Are you threatening me ?
It is very rare that I am threatened with physical violence whilst going about my daily work but unfortunately this seems to go with the job here in Spain. What is perhaps more surprising is that threats are sometimes made by people you initially thought were on your side. This fact makes it abundantly clear that Spain is changing so rapidly that it has taken some people by surprise. Blaming (or in some cases threatening) the lawyer for ‘holding things up’ is not necessarily helpful where the lawyer is acting solely in your interests. Simply put, many practices that went unnoticed in the past are no longer feasible or practical. In order to illustrate the point I have set out a few examples:
Black Money - I have covered this subject in previous articles although the issues remain the same. It used to be the case that the majority of house sales involved a large proportion (50% or more) of the purchase money being paid in cash or ‘underdeclared’. As banks throughout the world speak to one another more freely these days the practice becomes increasingly problematic. Money laundering regulations can catch you out and the lending bank (where there is a mortgage involved) will be reluctant to hand over bank notes to a seller. The issue is even greater for the British seller who needs sterling rather than euros, not to mention that it is illegal and can involve criminal sanctions being applied.
Inheritance Tax – The idea that the beneficiaries can simply wait 4 ½ years before telling the Spanish authorities thereby avoiding this tax altogether is not risk free, and can lead to further problems. The NIE number can trace people and annual tax returns will still need to be filed on behalf of the dead person. Apart from being rather macabre, the filing of such a return would amount to an offence. This used to be the norm, although that was during the time when practically no one knew what should be done. The inhabitants of the farmhouse which was cut off from the outside world 40 years ago are now accessing hacienda’s website and viewing their property on-line via the Catastro office’s records (although probably not on a daily basis).
Land Registries – It used to be taken as read that a sale witnessed by a Notary would duly be registered at the local Land Registry as a matter of course. This is no longer the case however. Particular care must be taken when purchasing from beneficiaries where the property is not registered in the beneficiaries’ names. I have seen instances where the Land Registry requests additional information from the beneficiaries (who have since sold the property) leaving the new buyers with a huge task to register the property in their names. Most Notaries will now insist upon all parties bringing their NIE form to completion, and will include a copy of the latest IBI receipt in the Escritura. Failure to do so will again result in the Land Registry refusing to register the property.
Capital Gains Tax (CGT) – Everyone knows (don’t they) that a non-resident vendor pays CGT at 35% of the gain subject to certain allowances. This is often explained to the vendor however as a 5% retention of the purchase price and no more.It is certainly true that in the past the Spanish tax authorities have not, so far as I am aware, pursued individuals for the balance of any unpaid CGT. Personally I can see the time coming where the Spanish Hacienda will send an email to the Inland Revenue telling them that Mr X with UK passport number etc. owes a sum of money in unpaid CGT, and requests that it be collected. Call me paranoid but that is what total European harmonisation is all about.
Please don’t think I am being pessimistic. On the contrary, I feel that with proper advice the mystery can be taken out of these issues and a strategy determined. Spain is no longer behind the times – quite the opposite in fact and it is essential to be up to speed with current practice.
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