466 million Euros in back taxes to be paid to... Read More
The real estate market in Spain continues to rise strongly but mistakes learned after the bursting of the bubble dispel the fear of a new "ladrillazo" in our country.
The Spanish real estate sector seems to be normalized, although consultants, appraisers and realtors warn that this improvement does not imply a... Read More
The economic journal Bloomberg BNA has published statements made by León Fernando del Canto in an article analyzing the fiscal situation faced by Apple in Europe after being sanctioned by the European Commission to pay 13bn euros in back taxes to Ireland.
Journalists Rick Mitchell and Ben Stupples wrote in their... Read More
Our visit to London; the principle of universal jurisdiction in New York; the Apple Inc. case; and the revenue-raising antics by means of corporate tax employed by the Spanish government have kept us busy this week at Del Canto Chambers
At Del Canto Chambers, as we approach the end of the... Read More
The caretaker government will undertake the Corporate income Tax reform and re-implement installment payments. This measure is being accused as confiscatory by labor unions and the opposition parties.
The caretaker government will make effective through law-decree the Corporate income tax reform that was announced last July; and by which is trying... Read More
Apple’s corporate network is investigated by the European Commission
The EU's Competence Commission has calculated that Apple defaulted €13bn between the periods 2003 and 2013 in Europe. It is not the first investigation on this American multinational accounts, which is already being investigated by the Spanish Tax Agency.
In fact, The Spanish... Read More
Universal Jurisdiction and its new application frames have been discussed at the United Nations at a conference sponsored by Fundación Internacional Baltasar Garzón
The UN headquarters in New York hosted a conference on universal jurisdiction, which was focused on the role of the universal jurisdiction principle in the fight against impunity... Read More
The application of the principle of universal jurisdiction for debate this week at the UN in New York.
The principle of Universal Jurisdiction refers to the extension of national jurisdiction of any territory over certain crimes considered crimes against humanity, regardless of where they were committed or the nationality of the... Read More
Qatar, United Kingdom and #Apple kept us occupied at Del Canto Chambers this week
At Del Canto Chambers, September has started with an interview in The Times regarding the #AppleTax case. Meanwhile, the firm continues to strengthen its position as the first Spanish office in Qatar. Along with Leon Fernando del... Read More
Qatar is one of the world's leading countries in the Middle East in real estate investments, especially after its recent acquisitions in the heart of New York.
Global investments in the real estate market made by Middle East countries reached the first half of 2016 close to 8.8 billion Euros (about... Read More
León Fernando del Canto on The Times: "Direct tax is a sovereign responsibility of individual EU states"
The British journal The Times has published some statements of our Managing Partner León Fernando del Canto on the current €13bn's fine that the European Commission has ordered Apple to pay to Ireland in... Read More
Del Canto Chambers as partner and producer of the documentary “The Keys to Memory” together with Al Jazeera TV channel and Al Sharq Forum Foundation in Geneva by Andalusian Jesus Armesto, which delves into the history of Andalusia and its people.
Andalusian filmmaker, screenwriter, poet, and writer Jesús Armesto (Écija- 1978)... Read More
Our Managing Partner, León Fernando del Canto, has published in the prestigious British legal weekly journal Solicitors Journal (founded in 1856) an article on the fight against international tax avoidance and the UK's role in it.
International tax avoidance is a burning issue both media both public opinion. Cases such as... Read More
The Spanish economy is improving despite the eight months of a caretaker government. Although there is uncertainty about its sustainability, in Del Canto Chambers we are confident in the ability of our country. For this reason, we offer #EmbraceSpain to our international clients.
Spain has been ruled by a caretaker government... Read More
People deciding to get a living will increase each year in Spain, although it still is a legal resource used by a minority of people in our country.
The number of people choosing to get a living will is growing every year. If in January 2013 they were 145,775, in the... Read More
Profitability of the leading investment funds in Spain, business opportunities in the Middle East and the European Commission punishing Apple mark the end of the summer holidays.
Over the past week at Del Canto Chambers, we have had one foot in Europe and the other in the Middle East; tax issues... Read More
A new wave of massive trials against Spanish banks is coming because of the investors’ lost money by property developers during the Spanish housing bubble.
Spanish banks are facing a new case of multiple trials because of the lost money that investors paid to the bankrupted housing developers in the bubble's... Read More
The new Saudi legal draft on corporate law represents an adaptive challenge for companies located in the country and an opportunity to modernize the Saudi business structure.
Last May Saudi Arabia enacted a new Companies Act that will have an enormous impact on the business, financial and investment structure of the... Read More
The European Commission investigates the tax agreements Apple has with Ireland and could impose an unprecedented sanction on the multinational for performing against the internal market.
The tech multinational Apple could face a penalty for back taxes of up to billions of euros. The decision depends on the European Commission, which concludes... Read More
Seven of the ten most profitable investment funds in Spain exceed 20 points in cost effectiveness in relation to the amount invested
A curious paradox takes place in the market for investment funds in Spain: those leading the performance ranks do not match those which attract the most money to their... Read More
HM Revenues & Customs proposals for sanctions against tax evasion, the BEPS project and Islamic finance have been the highlights of the week at Del Canto Chambers.
International finance has led the way this week at Del Canto Chambers. We have analysed the emerging sector of Islamic finance, the BEPS (Base... Read More
The Directive 2016/1164 applies the principles of the OECD against international tax evasion in Europe
The Council Directive (EU) 2016/1164 of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market was enacted concerning tax avoidance. The new legislation follows the directions... Read More
Gibraltar, especially in the context of Brexit, is set out to be an important player in the field of Family Offices. Its tax regime is not the only advantage; its regulatory and banking framework withstand the tests of the OECD and the European Bank and regarding Brexit, having signed a... Read More
The number of billionaires, people owning more than $1bn in assets, has increased up to 6.4% in 2015, totalising 2.473 people, as reported by agency Wealth-X, one billionaire for every 2.95M people.
Their accumulated wealth adds up to 7.7bn dollars and although it seems that they have not suffered the economic... Read More
HMRC has an ambitious plan against tax evasion that is raising doubts among industry professionals and tax advisors.The British Treasury has launched a plan to prevent tax fraud which seeks to impose sanctions of up to 100% of the taxes evaded. The plan is a continuation of the anti-fraud measures... Read More
Our Managing Partner at Del Canto Chambers, León Fernando del Canto, has published a new article at Spanish journal Cinco Días wherein describes the business chance that Islamic Finance means for investors in Spain.Islamic Finance is a sharia-compliant emergent financial model forbidding interest rates payments and speculation, among others.
Although it... Read More
20-08-2016 | CINCO DÍAS
The Finance Newspaper, Cinco Días, published a column by our Managing Partner, Leon Fernando del Canto, on Islamic loans and if they have any future in Spain.... Read More
Employment figures and investment in real estate in the UK has steadied following initial concerns post-Brexit. In other news, in Qatar the sukuk has shown to be a safe asset in the context of international finance.
This week at Del Canto Chambers we have focused on Britain, analysing the aftermath of... Read More
Our Managing Partner, León Fernando del Canto, has published a new article at New Law Journal titled 'Holiday hell'. This article analyses how the later CJEU's Advocate General's opinion on floor clauses' retroactivity has affected not only Spanish citizens owning overpaid mortgages but UK citizens in Spain having holiday homes.To... Read More
The United Kingdom housing and employment figures improve after Brexit
When the United Kingdom decided to leave the European Union last June the prospects of a massive economic collapse seemed to be the preferred forecast for most analysts. It is true that we are only nine weeks away from Brexit and... Read More
The QIIB's Sukuk's issuance goes up to 20 points with regard to June and it follows Qatar's and Gulf countries' economic growth.
Moody's agency has described as a "positive credit" the €244m-worth's Qatar International Islamic Bank's (QIIB) Sukuk issuance.
Sukuk is a shariah compliant financial instrument, equivalent to the bonds, but being... Read More
This article will provide in- depth analysis on the measures that the OECD and the European Union are carrying out to combat international tax evasion.This week at Del Canto Chambers we have focused on providing analysis on international tax evasion. Since 2013, the OECD, has leads the Base Erosion and... Read More
Our Managing Partner, León Fernando del Canto, reviews at Acquisitions Daily what the near future is looking like for M&A activity in wider Europe as a result of Brexit:
UK M&A: Waving not drowning
León Fernando Del Canto, managing partner at Del Canto Chambers, reviews what the near future is looking like... Read More
The OECD is trying to resolve some of the classic international tax issues in the context of the digital economy. Welcome to the OECD 2.0Since 2013 the OECD’s BEPS (Base Erosion and Profit Shifting) is combating international tax fraud with a true multilateral tax reform proposal in a paper called... Read More
The OECD leads an international project to fight tax fraud that places a special focus on cross-border taxation of corporate income tax.
In economic terms, "globalization" means the same as "world market". Doing business globally also involves generating wealth on a global level, which, eventually, must be taxed.
Countries, through multilateral or... Read More
The storm caused by Brexit seems to have settled in the UK. In other news, British citizens residing in Spain should pay attention to their wills and mortgages now more than ever, following an ECJ judgment on floor clauses.
This week at Del Canto Chambers, the UK has been the main... Read More
Our Managing Partner in the office of Del Canto Chambers, Leon Fernando Del Canto, published in the British business newspaper City AM an article on the growth of the M & A sector in the United Kingdom despite the bad omens predicted as a result of Brexit.As an example, Leon... Read More
The real estate sector In Spain continues to improve its forecasts and now enjoys five consecutive months of increases compared to the same period of 2015
Private clients are in luck: home sales rose 19.4% last June compared to the same month in 2015 and 36,895 operations were performed, according to... Read More
The existing legislation between Spain and Britain regarding inheritance is complex, mainly because their legal traditions are opposed. While in the UK there is absolute freedom in regards to how the inheritance may be distributed, in Spain by law there is a system which reserves a portion of the inheritance... Read More
Aiming to increase its presence in the UK, the Spanish bank tries to buy a brand of Royal Bank of Scotland (RBS)
Despite the news in Spain on Brexit, Santander Bank has submitted a binding purchase offer to Williams & Glyn, a brand of Royal Bank of Scotland (RBS). This move... Read More
Our Managing Partner, León Fernando del Canto, published an article in the journal of luxury property Prime Resi on the subject of the ECJ's Advocate General's opinion on floor clauses and how it could affect British citizens owning a holiday home in Spain.According to León Fernando del Canto, the ECJ's... Read More
Economic relations of Britain and Qatar could be strengthened as a result of the British departure from the European Union.
Brexit and Qatar:The exit of the UK from the European Union, embodied in the referendum last June, will mean more economic and business opportunities for Qatar and the Gulf countries.
Taking into... Read More
At Del Canto Chambers our efforts to reflect our corporate identity and our brand image through our website have been rewarded. A few days ago the web "Blogsdederecho.com" checked out our online site and made a positive review on the presentation of our services, as we have project them to... Read More
Working on the Tax Agency’s fight against tax fraud and tax collection has monopolized our week at Del Canto Chambers.
Treasury leads the way:
The Tax Agency has been the chief protagonist this week at Del Canto Chambers. We have focused on the inspections being carried out in large multinational companies operating... Read More
In Madrid and Barcelona, the market for residential development has recovered from the devastating moment lived by the crisis thanks to the arrival of foreign investment to real estate developments.
From luxury homes worth millions of euros to modest flats for the middle class, the resurgence shows how the Spanish economy... Read More
Our Managing Partner at Del Canto Chambers, León Fernando del Canto, has published at the Spanish economic journal "Cinco Días" an article on Spanish Tax Agency's inspection activities in the Andalusian "Costa del Sol", mostly headed against high-purchasing-power foreign residents:
Spanish treasury and foreigners in the Costa del Sol
"The state coffers... Read More
Poor collection of both corporation tax and personal income tax overthrow the forecasts made by the Tax Office in the State Budget for 2016. Reality deviates drastically from initial forecasts made by Spanish Tax Office:
The Tax Agency was too optimistic in the preparation of the State Budget, published shortly before the... Read More
27-07-2016 | CINCO DÍAS
The Finance Newspaper, Cinco Días, published a column by our Managing Partner, Leon Fernando del Canto, on inspection activity of the Tax Authorities in Costa del Sol, Andalucia. The article is directed mainly to foreign residents with high purchasing power: Spanish Tax Authorities and foreigners.
... Read More
Tax authorities reveal more than one and a half million non-declared properties in Spain. Its impact on immovable property's tax collection it is a lifeline for councils' accounts.
The Spanish Tax Agency have discovered 1.690.000 non-declared properties for immovable property tax (IBI) in Spain. The investigation has been taken part by... Read More
26-07-2016 | PRIME RESI
The digital Media specializing in real estate, Prime Resi, published an article by our Managing Partner, Leon Fernando del Canto, on the recent decision of the Advocate General of the ECJ in relation to the non-retroactivity of provisions soil and how it will affect the owners of holiday... Read More
The tax declaration of self-employed workers' earnings from economic activities uploads by first time since the beginning of the crisis.
The benefits that self-employed workers have declared to the Spanish Tax Agency in their income tax declaration (IRPF) have grown up by first time since the year 2007. The declared net... Read More
Spain and Morocco renew their Agreement on double-taxation while the international market is being reassembled after Brexit and Qatari's banks are increasing.
This week at Del Canto Chambers, we have been focused more on highlighting the current fiscal timeliness because it has been going on interesting news from the fiscal law... Read More
The Spanish government still has not specified a figure but assures it will be up to 20%. The public deficit's compliance with Brussels it is an uthopy.
The Spanish caretaker government has notified to the Fiscal Responsability Indepedent Authority (AIReF) that the new corporate tax's fractioned payment's rate will permanently be... Read More
The British newspaper The Times has published an article by León Fernando del Canto on the consequences, for British citizens owning a property in Spain, of the ECJ's advocate-general's decision with regard to the floor-clauses' no retroactivity:
Bad news for Brits with a holiday home in Spain
The European Court of Justice's... Read More
21-07-2016 | THE TIMES
The well recognized newspaper, The Times, published an article by our Managing Partner, Leon Fernando del Canto, on the consequences for British citizens who have property in Spain due to the decision of the Advocate General of the ECJ in relation to non retroactivity of ground clauses.
... Read More
The Qatari bank increase more than ten points its billing only in the first half of this year.
The Qatari's bank IQQB, the leading lender in Qatar, has got a net profit of 110.7 million euros in the first half of 2016, a 1.1% more than in the same last-year period... Read More
Banks in Qatar continue stable thanks to continued high government spending which is making up for low oil prices, according to a report by Moody's Investors Service's. The study, published this month of July, reflects how bank creditworthiness will most likely evolve in Qatar over the next 12-18 months. It... Read More
This Agreement's reinterpretation will enable law firms and chambers' works and businesses with the neighbouring country.
Spain and Morocco have introduced some modifications in their 1978 Agreement to avoid double taxation in the income and heritage tax fields, which will mean further improvements in both countries' commercial relations and in the... Read More
The Spanish airline company avoids paying 29 million euros of non-resident income tax to the Spanish Tax Agency because an unjustified inspection visit enlargement.
The Spanish airline company Iberia has won a twenty-nine-million trial to the Spanish Tax Agency. That Agency was claiming this amount by way of non-resident income tax's... Read More
The iconic Apple multinational or the giant Google are suffering from fiscal inspections by the Spanish Tax Agency.The Spanish Tax Agency is investigating the Apple giant and its branches in Spain, following the Spanish journal El País, among other big businesses such as Google which had already been visited by... Read More
Bailing water: the Spanish government raises the corporate tax to balance the accounts
With the corporate tax raising, it is intended to "plug the gap" suffered in its collection, the worst figure since 1995.
The Spanish Treasury Department has propounded to increase up to 12% the corporate tax's fractioned payment before the... Read More
The CJEU’s Advocate General’s line on floor clauses and the Brexit’s economic consequences corners Del Canto Chambers’ reporting work last seven days.The work at Del Canto Chambers has been traced by the CJEU’s Advocate General’s statement on floor clauses and Brexit’s effects in the British economy this week. The Advocate... Read More
A Rics' survey warns of a British housing market's deep falling while a report from Moody's states that it is not going to affect main investors: GCC countries.
A Royal Institution of Chartered Surveyors' survey (Rics) foresees that home sales in the UK will significantly go down in the summer of... Read More
Disappointment in consumers associations, cautious euphoria in Spanish banking system
Reactions on CJEU's Advocate General's decision on limiting the floor clauses' retroactive effect were immediately undertaken. The most-affected banking entities by this measure are not hiding their joy but cautiously: the final sentence will not be known until December 2016.
CEJEU is... Read More
Spanish Golden Visa, the most secure scheme to put a foot in Europe:
Spanish Act 14/2013 of 27th September, known mainly for containing the Spanish Golden Visa scheme, was issued to support entrepreneurs and their internationalisation, introducing a new type of visa and residence permit for qualified immigration, in order to... Read More
The Spanish Government announced a corporate income tax's increase without concretising it and it is going against the European's tide.
The Spanish Government announced that the minimum payments on account's corporate income tax's interest rate will be rise to the foreign businesses in order to collect 6.000 million of euro more... Read More
CJEU's Advocate General does not declare null the floor clauses' retroactivity and the so-called "Bankxit" is near to become a reality
The CJEU's Advocate General has issued this Wednesday on the retroactivity of the floor clauses' nullity. Clients who signed a floor-clauses mortgage with a bank have overpaid by their interests... Read More
13-07-2016 | BLOOMBERG
The prestigious financial newspaper Bloomberg published an article by our Managing Partner, Leon Fernando del Canto, on how they are prepared Spanish banks for the effects of the recent stance of the Advocate General of the ECJ regarding the floor clauses.... Read More
London is reacting to Brexit, in Spain investors' juridical security is increasing and it is expected that the Qatari's economy will enhance in following years.
No one is doubting that Brexit has been a setback for the British economy and, after the referendum, the markets suffered from huge drops. But it... Read More
The Turkish government is completing in its parliament a tax amnesty to attract assets
Turkey in the last years is conducting an adaptation process to international common standards on transparency in the international automatic exchange tax information field.
In this regard, the Turkish government submitted to its parliament a draft law to... Read More
The time to buy Spanish real estate and obtain the Spanish Golden Visa is running out.
According to the figures from the Spanish Ministry of Development, the stock of new, unsold houses reached a maximum of 650,000 homes in 2009. That is why now that this figure has dropped below 500.000,... Read More
British pensioners on abroad have experienced how their pensions have dropped until a 10% and they are afraid of losing even more purchase power.
The Brexit still has consequences, mostly negatives, for the British economy. Shortly after the referendum, the sterling pound felt in the markets and it reached unremembered values... Read More
Spanish banks are getting ready to face the next CJEU's Advocate General's opinion on floor-clauses' effects by implementing "zero-clauses" and by growing fixed interest mortgage's sellings up.
The next CJEU's Advocate General's line on floor clauses could erase them and to make banking give mortgagors back their overpaid amounts for their... Read More
Different jurisdictions and tax schemes are keys to bear in mind when an FO is established
A Family Office (FO) is a kind of business created to manage the single family or group family's assets and wealth. It deals with wealth management such as financial, real estate and corporate investments and... Read More
As if all the people were not awaiting for it, the Court of Justice of the European Union (CJEU) has announced to delay its Advocate General's line on floor-clauses that were affecting Spanish mortgages.
These clauses have affected many buyers and investors who have overpaid bank entities they had signed their... Read More
The Brexit's effects and those caused by the CJEU's Advocate General's line on mortgage-floor-clauses in the Spanish banking sector fill our first week up.
Lawfirm Del Canto Chambers' blog started this first July-summer-week a new stage to became a reference blog on commercial law, fiscal law and Private Clients in the... Read More
In London and in the rest of the European continent the strategies to avoid Brexit's negative consequences and to take advantage of its opportunities are being redefined.
The Brexit's economic and juridical consequences do not stop but after the first shocking days, the strategies are being redefined now in both sides... Read More
The Spanish Bankxit is a concept that is born from a sentence of the Spanish Supreme Court limiting in time the right to recover the amounts paid to the Spanish banks due to mortgage clauses that have been declared void, mainly the "floor clauses".
These clauses have been common in the... Read More
Duties of a Company Director of a Spanish Limited Company (Sociedad Limitada – SL)
The Sociedad Limitada (SL), the Spanish name for Limited Liability Company (LLC), is the most common form of company in Spain and is similar to a limited company in other countries. Like any form of company, a... Read More
Next July 12 will be decisive for the future of much of the Spanish banking sector and for millions of both Spanish and foreign consumers affected by the mortgage-floor clauses. That day Mr. Mengozzi, Advocate General of the ECJ, will issue his report on these controversial clauses, which have unjustly... Read More
While in Europe markets are shrinking due to the Brexit, in the Middle East a new super-bank is being created which will start to operate in early 2017.
Brexit, the European banks crisis (with Italy and Portugal just about to be rescued), the emerging economies' lower growth and international markets' instability... Read More
Possible sanctions to Spain for breaching the deficit and Brexit's impact: bad times for investors and taxpayersThe fine to Spain and Brexit's consequences are uncertainty factors in the international market and they warn investors and taxpayers.Spain could be sanctioned by the European Commission for having breached the public deficit objective,... Read More
01-07-2016 | EXPANSIÓN
The Expansión, Financia/Business newspaper, published an article by our Managing Partner, Leon Fernando del Canto, on the consequences of ‘ Brexit ‘ from a legal point of view. Del Canto analyzes the different scenarios that can influence the (still) member of the European Union.... Read More
They told us their worries about the prospect of Brexit, now the UK has voted for it Britain’s workers share their reaction.Europeans living in the UK have expressed alarm about their future after Britons voted to leave the EU. There are 3 million EU citizens living in the UK, and... Read More
Del Canto Chambers has organised strategic meetings in Qatar between top representatives of Dar Al Sharq Group, Qatar’s leading printing and publishing company, and a Spanish delegation of media. Juan Luis Cebrián, Chairman of PRISA Group, the world’s largest media conglomerate in Spanish and Portuguese, was accompanied by Antonio Navalón,... Read More
The aggressive tax avoidance scheme the supreme court is refusing a final appeal was based on Disney film rights. Film partnerships became popular as a means of avoiding tax after Gordon Brown set up tax breaks for the industry in 2005. In 2012 officials launched a push to close such... Read More
The digital single market is a reality that the European Commission is now trying to focus on.On 6 May 2015, the European Commission published its Digital Single Market Strategy for Europe. The Strategy sets out a total of 16 initiatives under 3 pillars (based upon key areas for action identified... Read More
Tax havens do not exist. It is not me who says so, but the Secretary General of the OECD, Angel Gurria, who states that Panama "is the last major redoubt that allows hiding funds offshore avoiding the tax authorities". Does that mean international tax evasion is dead? As the most... Read More
The EU was needing a new law regarding data protection in order to replace the EU directive which dates from 1995, when the internet was still in its infancy.So finally last week, after more than four years of negotiation, the European Union’s General Data Protection Regulation (GDPR) was passed in... Read More
[caption id="attachment_17746" align="alignnone" width="720"] Paloma Alvarez and Juanjo Máñez[/caption]Last week MALNE was officially presented to specialized media and industry professionals in Madrid, a new Spanish fashion firm focused on luxury. The talents behind this new premium brand are designers Paloma Alvarez and Juanjo Máñez, with extensive experience in the fashion... Read More
The world today is markedly different from 20 years ago when only 1% of the global population had an internet connection. Internet has revolutionized the way the world does business on both a local and global level. From recruiting employees to gathering data on the competition, the ways businesses take... Read More
The drop in the price of oil and different social, political and economic issues arising in the area are provoking changes in one of the most prosperous and competitive economies in the world. This changing landscape should mean new opportunities for businesses.Oil and natural gas revenues have placed Qatar as... Read More
Doubtlessly Iran has a lot to look forward to ever since the international trade sanctions were lifted last week.Perhaps the most immediate benefit will be the unfreezing of assets abroad, worth anything between $32 billion and $60 billion, depending on the source of information. Apparently it is Iran`s plan to... Read More
Now that the sanctions against Iran have been lifted, the opportunities that have emerged for international business are significant. This country has huge natural resources and a highly educated and predominantly young population of over 80 million people. So although international companies will have to proceed with some caution for... Read More
The Huffington Post has recently launched its Arabic edition. The launch is the result of nearly two years of negotiations managed by the firm DelCantoChambers in London, which has solved the complexities of launching an media such as the Huffington Post simultaneously in 20 Arab countries with different legislation.Commenting on... Read More
Although the Golden Visa scheme, included in the Spanish Entrepreneur’s Law of September 2013, is aimed at obtaining foreign investments, it also works the other way aroundA whole fifteen months have passed since the Spanish government put forth a new law which gives a residency visa to foreigners who buy... Read More
What is money for authors? The reward for their creative work.
In Money, Pink Floyd says:
Money, it's a crime.
Share it fairly but don't take a slice of my pie.
There is always someone else taking a slice of the authors rights pie.
Producers, studios, publishers and distributors. As well as the public, skilled... Read More
You have finished your novel, essay or poem and are ready to publish it. You literary work is original, and yes, congratulations, legally you are an author even before publication.
Your literary work is protected in Spain by what are known as “authors’ rights” (derechos de autor), regulated by the... Read More