25 Jan 2014 10:05 PM:

Awesome replies, the message is pretty clear. Thanks to all who have replied. Reckon I'll leave my money in my current investments and look at maybe retiring to the flat later if we can't sell it.

latest update on Mum's flat - my sister has decided to move in and pay enough rent to cover all the costs. How long she'll need to do this? Only time will tell.

Thread: Cheap Bars and Restaurants for Sale - Bargains?

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23 Jan 2014 11:08 PM:

I've seen some businesses in Benalmadena going really cheap. Especially bars and restaurants. I am interested in Benalmadena because my mother's retirement flat has been vacant for over a year, so effectively I've got cheap accommodation.

Are there any 'bargains' to be had that will make money? I presume the reason people are getting out is that they were not making any money? And if they were bargains, wouldn't they have been sold already?

A member of this forum has advised me in another thread not to touch bars and restaurants in the Malaga area because of lack of trade due to the economic decline in Spain. Has anyone had any personal experience of running a business in Spain? Is it as dire as people are saying? Should I just forget the idea and try and sell the flat? Advice I have recieved on another thread has strongly suggested I do so (sell that is).

Thread: Cheap Bars and Restaurants for Sale - Bargains?

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20 Jan 2014 8:31 PM:

Floella, Jonzx, Baz1946,

Thanks guys for your helpful and insightful comments. I am planning to travel to the UK in May/June to see Mum. I will get a cheap flight to Spain and check things out. At least I'll be able to get free accommodation!

I'll pass your comments on to my sisters and we'll have a family meeting.

You are right, it is a retirement flat essentially. Since my wife and I are now over 55, we could stay there for a cheap holiday I guess. I'd like to start another thread asking whether it is worth buying a business and living in or around Benalmadena. I've seen some ridiculously cheap bars for sale. I've stayed there a few years ago when Mum was living there. It's very nice but full of cheap bars and somewhat third rate restaurants. I must admit, I can see myself running a bar there and my wife is an excellent cook. We both love New Zealand, but a couple of years doing something different like this in Spain sounds tempting. Hmmmmm...

Thanks again for taking the time to add to this thread!

 

Thread: Non Residents Inheritance Tax in Anadalucia

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19 Jan 2014 11:44 PM:

Thanks all who replied in this thread.

Floella, Johnzx, my sisters and I all originally thought it might be better to hang on to the flat for a few years to see if the value would come up. It is worth substantially less than what Mum originally paid for it 6-7 years ago. I presume this has been due to the adverse economic situation in Spain and Europe as a whole. The question is, has the market hit bottom? I'd hate to sell now only to find the property market in Spain has recovered during 2014. That's always the dilemma isn't it? Maybe better to take the money now and invest in something that will yield a return? I'm new to this forum, and don't live in Spain, so would love to hear your views.

Selling now would definitely ease Mum's worries as the place has been empty for over a year, but does that mean we will probably have to drop the price a lot to get the sale? (If anyone is familiar with the Sensara complex in Benalmadena, its a spacious 2 bedroom apartment with a massive terrace) Oh, what to do, what to do!!!!

Thread: Non Residents Inheritance Tax in Anadalucia

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16 Jan 2014 3:55 AM:

My Mum owns a flat in Benalmadena. She didn't take to life in Spain and now lives in England with one of my sisters. Meanwhile, for the last 5-6 years, the flat has been rented (is currently vacant in case anyone is interested in cheap rent - 550 per month). There are three children - me and my two sisters who will be beneficiaries of my Mum's estate when she passes on. One sister lives in Spain and has been for the last 7 years or so. One sister lives in England (with Mum) and I live in New Zealand.The flat is said to have a fiscal value of about 165,000 Euros. Mum is getting quite old now and my two sisters and I are thinking about the best way to reduce our tax liability.

A local property manager has suggested the property could be transferred into a Spanish limited company. This would cost approximately €3,800.  Upon mother's death, the shares could be dealt with for inheritance tax purposes and the inheritance tax would be the same. If, however, we did not probate the shares for 4½ years, the liability to pay tax would become statute barred (i.e., no tax). The property would be able to be sold even during this period.

Is this dodgy, or is it a good way to avoid paying inheritance tax. Any thoughts anyone? Anmy advice would be greatly appreciated!!!!

 

 

Thread: Non Residents Inheritance Tax in Anadalucia

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