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Archive for the ‘Financial News’ Category

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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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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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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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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Euribor interest rate decreases

The decline of the interest rates from 1.5% to 1.25% by the European Central Bank to improve the economy in the Euro zone, is having results.

This measure meant a sharp decrease on the Euribor rate. This is the main reference index for mortages in Spain, and this rate, tightly linked to the public interest rates, usually follows the general trend.

The Euribor decreased from 2.105% to 2.044%. This is the lowest since April. This move makes the Euribor ore similar to the Euro zone interest rate.

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