Do you read the small letter when signing a document?
We all know that we should carefully read everything that we are about to sign to make sure that we are 100% aware of what it is we are committing to. However, how many times we have heard the words “This is just standard wording, etc…no need to read it, please sign on the dotted line…”?
Nobody likes to seem suspicious when we are at a bank opening a bank account, or taking up a savings or pension plan, for example…it makes us feel vulnerable and silly, so we tend to throw caution to the wind and sign the documents, hoping that in fact it is all standard wording and that what the nice person at the bank is telling us about the services we are purchasing is, in fact, what it says on the contract…Worse still is when the documentation is all in Spanish and we get a quick two minutes verbal translation of what is written on it.
We have had several cases in which clients have come to our offices after realising that what they had signed up for was not in fact what they thought they were getting. Clients that invested large amounts of money thinking that on maturity of the policy they would get a nice return, only to realise that, in fact, the return they were counting on did not materialize and the capital invested had all but disappeared… Or clients that thought they were opening a short term high interest savings account to find out some time later that in fact their money was tied up in bonds that could not be accessed or liquidized for a few more years…Add to this what has been going on with banks in Spain lately, with all the fusions and takeovers, and you can see why it is so important not to enter into any formal agreement until you have read and understood absolutely everything concerning the transaction.
Next time you find yourself in a similar situation, get copies of everything the bank gives you, thank the teller profusely and tell them that you will be back, a couple of days later, once your legal advisers have had a chance to examine the deal and have explained to you all the terms and conditions involved.
It is your money; make sure that you retain control of it…
Aldea Asesores, S.L. bankruptcy
Aldea Asesores collapsed at the end of 2009. Thousands of their customers believed that they were paying for many years the non-resident taxes on their behalf, but that was not true, as we could realised when our law firm, Advisers Bureau Consulting S.L., took over Aldea’s data base in July 2010. A huge amount of money was kept by Aldea Asesores S.L. not paying the Tax Office on their customers’ behalf. In addition to that, a lot of bank guarantees for properties never built by Huma or other builders were paid into Aldea Asesores’ bank account in La Caixa (all of them received presenting the Power of Attorney that customers have given to them in confidence); also so many 3% retention tax refunds of people that have sold their property were deposited into the same account held by Aldea Asesores, etc. Many of those customers ignored those facts until we became their fiscal representatives in Spain, but it was too late as the addition period to the Debtor List finished quite early. However, the Spanish Law allows claiming those amounts to Aldea Asesores, S.L., that recently got an agreement with their debtors as they were declared having enough assets and properties to cover the amounts for the Debtors List, in which many clients are not included. That Debtors List is closed, but if you are one of the affected customers by the fraud of Aldea, we can help you. You just need to send to us an email and we will be glad of answering to your questions and studying your case.
Bank guarantees
We are in the process of working through all the client’s files that we have received from Aldea Asesores SL, and we have found your details in relation to the execution of bank guarantees received with the payments in account that you made in the past towards the purchase of your Spanish property.
We understand that Aldea Asesores was in the process of obtaining your money from the bank that had issued the guarantees. Unfortunately, we do not have any way of knowing if they were successful or not, or if they indeed received the money from the bank and they forwarded it to you and the matter was resolved to your satisfaction.
So we can update our records, we would be grateful if you could confirm the status of your claim. Did you receive all your monies back from Aldea or are you still waiting to receive it?
If you are still waiting, since Aldea went into liquidation in 2009, we would need to assume that they kept your funds, as we cannot confirm otherwise unless we contact the bank that issued the guarantee on your behalf. If we do this for every client on the list that we have prepared, it will be a costly and lengthy process for us, so we would rather contact you directly and enquire first.
If you would like us to make enquiries regarding an outstanding payment for your bank guarantee and ascertain if the bank still has the funds or if they paid them to Aldea Asesores SL, please do write to us by return. Once we can determine your specific situation, we will be able to give you sound advice regarding how we can recover your funds, and what would be the best procedure. All you need to do is contact us directly.
May we take this opportunity to wish you a very Happy Christmas and prosperous New Year 2012 and thank all our existing clients for the trust they have deposited in us.
PROPERTY LEGALISATION
We would like to advise you that you have currently the opportunity to legalise any kind of refurbishment or modification that you might have carried out in your property, and having waived any fines generated if you did not legalise the works at the time. This is especially interesting if you have made any additions to your property since you bought it, like perhaps a swimming pool, an extension, a conservatory, etc. There are some consequences to not having your property legalised which are detailed in the attached document, so please do read it carefully.
Please, do not hesitate to contact us if you have any questions related to this matter. Depending on your specific situation, we will be delighted to advise you on the best way to proceed.
IBI Tax
ABC Solicitors likes to inform you about the following;
It is now that time of the year when we will be getting the IBI Tax bills for the properties we own in Spain. This tax would be the equivalent to the Council Tax that we pay in UK.
If we do not pay our IBI Tax bill (known colloquially as the SUMA bill in the Costa Blanca area) directly through our bank and we do not pay it on time because we are not in the country, we run the risk of defaulting and having to pay accrued interest for the delay. We have seen many clients that owe several year’s IBI Tax because they did not have a direct debit set up with their bank and had not received their tax bill through the post (even though it is getting better, post service is still quite poor in the area, specially for newly built properties).
To avoid future problems, it is better to set up a direct debit with the bank. And this is where ABC Solicitors comes in. We can arrange the direct debit for you and sort out any outstanding amounts that you might owe to your Town Hall, either by paying them on your behalf or, if the amount is too large, arranging a payment plan for you with SUMA.
If you would like to know more, please contact ABC Solicitors directly and we will give you personalized advise.
Summer Time
Summer Time
Due to the summer holidays the offices of ABC Solicitors in Torrevieja and Orihuela Costa have different opening hours.
In July we are open from 0800 – 1500 and in August from 0900 – 1500.
Rentals
As ABC Solicitors Torrevieja and Orihuela Costa tries to stay updated with matters that are important to Non Residents we like to inform you about
new solutions to solve problems regarding property rentals.
In the area of Spanish Levante and specifically in the south of Alicante and Murcia, we find many homeowners who need or want to rent out their property, especially in the summer or other holiday seasons.
But many owners feel a bit insecure because of the risk that their tenants do not pay the rent. Therefore the Association of Real Estate Agents in the province of Alicante has created a tribunal, serving both landlords and tenants, to settle such disputes at a minimum time, solutions are usually issued within a maximum period of 3 months.
To claim with this court it is only necessary to sign an annex at the same time as the lease contract between landlord and tenant is signed. Once this attachment is signed, the parties are obliged to follow it, losing the possibility to make any other claim regarding the rental before the ordinary courts, because the matter can only be filed with the Court of Arbitration.
The decisions of this court are entirely legal and are presented in the corresponding courts to be carried out. The period of time for this decisions is about a month. Much less time if we consider the terms being considered when it comes to ordinary courts.
Another advantage of the Court of Arbitration is the low cost to the plaintiffs, as it is usually around 400 € and not the thousands that can cost a normal trial.
For more information or questions, please contact ABC Solicitors.
Tax Return for Residents in Spain
ABC Solicitors would like to inform you that the Tax Return 2010 for Residents is due from 4th May to 30th June.
When are you a resident?
· If you spend more than 183 cumulative days in one calendar year in Spain, that is: 1 January to 31 December, which is the tax year. You become liable whether or not you are formally registered in the Registro Central de Extranjeros.
· When your economic or professional activities are in Spain
· Or when your spouse lives in Spain and you are not legally separated, and/or your dependent minor children live in Spain
If one of these points refer to your personal situation and therefore you are obliged to do the Tax Return, ABC Solicitors can help you with it.
In case you have any queries, please contact us by phone, or send us an email.
Abc Solicitors inform
ABC Solicitors would like to inform you of the change of Law 2/2010 from March 1, 2011, which was designed for the non-residents tax payers in Spain who own a property and are tax residents in another country belonging to the European Union.
In what way has this law changed?
Everyone who was obligated to pay Income Tax for not being a fiscal resident in Spain and owns real estate, now may apply for the deduction of the tax paid in Spain in the country in which they are tax resident, provided that the country belongs to the European Union.
ABC Solicitors will inform you all about it in case you have any doubts.
ABC look after your best interest
we will try to reduce the costs related to your Spanish property, like:
· Spanish mortgage; they only thing you need to inform us about is your monthly mortgage quote and ABC SOLICITORS will contact the several banks we work with in order to find a better deal for you.
· House insurance; send us your policy and we will apply for a free quotation.
· Title Deeds Insurance; legal insurance for your property
· Sale property; if you are thinking of selling we can pass your details to different estate agents in order to find a buyer as soon as possible.
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