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I have a young family (two kids) and currently spend about £8000 a year on holidays to the Costa del sol. I have friends here and like the area so would like to buy somewhere. My sister and parents could use it as well
Questions
I would like a beach front apartment (my parents own a timeshare at Miraflores right on the beach and I love the location but it is very tired). I don’t play golf just love the sound of the sea and therefore want to be near it. So can someone recommend somewhere that after reading these forum for the past few weeks is not dodgy and run by crooks!
Are there any good hotel/apartment developments quite like the idea of lock up and leave and rent it when I won’t be here. I will only use it for six weeks a year plus whatever my family want.
I own a hotel company in the UK does anyone know if I could buy it through my company and use it on a commercial basis for staff training/ rewards etc and simply pay rent to the company when I use it?
Last but not least I think prices in Spain for my kind of ideal property are going to fall by 30/40% is it ok to make and offer with this discount or will agents think I am wasting their time
Thanks in advance and I hope I can be a useful new member to this forum
Milan
Any other advice gratefully accepted….
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@milan marcus wrote:
I own a hotel company in the UK does anyone know if I could buy it through my company and use it on a commercial basis for staff training/ rewards etc and simply pay rent to the company when I use it?
As long as its a commercial basis and you charge the individuals/yourself for rent and at least attempt to let it out on commercial basis, then there is no real problem, the revenue may if you don’t charge yourself/staff a commercial rent consider it as a benefit in kind to yourself/staff.
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My advice is
1. – Stay clear of any off-plan developments no matter how attractive it might sound – probably never be completed or never get first occupation licence – and you don’t need the hassle!
2. – Look for well established and well run communities – reviewing minutes of AGM and speaking to other residents will help you.
3. – It’s a buyers market and don’t let anyone talk it up. Prices are down 20% to 50% on where they were 12/18 months ago and there are some absolutely desperate sellers out there. Some are living in false hope and hoping for a recovery but in another few months time they should be seeing sense.
4. – I don’t see any reason at all to use estate agents. Private sales and word of mounth work best – that way you have more negotiating power with no estate agent taking a mega commission for absolutely nada!!! Afterall you say you are no stranger to Spain and you seem to have some knowledge of the area.
The whole company idea is rather complicated but I would not recommend putting what is really a personal asset into a UK company.
Also is it your intention to buy it directly through a UK company, or set up Spanish subsidiary company or branch office of a UK company. There are different tax implications to all these scenarios and also from what you say you will be running a business in spain in that you will be earning income from a Spanish based asset.
You need to take proper tax advice here and also involve your UK accountant. Be careful of any Spanish tax advisor as many seem to advice on overly complex structures which really only serve to earn them extravagent set-up and on-going fees!!
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