We’ve had years of people talking up the market in Spain, and all too easily making what I regard as broad statements that can give a false impression to those not so experienced with what goes on in Spain.
Whether it be adverts boasting of high potential rental incomes, phoney agents associations, developments promising all and sundry via glossy brochures when often hardly any of the amenties are ever built (promised number of swimming pools etc.), right through to articles where self-interest could be construed as the reasoning behind the content
I believe comments such as the ones I quoted from Mr. Viota’s article follow the same pattern and hold no water at this stage. Spain does not have their house in order by any stretch of the imagination, and in my view it’s wrong to intimate that Spain is a destination for investment while there are many thousands of people who did just that – invest (whether it be for ‘lifestyle’ or strictly investment reasons) – but have now found themselves badly out of pocket, their money tied up in propety that has illegal status, often unable to get a mortgage because there is no LFO, thousands caught up in lengthy court cases and then being served crooked justice.
When you personally know of and are in touch with people who are being made ill by the stress of being caught up in all this mess, and I am in contact with many who are, articles like this, for me, paint a false picture. Yes, this latest development re. the tax law is an improvement re. a situation that shouldn’t have existed in the first place but it is a pitiful contribution to putting Spain on the map as a place for investment and absolutely meaningless to people who have lost their life-savings.
I stand by what I say that Spain has a long way to go before it can be regarded as a ‘modern European country’ in the true sense of the meaning i.e. in the way it operates. All the time nepotism, cronyism, and boys-club mentality cotinues to exist such as the Colegio de Abogados where you can’t even obtain a response when making a complaint, or if you are lucky to get a response it is the standard “in our view this lawyer has not broken any rules”, we will continue to trot out the cry “Welcome to Spain” (your comment to bentdavi on Monday) and raise our eyebrows skyward everytime things go wrong.
Chris McCarthy contributed a lot to SPI when we queried Viva’s new commission structure a couple of years ago, and he continues to make great contributions generally on all subjects.
I made a post showing an opposing point of view to Mr. Viota’s comments and am only giving him the courtesy of the opportunity to respond on SPI. As Mr. Viota is a professional operating in Spain, I am interested to know if he thinks this development re. the tax law will make any serious difference to confidence in investing in Spain and to possibly respond to Arthur’s comments – purely from the angle of debate.
And if he would be happy to contribute any advice on future tax issues that come up from time to time on SPI, I’m sure that would be more than welcome by SPI members.