Re: Re: VAT 10 % on new propertys?

#113546

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Participant

I agree inventive pragmatism not tax. Loading a 10% burden on property purchases will only prevent the market from moving further. There are now so many reasons why buying a property in Spain is a poor idea and one which will only end up very expensive.

This property market has had it’s day, it’s clapped out and over burdened with tax, bureaucratic restrictions with a hopeless future from an investment perspective.

I have just received a letter from my tax advisers on the new Spanish laws related to overseas investment and assets. Declarations of foreign bank accounts and securities, including life policies, foreign property assets and investment income. The inference is if a Spanish national has them they have been bought with black money. The penalties for none declaration are draconian. €10k first offence! đŸ˜¥

I can see an exodus of wealthy Spanish and foreigners coming soon. Villas in Marbella will be going very cheaply.