El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche. www.costaluzlawyers.es

Legal tip 360. Cash your money from the Bank and invest in Spain now again
Wednesday, October 6, 2010 @ 1:13 PM

It is now the perfect time for this.

Cash your money from the Bank ( either through exceution of Bank Guarantees) or asking these institutions for liabilities linked to provision 1.2 of Law 57/68 and
invest in Spain again: make a company in order to provide services to all those developments which are for being inhabited and lived out. There are many oportunities.

This is good for all, for Banks revitalising too. They need to let the money go for their own welfare too. We are all one at the end of the day.

We know of these oportunities in our area ( Western Costa del Sol, Sotogrande, Alcaidesa, Campo de Gibraltar, Tarifa, Zahara de los Atunes, Conil, Barbate, Chicalana,) but we are sure the same oportunities are now emerging all over the national over built coasts, for you English speaking people to start a business and make a living in Spain.

Good work, strategies, balanced management, publicity, care for clients will be ncessary on a daily basis, money does not come literally from the sun in Spain... but yes, Mr. Sun helps our economy a lot... take advanatage of him. He is very generous.

Best regards,

Maria

Sunrise in san Pedro del Pinatar Murcia by Kate_Dave_Hugh at Flickr.com

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4 Comments

Keith - Bank Guarantees In Spain said:
Wednesday, October 6, 2010 @ 11:36 AM

María

A good idea, but first we must get the Banks to accept their liabilites under LEY 57/68 and then refund the deposits for the failed developments to the purchasers.

If the Banks continue to resist and force all the purchasers down the legal route then we could all be stuck in the Spanish legal system for years to come. At the end of it nobody will have any confidence to invest in Spain ever again.

But if the Banks allow the execution of Bank Guarantees, accept their liabilites under LEY 57/68 without the need for legal action and quickly refund the purchasers in full including interest and costs then it is possible that some purchasers may have the confidence to invest once again in Spain.

But my advice to any purchaser considering reinvesting their money in Spanish property would would be:

Never buy off-plan until the Spanish Government make changes to the system of off-plan deposits.

Buy a resale house or apartment in a complex that is completed and has been running for a few years. This way you can speak with some of the residents and see exactly what you are purchasing. There are some fantastic resale deals around.

And most importantly - ALWAYS ENGAGE THE SERVICES OF AN INDEPENDENT LAWYER WHO IS NOT LINKED IN ANYWAY TO THE AGENT OR SELLER.

But first......we all need our money back from the negligent Banks!!!

Kind regards

Keith

Anne said:
Wednesday, October 6, 2010 @ 12:51 PM

I couldn't agree more Keith. We want our monies returned as per our successful court judgements before we decide whether we are happy to continue to invest in Spain. No cover ups or compromises that do little to rid the system of abuse. We need to focus on getting the system sorted to the benefit of all in the longer term, not sidetrack away from essential reforms.

Maria said:
Wednesday, October 6, 2010 @ 1:06 PM

I fully agree with the both of you:
First: Refund of money owed
Second: New invstment ( property or businesses) in Spain.
Those euros are great now for new entrepreneurs!
M

foxbat said:
Wednesday, October 6, 2010 @ 11:00 PM

With the current lousy (again) exchange rate maybe better to hang on anyway...!

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Maria
Lawyer. Director of the Costaluz Lawyers team. Useful legal tips for an easy way in Spain. www.costaluzlawyers.es

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