Noticias de Del Canto

#EmbraceSpain XXV: Waiting for Theresa May

#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 to the European Commission of its invocation of Article 50 of the TEU to start the negotiation process to withdraw from the EU, has been the highlight of the week in our Firm Del Canto Chambers.

Although initially rumored that the UK would start Brexit on Tuesday 14, finally, the government will wait until the end of March. In addition, the British Parliament ended up rejecting the amendments to the Brexit Act that had been approved days earlier in the House of Lords.

These rejected amendments urged the government to ensure the rights of EU citizens living in the UK before the start of Brexit. This matter, in our view, will be one of the major negotiating issues between London and Brussels, as the procedure for acquiring a residence permit in the United Kingdom could undergo some changes.

The Del Canto Chambers’ team is strengthened in the UK with the recent incorporation of Julio Prieto, a law degree from the University of Cadiz and a specialist in Procedural Law in England, where he currently resides. He has worked with Del Canto Chambers as a Consultant in various projects, and has ample experience in the retail sector in England.

In this way, from the legal point of view, Julio Prieto, has written an article in our blog where he explains the details of applying for this permit: “the British Permanent Resident Card, hitherto unnecessary for European citizens under the treaties, is, since last June,  becoming for many, now and in the future, a safe-conduct to enter, live and work in the United Kingdom, without having to apply for a visa. ”

Without leaving Britain, the British Treasury (HMRC) had to withdraw a government measure to raise the social security contributions of the self-employed, in a context in which the Treasury is making plans to raise up to 2.6 billion pounds of small investors and the unemployment rate has reached its lowest level since 1975.

In Spain, CEOE has raised its estimates of the Spanish economy growth by 2.5% just when business confidence reaches its best results since 2015 and exceeds the European average. On the other hand, the OECD asks Spain to raise VAT and real estate taxes.

In regards to the real estate sector, one of the most important REIT in Spain, Lar España,  has 104 million euros to acquire assets. In addition, the government has announced that it will reform the Mortgage Law before hearing the opinion of the CJEU, while the FROB has accepted the merger of Bankia and BMN.

The reform of the Mortgage Law will modify the conditions for the execution of unpaid mortgages, which will allow to claim all mortgage debt when said debt represents a certain percentage of the total loan. Currently this claim can be made when three installments of the bank loan are not paid.

Precisely the Spanish courts are facing numerous claims for the payment of deposits for properties not delivered. In this sense, our lawyer Claudio Rodríguez Vera states in his article published in the blog of Del Canto Chambers that the Supreme Court “has consistently appealed against the banks in all transactions affecting the acquisitions on the plane, establishing a solid precedent that declares The full responsibility of financial institutions, insurers and, in general, the entities and solvent third parties involved in the acquisition process. “

In conclusion, in Qatar, companies are preparing to adapt to the possible implementation of VAT in January 2018. The country is an important business investment opportunity in many sectors such as real estate and, in this sense, the Qatari government has announced Which will organize together with the UK a business and investment forum in London.

Brexit is already imminent and it is only waiting for Theresa May to make the date public on which it will notify the EC of the activation of Article 50 and the negotiations begin. The extent to which Europeans living in the UK and Brits living in other EU countries have their guaranteed residence rights will depend on how the negotiations are going.

This week we will be in Qatar with several interesting topics that we will share in the summary of next week, meanwhile you can follow our news and activity through our blog and on social networks (Twitter, Linkedin, Facebook)

Xavier Nova (@xavinova)

Director of Del Canto Chambers

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