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Tuesday, February 27, 2007
Dirk
Parcela
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I bought a house last week and I like to know some experiences with "SL".
What is the advantage to purchas with the "SL"? How much is the yearly cost ?
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27 Feb 2007 9:23 PM
FibbyUK
Villa
I'm in UK, Surrey & Playa Flamenca, Costa Blanca
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Dirk,
Personally I have not heard the term "SL", what does this mean?
if you can explain, someone (maybe even me??) may be able to anser your question.......
kind regards,
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27 Feb 2007 10:42 PM
Roberto
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Fibby, "There are a number of mechanical devices which increase sexual arousal,
particularly in women. Chief among these is the Mercedes-Benz 380SL." Lynn Lavner
Dirk, as far as I know, the idea of buying in the name of an SL company is to avoid transfer tax & possibly capital gains and/or inheritance taxes, but this is a complicated issue which you should consult a legal adviser over. You could try Maria who is a lawyer and regular contributor to this forum. mailto:mldecastro@costaluzlawyers.es
Good Luck!
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01 Mar 2007 10:12 AM
FibbyUK
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Now I get it Roberto!
I always wondered what the SL meant on my Merc.........and also why I got so hot whilst driving it!
Just I didn't associate it with buying in Espania, what a drip!
thanks!
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01 Mar 2007 7:42 PM
Dirk
Parcela
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Thanks for the link to the lawer!
Don't you know any friends who used a company to purchase their property ?
Some people told me not to hesitate ... other remind me the new laws wich increase the costs of a SL company...
Dirk
NB sorry for my english, but in Belgium we speak flemish and french ...
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02 Mar 2007 12:00 AM
Smiley
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SL is effectively the same as Ltd Co. Roberto is quite correct that you need good legal advice, but it is principally to reduce tax burden - the benefits have gradually been eroded by the tax office and I consider it debatable as to its value. If you have already completed on the purchase then I wouldnt bother settting up an SL to take control. For a start the property will have to be transferred into the SL and therefore there will be a transfer tax liability not to mention the cost of setting the company up. For good measure it is illegal to borrow money to buy stocks and shares - thus if you are buying a property already in an SL you cannot get a mortgage to do so - this problem rears its ugly head again should you decide to sell - if you sell, you are not selling the house you are selling the SL whose only asset is the house - should your buyer require a mortgage they cannot get one to buy the SL - thus you have to find another buyer or dissolve the SL so that the house can be sold.
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