Rent Out That Place In The Sun To Cover The Costs Of Buying.....

[TheCountOfNowhere]

http://www.02b.com/es/notices/2013/04/el_gobierno_limitara_los_alquileres_a_turistas_en_casas_privadas_5897.php

Translated as:

"The Spanish Confederation of Hotels and Tourist Accommodation (CEHAT) put at 200,000 undeclared homes in Spain are rented to tourist[s/b], entering into direct competition with hotels. As reported by The Digital Confidential , the government wants to regulate these practices, task to be launched in the future measures Flexibility Act and the Rental Market Development. The new rules prohibit the rent for days to private owners, establishing a minimum period of one month. Foreigners who rent Internet In CEHAT explain these homes are marketed through the Internet and attract mostly foreign tourists. At the other extreme, collective apartment owners are strongly opposed to the new measure, to understand that threaten freedom of choice of tourists, according to the digital medium ."

CEHAT ..an anagram of.....

I'm so pleased I only rent my place in the sun for 2 weeks a year

Buying a holiday home is so 2007.

Edited April 24, 2013 by TheCountOfNowhere

[Spoony]

I've never thought about a holiday home before. but now I have given up on a UK HPC in the near future due to government support FLS, help to buy etc. I'm seeing my savings destroyed by the FLS, inflation. I give up on the uk. The only thing keeping me in the UK is my job

So I thought a home abroad would be a good thing it least it stops the UK getting hold of my hard earned savings

[cashinmattress]

I've never thought about a holiday home before. but now I have given up on a UK HPC in the near future due to government support FLS, help to buy etc. I'm seeing my savings destroyed by the FLS, inflation. I give up on the uk. The only thing keeping me in the UK is my job

So I thought a home abroad would be a good thing it least it stops the UK getting hold of my hard earned savings

I think these schemes will only serve to placate voters, but not stop what is already in motion.

You are seeing the effects of the only now dawning demographic and energy crisis's in play.

Funny money and hollow political promises can do nothing to hide these facts.

Spain is nice, but it is also quite corrupt. Also consider how you going to get there? Who is going to protect your investment when you're not there? What if Spain goes tits up like fore-casted?

[Spoony]

I think these schemes will only serve to placate voters, but not stop what is already in motion.

You are seeing the effects of the only now dawning demographic and energy crisis's in play.

Funny money and hollow political promises can do nothing to hide these facts.

Spain is nice, but it is also quite corrupt. Also consider how you going to get there? Who is going to protect your investment when you're not there? What if Spain goes tits up like fore-casted?

I did think of that, and decided I would not leave much of value in the place. I'd fly there £40 return if you get the cheap airlines right. Or drive it. 14 hours. Spain has gone tits up already unless you have heard a forecast of even more tits up?

[fluffy666]

I did think of that, and decided I would not leave much of value in the place. I'd fly there £40 return if you get the cheap airlines right. Or drive it. 14 hours. Spain has gone tits up already unless you have heard a forecast of even more tits up?

We went for a holiday in Spain in one of these rented-holiday-home places in 2007 (costa blanca). Even then, there was something of a post-apocalyptic feel to the place - huge empty housing developments a fair distance from the sea, strict instructions to lock everything up and pull down the heave-duty security shutters whenever you left the building..

Would not pay to go back there again.

[ccc]

Unless you have the cash sitting there - burning a hole in your pocket - with no idea of what to spend on it - then i just don't see the point of an overseas place.

Better off picking and choosing as you feel fit imo.

Too many potential downsides to buying a place abroad with debt - and then relying on others to help you pay it off.

A place within a few hours drive of where you live ? Slightly more sensible imo - but still many downsides.

[yodigo]

I did think of that, and decided I would not leave much of value in the place. I'd fly there £40 return if you get the cheap airlines right. Or drive it. 14 hours. Spain has gone tits up already unless you have heard a forecast of even more tits up?

Strange country, on the surface, yes it's gone tits-up, especially now that unemployment is 6.2 million. As stated, corruption is endemic, even the King's daughter is in court for getting involved in her husbands illegal dealings....

On the other hand there plenty of 4x4s around, more than the UK, the bar at the end our street has customers outside all the time (except when it's raining), over Easter most of the Spanish went away, leaving only the immigrants using the local park, and lots of people work cash in hand. Even had an argument with someone who refused to work "legally" as he said no one ever asked him too!

[winkie]

Unless you have the cash sitting there - burning a hole in your pocket - with no idea of what to spend on it - then i just don't see the point of an overseas place.

Better off picking and choosing as you feel fit imo.

Too many potential downsides to buying a place abroad with debt - and then relying on others to help you pay it off.

A place within a few hours drive of where you live ? Slightly more sensible imo - but still many downsides.

......buying a place with costly debt, yes......buying a place as an investment, yes......buying a place you can't use, yes....buying a place you can't sell, yes......buying a place without an established infrastructure, in the middle of nowhere, yes......buying a place with high outgoings and community/maintenance fees, yes....

The writing was on the wall....some couldn't see it or refused to believe it.

[The Masked Tulip]

As of today all Brits with property in Spain have had to inform Spanish authorities of any property, cash, pensions worth more than 50K outside of Spain.

Here you go.

http://www.dailymail.co.uk/money/mortgageshome/article-2317127/Expats-head-home-Spain-forced-declare-overseas-assets.html

Edited May 1, 2013 by The Masked Tulip

[winkie]

As of today all Brits with property in Spain have had to inform Spanish authorities of any property, cash, pensions worth more than 50K outside of Spain.

I think you have to be a resident in Spain......not a bad idea to be honest.

Edit to say.......to be fair it should be all residents including Spanish residents....saying that, doubt the authorities have the resources or the ability to check any of the information given...what will they do with the information that can change so frequently to fit I wonder.....how many jobs will the paperwork create?

Edited May 1, 2013 by winkie

[deflation]

There was a wealth tax in place until 2008 for everybody, but the threshold for non-residents was €0. One of the justifications for it was the presumption of renting a holiday home out. It was scrapped by in the incoming govt as one of their 'promises.'

Now they're bust, they re-introduced it for the tax years 2011 and 2012. But, the threshold for residents as far as property is now €300,000 according to this:

http://www.spanishpropertyinsight.com/tax-and-pensions/spanish-wealth-tax-patrimonio/

There's also a €700,000 allowance on 'wealth' for everyone.

The EU declared having different taxes for residents and non-residents, regardless of nationality was not allowed. I'm amazed they obeyed it, at least in part!

Edited May 1, 2013 by deflation

[billybong]

http://

www.dailymail.co.uk/money/mortgageshome/article-2317127/Expats-head-home-Spain-forced-declare-overseas-assets.html

As time goes on the national divisions within the eu seem to be getting ever bigger and stronger.

The much advertised apparent advantage of ease of travel and residence within different parts of the eu seems to be becoming a real trap and drawback for a lot of those that took "advantage" of it.

Edited May 1, 2013 by billybong

[The Masked Tulip]

I think you have to be a resident in Spain......not a bad idea to be honest.

Edit to say.......to be fair it should be all residents including Spanish residents....saying that, doubt the authorities have the resources or the ability to check any of the information given...what will they do with the information that can change so frequently to fit I wonder.....how many jobs will the paperwork create?

They will just assume and not check. The history of screwing second home owners in Spain may be about to pale in comparission to what might be aboht to happen.

That is the problem with bricks and mortar - darn hard to move.

[winkie]

They will just assume and not check. The history of screwing second home owners in Spain may be about to pale in comparission to what might be aboht to happen.

That is the problem with bricks and mortar - darn hard to move.

Don't have to move it....can take out ginormous amounts of debt against it, turn an asset into a liability...that would be an asset to the bank.

[motch]

I've never thought about a holiday home before. but now I have given up on a UK HPC in the near future due to government support FLS, help to buy etc. I'm seeing my savings destroyed by the FLS, inflation. I give up on the uk. The only thing keeping me in the UK is my job

So I thought a home abroad would be a good thing it least it stops the UK getting hold of my hard earned savings

How about Ireland? decent detached houses around the £100k mark. flights and ferries across or live there, not too far from friends/family. admittedly not as sunny as spain.

[motch]

I did think of that, and decided I would not leave much of value in the place. I'd fly there £40 return if you get the cheap airlines right. Or drive it. 14 hours. Spain has gone tits up already unless you have heard a forecast of even more tits up?

I wouldn't fancy 28 hours round trip of driving too often.

[deflation]

I wouldn't fancy 28 hours round trip of driving too often.

The only way to get to Spain by road in 14 hours is using the toll motorways in France. Better to save the €100 ish in tolls, take a more leisurely route and stay in a motel for 1 night. The fastest route is by no means the shortest route so you burn more fuel as well.

[Venger]

As of today all Brits with property in Spain have had to inform Spanish authorities of any property, cash, pensions worth more than 50K outside of Spain.

Here you go.

http://www.dailymail...eas-assets.html

12.06.13

Only 4.9 per cent of those classified as tax residents in Spain (generally, that is anyone who spends more than 183 days per tax year in the country) with overseas assets valued at more than 50,000 euros in any single asset class, have declared them to the Spanish authorities, according to GESTHA, an 8,000-strong collective of specialists within the Spanish tax office. It became an annual obligation to report these offshore assets in April this year.

...Speaking on the issue last week in Brussels, the Spanish Prime Minister, Mariano Rajoy, confirmed that more than 87 billion euros worth of assets had emerged as a result of the project, or approximately nine per cent of the country’s Gross Domestic Product.

http://www.surinenglish.com/20130612/news/costasol-malaga/residents-with-offshore-assets-201306121321.html

[Venger]

They will just assume and not check. The history of screwing second home owners in Spain may be about to pale in comparission to what might be aboht to happen.

That is the problem with bricks and mortar - darn hard to move.

19 June 2013

Expats fleeing recession-hit Spain are having thousands of pounds snatched by its cash-strapped government

...Peter Shelley, 71, and his wife, Victoria, 68, have been waiting two years for a refund of £5,108. The Shelleys made a £255,400 loss when they sold their villa near Marbella in 2011. ‘There were soup kitchens opening up down the road and there was a strange atmosphere in the town where we lived. We lost a lot of money on the house, but we felt we made the right decision. Not getting back the money we paid to the government is the final straw.’

...Mrs Round-Turner, 65, lost around £100,000 when she sold the property in 2011. She says: ‘It is outrageous I have been made to wait so long for money that is rightfully mine.

http://www.dailymail.co.uk/money/mortgageshome/article-2344091/Its-years-sale-villa-owed-5-000-The-Brits-owed-thousands-Spanish-taxman.html

[Rachman]

almost all of these goons who get their fizzogs in the paper are such awful people.... - amazing how many are ex-public sector workers as well. You realise that when you go there - the table at the restaurant will be some fat fingered women of a certain age who just scream council worker/teacher/hospital non-bum wiper, braying loudly and still dressing like Shirley Valentine. And not speaking any of the local lingua....

[200p]

Welcome back to Britain, Boomerang Brits.

The First day of Summer was yesterday. The days only get shorter. And today it is rainy and windy.

A £100K loss and a kick in the happy sacks too.

ENJOY.

[winkie]

Welcome back to Britain, Boomerang Brits.

The First day of Summer was yesterday. The days only get shorter. And today it is rainy and windy.

A £100K loss and a kick in the happy sacks too.

ENJOY.

You can get a nice long-term rental for 400 euros month all inculusive.......400 into £100k =250 months = ~20 years rent.

Six months over the winter think what the savings would be in UK heating bills and the sun still comes out.....it is possible for renting to give you choice, flexibility and freedom without worry.

[Bruce Banner]

I've never thought about a holiday home before. but now I have given up on a UK HPC in the near future due to government support FLS, help to buy etc. I'm seeing my savings destroyed by the FLS, inflation. I give up on the uk. The only thing keeping me in the UK is my job

So I thought a home abroad would be a good thing it least it stops the UK getting hold of my hard earned savings

Why are people so desperate to spend their money? Even the currently available interest rates are preferable to losing your money through asset depreciation.

We live abroad for about half the year. We rent an apartment in Southern Spain for €500 per month in November/December and each year the agent offers to sell it to us for less than the previous year. Last year my wife was tempted saying "€120,000 is a bargain and we could rent it out when we're not here". I pointed out that we would receive less in rent than the annual depreciation and who knows if the Spanish government will confiscate it in the future.

As for savings being destroyed, the £100K that I would have to spend to buy that apartment pays me £3K interest a year, three times what we pay in rent each year to stay there for two months.

[easy2012]

As for savings being destroyed, the £100K that I would have to spend to buy that apartment pays me £3K interest a year, three times what we pay in rent each year to stay there for two months.

Just wait until your current deals end and the next one will be 1.x% - you can't complete with Funding for Lending Scheme.

[Bruce Banner]

Just wait until your current deals end and the next one will be 1.x% - you can't complete with Funding for Lending Scheme.

A lot can change in three years, although even 0% is preferable to losing money to asset price depreciation.

The harder people try to convince me to buy now, the more I know it is not in my interest to do so.

.

Edited June 22, 2013 by Bruce Banner