Expat property sellers could claim thousands in tax rebates Date: 16-06-2010
Expats who paid out too much tax on their Spanish property sale may be entitled to a rebate amounting to thousands of euros, according to leading foreign exchange firm Currencies Direct.
The potential capital gains windfall for British expats who sold property in Spain before 2007 comes after the scrapping of a discriminatory Spanish tax law.
Now with the pound weak against the euro and the clock ticking on securing refunds, all claims must be filed by 21st November 2010.
"When yearly interest is taken into consideration on property sold as long ago as 1997, we are talking about considerable sums of money. It will be great for expats to get their cash back, but even better if they can use the current exchange rate to their advantage and get the most from their unexpected windfall, said Mark O'Sullivan, director of dealing at Currencies Direct.
Capital gains tax paid by British expats who sold Spanish property before 31st December 2006 was charged at a 'non-residents' rate of 35 per cent, compared to just 15 per cent for Spanish residents.
The Spanish government changed the law in 2007, after the EU declared it discriminatory, but an estimated 10,000 British expats had already overpaid. Now they are entitled to a refund.
The claims deadline for those who sold property between 1st January 1997 and 31st December 2006 has been set for 21st November 2010, under a one year statute of limitation.
"The legal process requires expert advice, which is fundamentally important to the chances of a successful claim. British expats looking to be reimbursed should act now, before the claims deadline," said Dimas Cuesta from Lexland, a law firm that has already secured rebates for British expats.
Expats who think they have paid too much tax on their Spanish property sale should visit www.spanishpropertytaxrefund.com and use the online tax rebate calculator to see how much they may be owed.
Major housebuilder reports surge of interest from UK buyers Date: 16-06-2010
UK developer in Spain Taylor Wimpey España has reported a significant rise in interest from British buyers seeking to buy holiday homes in Spain. Easter has traditionally witnessed a surge in interest from the UK market, April being just behind July as the best month for sales in Spain, but this year has seen a noticeable jump in enquiries and sales.
Appointments to view homes were up by 40 per cent compared to the Easter period of 2009. It reports that interest is particularly strong in the Balearics and the Costa del Sol, where sales at the company's newest development, La Floresta de la Mairena outside Marbella are significantly up with a third of the properties sold off-plan within the first month since launch.
During the first quarter, sales figures doubled against the same period in 2009. The company is also reporting that the profile of the typical British home buyer in Spain is not the traditional stereotype of a retiree – 75 per cent of buyers are middle class executives, between 35 and 50, with a family.
More than 50 per cent are looking for a second home, and these buyers spend between 45 and 60 days a year in Spain, mainly over the summer period. During their time in Spain buyers spend an average of €6,300 a year which covers the maintenance costs of the home, food and transport.
Overseas property purchasers choose established locations Date: 16-06-2010
The last decade has witnessed a growing trend towards buying in far-flung and emerging destinations to capitalise on rising property values. In today's economic climate, it has emerged that buyers have reverted back to traditional, established second home destinations and buying for lifestyle, rather than purely investment purposes according to the latest results of a survey carried out by Savills International and HomeAway.co.uk.
According to the research, it has been buyers with a higher disposable income, and who are therefore less mortgage reliant, who have been responsible for this year's purchases. Added to this, with house price decreases of up to 30 per cent even in the most sought-after locations, these individuals have been able to invest in such high-end properties at a discount. The most popular 2009 second home locations have been southern France, Spain (the Balearics) and Portugal's Algarve region.
Rebecca Gill, research analyst at Savills International commented, "Whilst UK overseas home ownership has doubled since 2001 recent global recessionary trends have seen take-up levels dramatically slow. Factors such as fewer overseas holidays, reduced leisure spend capacity and financing availability, unfavourable exchange rates and declining house prices have impacted second home purchasing activity."
A fifth of respondents reported that they are considering or planning additional holiday property purchases in the future, demonstrating that despite the climate, the attraction of overseas investments has not disappeared. However, it will be essential for market conditions and mortgage availability to improve, in order to support any volume of future purchasing activity.
Respondents named France, Spain, Portugal, the US, Italy, Greece and Cyprus, followed by Morocco, Brazil and Turkey respectively as the top locations where they would choose to buy property. Courtney Wylie, General Manager at HomeAway Holiday-Rentals commented, "Traditional holiday hotspots are among the top performing destinations on our site, with places like the Cote d'Azur, Málaga Province, the Balearics and the Algarve all being great options for reliable rental returns."
Results were taken from an online survey of UK overseas second home owners attracting 1,200 respondents conducted in 2009 by Savills International Research and HomeAway.co.uk.
Telefonica available in English Date: 16-06-2010
You no longer need to struggle your way through analysis of your phone bill, or get stuck trying to phone the Spanish-speaking customer service line, because the landline telephone service in Spain has been deregulated. Thanks to the Comisión del Mercado de las Telecomunicaciónes (CMT), it is now possible for occupiers of Spanish properties to switch their telecom provider, to one that speaks their own language.
You get to keep your own telephone number and line, but all bills, customer services representatives and other correspondence will take place in your native language.
One option is the new DTOneBill online service from Movifresh and Dial Direct Telecom. This allows customers in Spain to communicate with customer services and technical support in their own language, but also offers cheaper calls with no connection charge. Calls to the UK, for example, cost just 3.3 cents a minute. Extra services, such as itemised billing, caller ID, call waiting and call divert, are all completely free of charge.
You can switch providers securely over the internet, paying a one-off line transfer fee of e10 charged by Telefonica, and you can keep your existing Telefonica phone number. www.movifresh.com
Top new iPhone apps Date: 16-06-2010
Rotalsnart
The iPhone is an essential device that can make travelling to and from Spain, and spending time there, an easier task. Rotalsnart is a glossary of construction words in Spanish, perfect for anyone contemplating a renovation or building project to create their dream home.
The application translates more than 7,000 words and terms commonly used in construction and engineering from English into Spanish, and vice versa. There is also a number translator that converts any number into Spanish or English words.
The app is very simple and clear to use – simply bring up the translation window and start to enter a construction-related word in Spanish or English. A translation of the word instantly appears on the screen, with alternative words if available. No internet connection is required, which means instant access to the glossary on site or in meetings.
Designed specifically for the construction industry, there are translations of thousands of technical terms not included in any normal dictionary, or words that would have a different meaning when translated by a conventional translator or dictionary. This costs £4.99 from the App Store on your iPhone.
Michel Thomas language school Date: 16-06-2010
For those who want a more general view of the Spanish language, the best-selling Michel Thomas Method language courses can now be purchased through the App store.
Michel Thomas first burst on to the language learning scene in 2000, after decades spent privately tutoring the rich and famous. Since then, millions of people worldwide have successfully learnt to speak a foreign language thanks to his innovative, patented teaching method.
It doesn't rely on the conventional learning methods of books and memorising, and so the content can easily be adapted for a range of digital platforms, of which the iPhone is the first. The app features an animated ‘Learning Room' with tactile graphics, as well as a flash card game that can be personalised for fast practice. It's available in French, German, Spanish and Italian, in one hour chunks for £2.99 each.
Satnav app Date: 16-06-2010
Driving in a foreign country is made a whole lot easier with satnav. Navmii GPS Live does this on the iPhone. Search for an address by city, street, house or postcode and Navmii GPS Live will instantly route you there with voiced directions. It will re-route if you take a wrong turn and it provides information on the journey distance, estimates the time of arrival, and can direct you to points of interest such as restaurants, beaches, tourist sites, cash points and petrol stations.
You even get live search for local attractions. It costs £2.99 to buy, and there are no monthly charges and, more importantly, no data connection costs. Navmii GPS Live is available for France, Germany, Spain and The Netherlands. www.navmii.com
Galician homes to be saved Date: 11-03-2010
Tens of thousands of homes in the northern province of Galicia could be safe from demolition thanks to a new draft land law that could provide official status to homes built without planning permission before 2003.
Homes built without planning permission is nothing new in Spain, but until the housing boom, these were largely ignored. If the bill is passed, properties built before 1st January 2003 could be saved from demolition by paying a tax of €10 for every metre squared of property built, with the exception of properties constructed in land that is deemed protected. The bill was proposed by the current centre-right government and is supported by Galicia's Socialist party.
Improvement of Valencia's busiest road nearing completion Date: 11-03-2010
Traffic jams on Valencia's busiest road could soon be a thing of the past thanks to a large scheme to extend it. Land at the Sunday flea market El Fogon and €21 million have been used to double the length of the N332 between Torrevieja and Guardamar, which supports an average of almost 40,000 cars a day in the summer months.
The length of this stretch of the road has almost doubled and six roundabouts have been added at intersections with residential areas. The completed road will have been extended by almost 30 miles of dual carriageways in total, connecting Pilar de la Horadada and Torrevieja. The road surrounding Torrevieja is still to be completed from Las Barcos to La Mata, a stretch of 8km.
Insurance helpline for non-Spanish speakers Date: 15-12-2009
Nine out of ten homeowners abroad do not know who to contact in an emergency. Thanks to a new service called Overseas Assist from Towergate Connect, you can leave it in the capable hands of your insurance provider.
As well as the a 24-hour Domestic Emergency Helpline which deals with emergencies such as burst pipes, their Pass the Phone translation service can also be used to book a table at a restaurant, both of which can be used by any tenant or guest using the holiday home, eliminating problems caused by language barriers and foreign procedures, creating a point of contact to deal with almost any dilemma.
The service can also offer assistance following a crime, help with lost passports or credit cards, a booking service for medical appointments, restaurants or leisure activities, help locate tradesmen or professional services and provide over-the-phone call credit top-up.
Lewis Hopkins, Managing Director of Towergate Connect, said: "With Overseas Assist, even in the most stressful of situations, you can contact an English-speaking assistant who has local knowledge, and can act as a translator to ensure you get the help you need."
The service is available in Spain, France, Portugal, Italy, Greece, Southern Cyprus, Bulgaria and Southern Ireland (Eire).
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