Spanish Legal Reclaims in the Media
Spanish Legal Reclaims in the Media
Spanish Property Insight, july 2017
Luis Cuervo is the CEO of Spanish Legal Reclaims, a legal advisory firm specialising in recovering money for clients in Spain, in particular from banks of developers who went bust with client money before delivering a finished home. In this Q&A he answers common questions about off-plan payments lost to bankrupt Spanish developers, and how to get your money back from the developer’s bank.
Property Wire, june 2017
Brexit is not putting off those who want a dream home in countries like France, Spain and Italy which have always been popular with British buyers, according to a survey from legal firm Spanish Legal Reclaims.
The Guardian, june 2017
After years of legal wrangling and setbacks, British homebuyers who were caught cold by the Spanish property market crash are finally beginning to recoup the millions they paid for holiday homes that were never built.
A Place in the Sun - March 2017
During the property boom period which started in the 1990s, around 800,000 holiday homes were built in Spain each year. Buyers, a large proportion of them British, ploughed cash into Spanish real estate, many of them parting with significant deposits and stage payments for off-plan investments.
As featured on La Sexta, 2016
Luis Cuervo, CEO at Spanish Legal Reclaims, interviewed on La Sexta Spanish TV.
AOL - february, 2017
Hope for Brits left high and dry by Spanish developers - The financial crash left us all worse off, but for 130,000 Brits, it destroyed their dreams of owning a home in Spain too. They had been persuaded to put down a hefty deposit in order to buy Spanish properties. When the world economy went south, so did the developers - taking all their money with them. 56-year-old Malcolm Young from Northumbria was one of them - losing €130,000. His story, however, could give hope to thousands of others.
MailOnline - Feb, 2017
Malcolm Young is jubilant – he has just got back the cash he thought he had lost forever as a victim of the 2008 Spanish property crash. His victory, a result of a landmark change in Spanish law, spells hope for thousands more casualties of the market’s collapse.
The Guardian - July 4th, 2016
Spain opens the door for UK holiday home buyers to reclaim lost money Many were left high and dry by the 2008 financial crash, but a legal judgment means banks could be liable.
BBC – July 14th, 2016
BBC Radio 4 – Your & Yours (Consumer Affairs Programme) Interview with one of our clients, Mrs. Stephanie Davis.
Malcolm Young, 56, has lost all hope of getting back £110,000 deposit he paid for a property in Spain thirteen years ago. His victory is a result of a landmark court case in Spain in December 2015, which ruled that the banks are jointly responsible, along with developers, for deposits made by buyers’ lost cash.
Telegraph - June 22th, 2016
New hope for Spanish property investors: 'I lost an £89,000 deposit' Thousands of Britons who lost large deposits on Spanish properties which were never built have been offered the prospect of reclaiming their cash.
MailOnline - June 12th, 2016
The £4bn battle on Costa del Claims: New hope for thousands of British buyers who lost fortunes in Spanish property crash.
BBC - May 16th, 2016
Tens of thousands of British investors who lost money when the Spanish property market collapsed could be in line for a major payout.
BBC - May 16th, 2016
UK property investors set for a refund from Spanish banks.
ThisIsMoney - May 11th, 2016
Britons who ploughed money into properties in Spain that were never built have been told they could get their money back. The Spanish Costas are littered with unfinished homes after the financial meltdown in 2008.
The Telegraph - April 6th, 2016
Spanish holiday home tax fiasco: Britons win £2.6m payouts.
Daily Mail – September 8th, 2015
Up to 30,000 Britons can claim compensation after Spanish government forced to change 'unfair' inheritance tax laws on holiday homes.
The Telegraph – July 28th, 2015
The Spanish government is refunding thousands of Britons after it charged "discriminatory" rates of inheritance tax.
The Telegraph – September 18th, 2014
The European Court of Justice has ruled that the Spanish authorities cannot charge different rates of inheritance tax for residents and non-residents. Non-residents who have been discriminated against by paying more tax than Spaniards for inheritances or gifts of property are likely to be due a refund of the difference.
Reuters – September 3rd, 2014
The European Court of Justice ruled against Spain on Wednesday in a case that could reduce the amount of inheritance tax the country can charge foreigners living in Spain, currently higher than that charged Spaniards. More than 12 percent of Spain’s total population were born elsewhere, one of the highest percentage of foreign residents in European Union countries, with most from Romania, Morocco and Britain.
Leader – June 1st, 2012
For any UK families who are gifted with inheriting a property in Spain this can mean the opportunity to spend summer months basking in glorious sunshine and escaping the grey English weather. However, it has now been revealed that the 40,000* UK families who have been lucky enough to be gifted with an inherited property have fallen foul of a Spanish tax loop that has seen them overcharged Spanish IHT (inheritance tax) to the tune of £400 million, whilst Spanish residents paid close to 0% IHT.
Telegraph – May 8th, 2010
It is estimated that around 60,000 British families have been hit with Inheritance tax (IHT) bills for properties or assets they inherited in Spain. Charges are believed to be in the region of £400 million (€490 million). The Spanish government levied IHT of up to 35 per cent on non-residents, while Spanish residents paid close to zero per cent IHT.
Daily Record – May 1st, 2012
MORE than 40,000 UK families are owed thousands of pounds after being overcharged inheritance tax by the Spanish. A hefty £400million, an average £10,000 each, has been paid by families who inherited property and have fallen foul of a Spanish tax loop hole. They were charged 9 per cent IHT, while Spanish residents paid virtually nothing. The European Commission have taken Spain before the European Court of Justice as they believe the Spanish inheritance system infringes EU treaty freedoms for non-residents in Spain.
This is Cornwall – July 15th, 2010
Expert Nigel Lewis, of FindaProperty.com. answers readers questions. Q: Is it true that Spanish property owners could be in line for a tax windfall? A: Yes, it's true. A ruling by the European Court of Justice found the Spanish Government guilty of unfairly taxing non-Spaniards who sell a property in Spain. During a nine-year window, overseas vendors, including thousands of Brits, were charged a higher capital gains tax than their Spanish counterparts and this was deemed to be unfair.
Telegraph.co.uk – July 12th, 2010
Between 1997 and 2006, the Spanish government illegally charged British people over twice the amount of capital gains tax (CGT) that was paid by Spanish residents on the sale of a property. While Spanish nationals paid just 15 per cent of any capital gains, British people, who were liable for the "non-resident's income tax", paid 35 per cent.
Dailymail.co.uk - November 18th, 2009
Up to 90,000 Britons who have sold a holiday home in Spain in the past 12 years could be owed thousands of pounds by the Spanish tax authority. During that time, the price of holiday homes in Spain enjoyed a huge boom, with prices peaking in 2007. But while the locals paid just 15 per cent in capital gains tax (CGT) on their profits when they sold, Britons and other non-residents were charged a hefty 35 per cent. Experts estimate the homeowners who sold since 1997 could be due an average £13,500 tax refund
BBC – March 6th, 2009
A court decision in Spain has opened the way for thousands of UK citizens to reclaim some of the tax they paid when they sold their homes there. The High Court in the region of Valencia has ruled in favour of a British couple, Mr and Mrs Roy.
Reuters.co.uk – April 11th, 2008
Thousands of Britons who made capital gains by selling Spanish properties could be due tax rebates to the tune of a collective 50 million pounds, a legal firm says. They could be in line for a 20 percent tax rebate because foreign non-residents were charged a higher rate than Spanish nationals -- and that contravenes the European Community Treaty, according to Spanish lawyer Costa, Alvarez, Manglano & Associates.
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