New tax laws that came into effect in spain on January 1st bring capital gains tax down from 35 per cent to 18 per cent for non-residents. At the same time, a new tax fraud law will reduce the temptation to underdeclare the true sale price of a property (some buyers who have done this in the past have inevitably been hit with excessive CGT on selling).
Despite some negative publicity last year about falling prices/land grabs/threatened demolition, it seems Irish people are still keen on buying in Spain. Now Banco Halifax Hispania, part of the HBOS Group, has opened an office on St Stephen's Green (in the Halifax branch there). You can arrange mortgages, set up accounts, organise insurance - and very usefully, find a local solicitor or surveyor from the bank's customer service team.
Ian Smith, Banco's head of European operations, says its aim is to make the process "no more complex than buying a house in Ireland".
www.halifax.ie/1890812012
People who have bought one of the Marbella properties threatened with demolition because of a row over unlawfully-built properties can now buy an unsual insurance policy from IFG Spain. It is offering title insurance costing from around €350 per year for a property worth €200,000.
The company insists, however, you pay for four years' insurance in advance "as it is unknown when this complex situation will be resolved".
