This article explains what recent European Court of Justice and Spanish Supreme Court judgements mean to consumers who paid too much in interest to their Spanish bank or mortgage provider due to Clausulas Suelo (Floor Clauses). Court judgements have established that you can reclaim excess interest payments stemming from Floor Clauses in your mortgage payments….
The Canary Islands Government has announced a new draft of its holiday rental rules designed to replace the current law dating to 2015. The draft is only meant as a “working document” before it enters into public consultation and then into a final version to be to be approved by the Canarian Parliament. This could…
Here’s part two of our Gran Canaria property glossary with all the most common and useful Spanish property words used by buyers and sellers. We hope it’s useful and please let us know if you come across a word you think we should include.
Both Mogán and San Bartolomé de Tirajana, the two main municipalities of south Gran Canaria, have announced property tax cuts for next year. The Ayuntamiento de Mogán is cutting its IBI tax rate by 6% from 0,68 to 0,64%. It is also offering a further IBI tax rebate of 15% for properties that install solar heating…
The Canarian Government has underlined its commitment to protecting the property rights of residents in Gran Canaria’s resorts with an amendment to the new Land Use Act (Ley de Suelo). The measure means that existing residential use of property in resort areas is regarded as consolidated and cannot be penalized. It will go to Parliament for…
Cardenas is proud to be one of the few Gran Canaria estate agencies with professional surety insurance. Our policy, with the Spanish division of HCC International Insurance Policy PLC, means that any money you transfer to us is insured and safe. For example, when you buy a property in Gran Canaria, you can transfer the…
The Canary Islands government has now significantly cut inheritance and donation tax rates for non-residents. The changes came into force on January 1st, 2016. The Canarian government now reimburses up to 99,9% of the Impuesto de Sucesiones y Donaciones that is paid by spouses, direct ancestors and descendants, residents of the European Union or European Economic Area,…
Tax reforms that came into effect in Spain in 2015 had wide-ranging effects for non-resident property buyers. We covered some of the most important points in this post. Here are the details of the remaining effects of the recent Spanish tax reform. Incentives for persons over 65 years Persons over 65 years or about to…
The Canary Islands government is to reduce the cost of receiving an inheritance significantly. It plans to reimburse up to 99% of the Impuesto de Sucesiones y Donaciones that is paid by parents, grandparents and children upon receiving an inheritance. This is a welcome return to the state of inheritance tax before 2012 when the Canarian government…
We’ve just come back from the second Canarian Holiday Rentals Forum, hosted this week in Gran Canaria by ASCAV, the Canarian Association of Holidays Rentals. It was well attended by representatives from the Spanish Competition and Markets Commission (CNMC), the Canarian UNESCO delegation, the Spanish Association of Touristic Houses and Apartments (FEVITUR) along with local…
