Spanish property

Questions and Answers

How do you get "black money" from a Spanish property sale back into the UK?

Q) A colleague of mine has been left part of a spanish property as the result of the death of her father. The property has been sold but as is normal in spain part of the asking price is paid in "cash" under the table as "black money". As a result, my colleague now has a substantial sum in Euro cash that she now needs to get back into the UK. Can she just transfer the money from Spain into a UK account? Or does she need to do something else?

A) just pay it into a spanish bank account and then get it transfered to the Uk one,I have done it the other way around and no questions asked. When Spain converted to the Euro thousands of people were paying in vast ammounts of cash into thier accounts as the Spanish have traditinally been haorders of cash and disliked the banks,I doubt very much if the spanish banks will question it, If you or they have an account in spain then no problem and it`s very easy to open an accountthere anyway I did it with just a passport and no residency or spanish address just a UK address and I didn`t even live there it was a relatives address. It`s easy

Buying Spanish Property - Black Money?

Q) We are buying a property in Spain and the Estate Agents have told us it is "the norm" to pay 50% in front of the Notary and 50% cash to the vendor (white/black money). Is this true?? We have a Spanish Solicitor dealing with the sale already, just want to know if it really is "the norm" as we would rather it all went through the Notary

A) I have been looking at this 'Spanish Custom' over many years and can verify that virtually every property sale in Spain involves a cash payment which is not declared before a Notary on the official day of handover of a property. The seller is the only one who benefits from this as he stands to pay less tax on the transaction. A typical example is that a cash payment of 20% of the sale price would be paid into the overseas account of the person selling a property and the balance (80% of the actual selling price) would be declared before the Notary. But 50% is definitely not the norm as it would be far too high to be credible to any investigating tax authority in Spain. Do not be deluded, the Spanish tax authorities are well aware of this custom and will invariably catch up with those who originally declared only 50% of the real property value when they eventually come to sell up. The new breed of super-computers will see to that! So stand your ground and insist on a much smaller ratio. The seller will be desperate to sell to you and will have to go along with you! And remember there are lots of wonderful villas in Spain for sale.

When buying a Spanish Property who does the money go to?

Q) We are buying a property in Spain and the agents have asked us to transfer the money to their account, is this normal practice? We would prefer to transfer to the Notary office or set up our own account and transfer there? Also, we are a bit worried that the agents may be "back to back"ing the sale/purchase///how can we check this out? Thanks! We do have a Spanish Lawyer who is handling the sale, he has advised that he will set up a Spanish bank account in our name. I just wanted to know if it was normal practice to transfer monies via the estate agents or not?

A) We bought a property in Spain 4 years ago and although the estate agent and the constructor were both there when we were signing the papers, so was the notary agent and we did not pay the estate agent any more, they took their percentage out of the sum. I would suggest talking to your lawyer about this and then getting a second opinion. It's always a good thing to do. Don't be suspicious of everyone, they're not all trying to rob you, in fact usually it's your own countrymen you try to do you out of your money. As I said before always get a second opinion and good luck buying your house.

DIY books on Spanish property?

Q) I have a house we bought from new in Tenerife.But we are now thinking of instaling a new bathroom and some other projects. I am looking for a good DIY book specficaly for Spanish houses, ore a good web site. Can anybody help?

A) save yourself time and stress and find a good local spanish builder!Ask another uk owner to reccomend one,they know how the houses are built and the vagaries of spanish plumbing!!There are a lot of cowboys so beware of big talk(usually followed by big bills).

spanish property north west spain?

Q) Coastal properties in north west spain

A) Do you mean Galicia?

Spanish property law question??

Q) A friend of mine has asked me to sign up for a mortgage in spain on his behalf. He cannot get one as he is self employed and already has one. He is going to pay me a good sum for this. Is it illegal? If so how bad? What are the possible outcomes for me? Please help as I need the money badly and he says that its "just a loophole in the law!"

A) When i was younger i signed to be guarantor (for device)I Was put on credit blacklist and didn't know about it for years after payments stopped. If payments stop your legally owing them,if it's a scam your stuck. Most so called friends don't stick to financial deals.Keep off.

Spanish property law question??

Q) A friend of mine has asked me to sign up for a mortgage in spain on his behalf. He cannot get one as he is self employed and already has one. He is going to pay me a good sum for this. Is it illegal? If so how bad? What are the possible outcomes for me? Please help as I need the money badly and he says that its "just a loophole in the law!"

A) "just a loophole" hmm sounds illegal to me, I wouldn't risk "loopholes"

spanish property prices, where are they heading up or down?

A) Levelling out at the moment on the Costa del Sol - good time to buy.

Spanish property law question??

Q) A friend of mine has asked me to sign up for a mortgage in spain on his behalf. He cannot get one as he is self employed and already has one. He is going to pay me a good sum for this. Is it illegal? If so how bad? What are the possible outcomes for me? Please help as I need the money badly and he says that its "just a loophole in the law!"

A) Be very careful Heath, Spanish property law is a potential minefield and I'm sorry to question your friends intentions, but worst case scenario is being left owing money on an outstanding mortgage with no claim on the property in question.

Will Spanish property really fall by 10-20% over the next 2 years?

A) As in most countries in Europe with a negative population growth, prices of property will fall, especially in rural areas. However, this will be a long-term effect that will definitely start becoming noticable in 10-30 years. Property prices will not generally fall. Madrid will rise...the same as some islands such as Ibiza or Mallorca.

Spanish Property?

Q) If a house has been incorrectly registered on someones land, who has the right of ownership - the person who has just purchased the property without checking the registry or the owner of the land.

A) The owner of the land owns the house. You should have checked.

Is costa blanca property is a Spanish Property?

Q) I wonder whats the distinction between costa blanca property and Spanish Property?

A) Nice question, "I wonder whats the distinction between costa blanca property and Spanish Property?" I thinks costa blanca property is also a Spanish Property, you can check http://www.propertiescostablanca.org/ for sure :)

spanish property law cheque stopped after signing at notary?

A) and your question is what?

I want to rent out my spanish property in the Costa Blanca - medium to long term?

A) We have started to advertise our property on Holiday web site, to date we have had several hits that have resulted in some good booking for use this year. We have also tied into a local agent (British) who has also been good at managing both our properties for us. They can be viewed at www.sandy-beach.co.uk (our site) but please feel free to call me at ianstandishleigh@yahoo.co.uk and i will be delighted to pass any information that may be of help. things we now avoid are local papers and adds in local bars, you may get the wrong type of customer. I can tell you a tail ar two on that one....... regards all

How much does an NIE number cost for buying a Spanish property? Might an NIE be de-registered for any reason?

A) it does not cost anything to get an NIE number, but you have to be a non resident wanting to purchase property ( in my case) and once the notary have approved all your necessary application documentation. I do not think you can be de-registered.

Where can I buy a sign that says "Smile your on camera?" I need one in SPANISH for my property.?

Q) I need a plastic sign for my property that states "Smile your on Camera" or something like that BUT it needs to be in spanish..

A) ¡sonrisa usted está en cámara fotográfica! is roughly translated to: smile you are in camera! hope this helps

Where can I buy a sign that says "Smile your on camera?" I need one in SPANISH for my property.?

Q) I need a plastic sign for my property that states "Smile your on Camera" or something like that BUT it needs to be in spanish.. I have several (5) dome cameras and other type cameras on my property to protect it and want a sign for the gates, fences, ect... I would like to buy one of the pre-made plastic type signs but cannot find any locally.

A) Have it made at any sign shop.

How do you say god's property in spanish?

A) La propiedad de Dios.

Listing of rental property in the Spanish For Alabama area?

A) for rentals property, the best source in the local newpaper . if you want to rent a apartment ck out the local yellow pages most apartment complexs are listed

Can you become a spanish citizen if your grandparents were born in Spain? Any drawbacks for Americans?

Q) My Grandpareents were born in Spain and I am considering applying for Spanish citizenship for several reasons 1) It would allow me to travel and work easily in Spain and the rest of the EU 2) I have many family in Spain and it would be easier for me to visit them and stay longer. 3) My family owns property in Spain and it would be easier for me to rent orlive in that property if I was a Spanish citizen. Has anyone out there been in a similar situation and are there any reasons legal or economic why an American Citizen would not want dual citizenship with Spain? Thank you.

A) Generally, the big disadvantage to dual citizenship is that each country does not give you any special privileges. Spain doesn't care that you are paying tax in the US... you're still damn well paying tax in Spain, and vice versa. There are typically treaties between the US and friendly nations but it can be complicated and expensive around tax time. If you get into any legal trouble in one nation, that nation will probably not recognize any attempts by the other nation to help you. The fact that your grandparents were born in Spain won't make a difference... only if your parents were Spanish citizens at the time of your birth would you get any dual citizenship privileges. The US in some cases will yank your citizenship if you apply to become a citizen of another country (as opposed to having it granted you by virtue of marriage or birth). This depends from coountry to country, and I am not sure if this is the case for spain or not. You might want to go talk to an immigration attorney and see what your best plan is for your own particular situation.