Former England football player Sir Geoff Hurst, Olympic rower Sir Steve Redgrave and rugby star Tony Underwood are leading a court fight against Spanish property developers. The trio are heading up a High Court claim against the Royal Marbella Group, claiming that although some of the Spanish developer’s properties were built, many of their plans will never come to fruition.

Redgrave, Underwood and Hurst all endorsed the Royal Marbella Group’s property projects before discovering that some of the property investors had lost their deposits when the schemes were scrapped. Redgrave himself has also lost deposit money having invested around £2 million in a villa on one of the sites which has now been scrapped.  Read more... (229 words, estimated 55 secs reading time)

Overseas property investors who sold properties in the Costas in Spain in 2005 or 2006 may be entitled to a tax rebate.

The issue goes back to the two-tier tax system which was overhauled in 2007. Prior to the overhaul there were two levels of capital gains tax (CGT). Non-residents were forced to pay 35% CGT whereas Spanish residents paid just 15%. After the over-haul, everyone now pays 18% regardless of whether they are a Spanish resident or not.

All properties sold in Spain are subject to CGT if the property has risen in value between buying and selling the property, thus this issue could affect a lot of overseas property buyers.  Read more... (341 words, estimated 1:22 mins reading time)

It appears the US isn’t the only place where bargain hunter property investors are being offered tours of cheap real estate – the craze has spread to Spain where overseas property buyers can take a tour of property on the Costa del Sol.

Circulo Financiero Internacional are organising tours where buying foreign propertys can take a look around luxury properties on new developments with up to a 50% discount on some of the real estate for sale. For members of their club, the tours are free. Non-members are also welcome on the tour for the small fee of 20 Euros.  Read more... (190 words, estimated 46 secs reading time)

Spanish property investors are struggling with their mortgages according to the latest reports. Many law firms are reporting that they are seeing an increasing number of property investors approaching them for help on remortgaging their Spanish real estate or renegotiating their deals.

Thanks to the current economic climate, many property investors in Spain have seen their mortgage rates double and this has left some property investors struggling to meet their mortgages. For those who are unable to meet their mortgages, they face their properties being repossessed. If a property is repossessed by the bank and the sale price does not cover the cost of the mortgage, interest and costs, the bank is permitted to claim against the property owner for the difference in price. In the case of foreign property investors, Spanish banks will be permitted to issue proceedings in the property owner’s home country.  Read more... (296 words, estimated 1:11 mins reading time)

Thousands of British property investors are set for a rebate from the Spanish government after a court ruled that one of the taxes levied on them was illegal.

Foreign property buyers were charged a 35 percent ‘non residents’ capital gain tax charge when nationals were paying just 15 percent. A test case was brought forward, and it was found that the higher levy was unlawful meaning all affected property purchasers will now be given a rebate with six percent interest.  Read more... (124 words, estimated 30 secs reading time)