BREXIT: Citizens’ Rights following the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union

BREXIT: Citizens’ Rights following the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union

The overall objective of Part Two of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the European Union and the European Atomic Energy Community (the Agreement) is to safeguard citizens’ rights derived from European Union (EU) law exercised by European Union citizens residing or working in the United Kingdom of Great Britain and Northern Ireland (UK) and by UK nationals residing or working in the EU and their respective family members by the end of the transition period provided for in the Agreement, and to provide for effective, enforceable and nondiscriminatory guarantees for this purpose. This Guidance Note is purely informative and […]

Spanish mortgage victory leaves British couple with €15,000 in their pockets thanks to bank compensation payout

Spanish mortgage victory leaves British couple with €15,000 in their pockets thanks to bank compensation payout

ONCE upon a time a happy English couple (let’s call them the Smiths) who worked very hard in Birmingham all their lives dreamed of buying a property in Spain. One day they decided they had ‘had enough of rain, beer and fish and chips’ and decided to come to Spain to change it for sun, sangria and paella. But they were not 100% sure about it… it was, after all, a big move in their lives, but you only live once, so they booked their flights to Spain. They fell in love with Spain at first glance and their people and agreed to go ahead with the purchase of a […]

Door opened for a million ‘floor clause’ mortgages in Spain on ‘abusive’ IRPH rate to be cancelled

Door opened for a million ‘floor clause’ mortgages in Spain on ‘abusive’ IRPH rate to be cancelled

One of the top legal advisers in the European Union has said that about one million mortgages sold in Spain on a different type of rate to the standard Euribor can be subject to judicial review. The rate being questioned is known as the IRPH (mortgage loan reference index) and is an alternative offered to customers of banks when buying their property. It is a national average of the cost of mortgages over a period up to three years, meaning it is less variable than the standard Euribor. However, homeowners complain that while Euribor rates plummeted in recent years, the different way of calculating IRPH keeps their loans higher. Many […]

European Court wades into Spain’s mortgage crisis

European Court wades into Spain’s mortgage crisis

With a ruling that left both banks and consumers claiming victory, Europe’s highest court waded into a legal dispute in March over allegedly unfair home mortgage plans Spanish banks used during a housing boom that imploded with the 2008 financial crisis. The European Court of Justice found that clauses Spanish banks used in adjustable interest rate mortgages may have been abusive. But it stopped short of issuing a blanket rejection of the mortgages and told Spanish courts to examine them on a case-by-case basis to see if consumers clearly understood what they were signing up for. Some housing advocates called the ruling a win in their long-running campaign against banks […]

Differences between Residence Non-Lucrative and Golden Visa in Spain

Differences between Residence Non-Lucrative and Golden Visa in Spain

RESIDENCE NON-LUCRATIVE Economic means Sufficient economic means at the time of the visa application, or proof of a source of regular income without having to engage in any business or professional activity in Spain, for the requested period of residence and in the following amounts: A monthly amount of 2,134 Euros for 2018 or its equivalent in a foreign currency to support yourself during the requested period of residence in Spain. A monthly amount of 532.51 Euros for 2018 or its equivalent in a foreign currency for the support of your dependents during their requested period of residence in Spain. The minimum income required is 25,608 Euros annually plus 6,396 Euros per each additional family member. […]

Spanish residence for Britons living in Spain

For all Britons living in Spain, I recommend applying for Spanish residence before departure of Great Britain, these are the requirements. On 10 July 2012 the Spanish government introduced details of the new residency requirements for all EU citizens, including British nationals. The Ministerial Order sets out the new residency requirements and some of the documentation applicants may be asked to present. Applications for registration as residents will be filed in person in the Immigration Office of the province where they intend to reside or in the relevant Police Station. If the application for registration does not meet the necessary requirements for it to be processed, the interested person will […]

Spain’s Golden Visa modifications

With effect from the 29th of July, 2015, an important modification on the Spanish Golden Visa (Act 14/2013 of support to entrepreneurs and their internationalization. Section on international mobility) was approved. The modification until now has largely gone unnoticed. The Act corrects some of the issues that until now have discourage foreign investment and puts Spain at the head of the most advantageous options on the global scene in relation to conditions for obtaining Golden Visa or Investor. The new regulation facilitates people traveling, residing and working in Spain (art. 65. “The issuance of an investor residence visa shall be legally sufficient to reside and work in Spain during its […]

Travel tips for Spain

Over 56 million foreign visitors visit Spain every year (source: Instituto de Estudios Turísticos) making it one of the most-visited countries in the world. Entry requirements The documentation required to travel to Spain varies according to the country of origin. If you are a citizen of the EU, Switzerland, Norway, Iceland or Liechtenstein: you will need a valid passport or ID card. Additionally, in the case of a minor travelling with an ID document, this must be accompanied by written permission from the parents. If you come from another country: The maximum stay in Spain is 90 days. There are a number of countries whose citizens are required to have […]

EU court finds the Spanish Inheritance and Gift tax discriminatory

The European court has just issued a ruling on the 3rd September which finds that the Spanish Inheritance tax is discriminatory as it applies different regulations depending on whether the heirs or beneficiaries of gifts are residents or non residents. The above mentioned ruling is important as the Inheritance tax is one of the highest in Spain, since the rates go from the minimum of 7,65% up to the 34%, depending on the wealth you get out of the inheritance/gift. The point is that as this tax is partially regional competence, many regions had designed specific tax exemptions for the benefit of those who were resident in their corresponding region. […]

Prevention of conflicts in joint ownership situations

One of the most common and most problematic situations which arise nowadays is the conflict among several joint owners of a property. The most typical case is the non married couple who purchases a house and due to subsequent disagreements starts living independently from each other. What happens if Bill (owner of 50% of the property according to the deeds) gets fed up of the property and wants to have it sold to get “his part” back, of course against Grace’s opinion? And what if Grace had paid the full investment on the property (price and costs!) and Bill had not put a cent? Is there any compensation to the […]