by Grupo VAPF | Mar 17, 2012 | Uncategorized
Latest News about Foreclosures
In February 2012, the Economy and Competitiveness Minister Luis de Guindos, declared that the Government could make use of the right to pay mortgages by foreclosing if all of the family members are out of work and do not have funds enough to pay mortgages, as long as it is the primary residence.
Also, banks will be able to include any losses resulting from this measure into their tax-deductible expenses. The measure is part of a code of business conduct created and promoted by the government for financial entities.
The Minister added that the Government would propose that these families can live in the house to foreclose at least for two years before the eviction. This “reasonable” period could be extended if the affected families agree a “fair” repayment with the bank.
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by Grupo VAPF | Mar 10, 2012 | Uncategorized
Euribor interest rate decreases
As February ends and –as we do every month- we focus on the evolution of the Euribor, the reference rate linked the vast majority of mortgages in Spain.
This month, the Euribor behavior ease the burden of all those whose mortgage is adjusted in February in annual basis because the monthly payment will be lower. The
Euribor closed February at 1.620%, which is thirty-two thousandths below the February 2011 level.
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by Grupo VAPF | Jan 21, 2012 | Uncategorized
New Tax deduction in Spanish housing
We want to share with all our customers the latest financial news that Spanish Government has recently enacted: The newly built luxury homes, houses on the beach and second homes and parking spaces will have a reduced VAT.
In the Post published last 2 January, 2012, we commented that reduced VAT would be kept during 2012, exclusively for first homes, as reported by the Spanish Prime Minister in his inaugural speech. NEW Spanish Prime Minister, Mariano Rajoy, also indicated that this measure was not final because it was pending for revision.
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by Grupo VAPF | Jan 19, 2012 | Uncategorized
L'Altet Alicante Airport
El Altet – Alicante Airport increases its flight frequency to Moscow and the Nordic countries in response to the increase of the passenger number during 2011.
The Altet will be in 2012 the only touristic airport in Spain with two daily flights to Moscow (one operated by Siberia airlines and the other by Aeroflot Airlines) as the confidence rises in the Costa Blanca holiday market after a 43% growth in the Russian passenger traffic in the Alicante airport in 2011.
Since June 2012, two regular daily flights will be operated by Siberia Airlines (Domodedovo airport, currently connected to the Costa Blanca three
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by Grupo VAPF | Jan 12, 2012 | Uncategorized
Spanish income and housing taxes
In recent months, several homeowners in Cumbre del Sol have come to our sales and information offices asking for help regarding a statement received from the State Agency for Tax Administration (AEAT).
In that statement, the tax office informs to the owners of a property on Spanish territory about the obligation to pay taxes depending on the status of resident or nonresident, the tax due for settlement could be:
Income tax for non-residents (IRNR).
Income tax of physical persons (residents) (IRPF)
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by Grupo VAPF | Jan 2, 2012 | Financial News, Financial News, Financial News, Financial News, Financial News, Financial News
New Government Real Estate Measures
During the parliament debate and opening ceremony of the new presidential term that took place last 19 December 2011 , Spanish new President Mariano Rajoy, revealed some of the new measures that the new nation’s government plans to implement in terms of housing and real estate.
Among the measures that will apply the new government, we can mention that the reduced Value Added Tax (kept in just a rate of 4%) will be still available in the following cases: if it comes to purchasing a newly built property, intended to main residence in the country and with a limit on its purchase price (which today has not been established by the government).
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