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Spain's Property Market shows double digit rise in October
There were 22,489 house sales in October, 14% up on the same time last year but 1% down compared to the previous month, according to the latest figures from the National Institute of Statistics. So yet more evidence that the Spanish property market has found a floor, and is starting to stage a recovery, as illustrated by the chart below (2012 in red). On an annualised basis the Spanish property market has now grown for three months in a row, having fallen continuously since March 2010 before that. This comes after data from the Department of Housing showing that the Spanish property market was almost steady in Q3. So data from two different sources is telling a similar story. The real test will come in the first months of 2013 with tax incentives being phased out and IVA (VAT) on new homes possibly to be increased to 10%. The Spanish Developers Association forecasts that the year will end with 325,000 home sales, down 7pc on last year. With thanks to Spanish Property Insig...
New Tax Reporting Obligations for Spanish Residents with Overseas Assets
Foreigners who are resident in Spain now have a new obligation to report all assets held outside Spain, including bank accounts. By Blevins Franks and Spanish Property Insight Back in April, the Spanish government announced details of its draft new anti fraud plan. One of the proposed measures related to assets held outside Spain and would affect most expatriates living here. Confirmation was finally received at the end of October, with more information provided in mid-November. Law 7/2012 of 29th October 2012 was published in the Official State Gazette the following day. It amends existing tax and budget legislation and adapts financial legislation to strengthen action to prevent and combat fraud. Most measures came into effect immediately. It arms the Spanish Tax Authority with powerful weapons to fight tax fraud and the hidden economy – one of the main priorities of the Spanish government’s economic policy. State Secretary for the Treasury, Miguel Ferre, described this new a...