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Spanish Off-Plan Property - Bank Guarantees - LEY 57/68

This blog is for all those Off-Plan property purchasers in Spain who have not received Bank Guarantees for their deposit funds as required by Spanish Law, in particular LEY 57/68 Article 1.1 and 1.2 and are now at risk of losing their money. In addition many purchasers who did receive Bank Guarantees are now finding that the Spanish Banks are refusing to honour them without legal action being taken by the purchaser.

22 December 2011 @ 15:47



Dear Sr. Rajoy


Congratulations on becoming the new Spanish President.


Our website and petition - - is representing all those innocent people who attempted to purchase an off-plan property in your wonderful country.

Unfortunately due to the lack of supervision by the Banco de España and the systemic corruption in the Property and Banking Sectors we are now victims of Bank Guarantee Abuse.


Our off-plan deposits have been stolen by the corrupt developers and negligent Banks.  LEY 57/1968 has not been enforced and the Banco de España has failed in its role as the SUPERVISOR OF THE SPANISH BANKING SYSTEM.


Your court system is overloaded and cannot deal with the number of cases.  On many occasions Judges are failing to apply LEY 57/68 correctly in their judgements.


LEY 57/68 was introduced in 1968 to protect the purchaser from the abuses and corruption in the property sector.  The rights granted to us by LEY 57/68 are 'Caracter de irrenunciables'.  Our rights have been violated.

In your 100 Proposals for Change you make several references to transparency, trustworthiness, credibility and consistent justice.  For example:


"A modern state must guarantee values of certainty, legal security and legal trust"


"rigorous tackling of many of the problems which have so far been ignored"


"We must restore our trustworthiness and credibility in the world"


"greater answerability backed up by full transparency"


Your document concludes by stating:


"We must recover our leading role abroad as a reliable, dependable and respected partner. The economic and institutional reforms we are going to undertake will contribute to international respect for Spain and its international role as an advanced Western democracy that is committed to freedom, democracy and the defence of human rights"


To achieve this you must immediately tackle Off-Plan Bank Guarantee Abuse and ensure LEY 57/1968 is enforced in all cases – past, present and future.


During the past year we have been in contact with the advisors of the former Housing Minister - Sra. Beatriz Corredor.


We look forward to working with your Housing Minister, Minister for the Treasury and Minister for Economic Affairs and Competitiveness to ensure that Off-Plan Bank Guarantee issues are resolved and measures are put in place so this corruption and abuse can never happen again.


Please take a look at our website - - and feel free to contact me by email:


Kind regards





Like 0


Sandra said:
22 December 2011 @ 16:21

I hope that you don't mind Keith, but I've posted a copy of the letter onto Sr. Rajoy's Facebook page and also sent one to the the new Finance Minister Sr. Guindos .

Keith said:
22 December 2011 @ 17:56

No problem Sandra - thanks for doing that.

I have also posted it on the PP website.

Of course I have a lot more to say to them! There is so much more that needs to be told, but I wanted to get a brief letter out there quickly. The detail can come later.

The fight against the new Spanish Government has started!!

Kind regards


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