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
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
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
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
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
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 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
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
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
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
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
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
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
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
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
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
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
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
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 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
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
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
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
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
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
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
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
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
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
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
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
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
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
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 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
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
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
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
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 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
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
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
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
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
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
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
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
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