Larraín Nesbitt Lawyers is a Marbella-based independent law firm specialized in property conveyancing, taxation, litigation, probate and succession. Expert native English-speaking lawyers and economists blend legal and practical advice providing tailored assistance on your matter. Our range of services cover the greater Marbella area, Sotogrande and Costa del Sol.


The firm focuses advising foreign investors on acquiring residential property in Spain both from a legal and fiscal point of view. Our no-nonsense approach to business coupled with our commitment to clients ensures easy-going transactions. We pride ourselves in putting our clients’ interests at the forefront of everything we do.


Larraín Nesbitt Lawyers, your legal partner in Spain.

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8 reasons to buy property on the Costa del Sol

Raymundo Larraín Nesbitt, February, 7. 2024

Marbella-based Larraín Nesbitt Abogados (LNA) has over 21 years’ taxation & conveyancing experience at your service. We offer a wide range of 50 legal and corporate services. Our team of native English-speaking lawyers and economists have a long track record successfully assisting expats all over Spain.

You can review here our client’s testimonials.

Featured: Marbella, Andalusia’s tourist flagship.

Article copyrighted © 2024. Plagiarism will be criminally prosecuted

 

By Raymundo Larraín Nesbitt
Director of Larraín Nesbitt Abogados
21st of February 2024

The Costa del Sol (Málaga) remains a prime location for the foreign worldwide community, attracting millions of visitors every year for a host of reasons collated below. Marbella, Málaga, Benahavís, Benalmádena, Mijas, Estepona, and more, are all household names in the real estate market.

Although a hike in interest rates has indeed taken a toll on the real estate market, the Costa del Sol’s unique advantages, listed below, contribute to making it a resilient market where properties stand to lose little, and gain much, with the turn of each economic cycle. The underlying reason for this is mainly the always high demand for accommodation in this sought-after area which in turn piles pressure on property prices, increasing year on year.

The Costa del Sol is an ideal place for Digital Nomads or Golden Visa applicants to settle in, alone, or with their families.

Eight reasons to buy property on the Costa del Sol

 

  1. (Still) affordable property prices. When you compare property prices, they are still far cheaper by rapport to the United Kingdom. For the same amount of money that buys you a semi-detached in the UK in a poor location with no views, you get to buy a gorgeous villa on the Costa del Sol with commanding views over the sea, a mature garden, and still have money to spare on a property makeover! Then there is also the little fact that property prices are appreciating by two digits on the Costa del Sol. Life is all about choice.
  2. A pleasant all-year-round climate. Whilst in Nordic countries, like the UK, you can expect 200 days of miserable rain, the Costa del Sol boasts 300 days on average of sunshine a year. This gorgeous weather is precisely what gives it its namesake. Light and warmth are never too far away!
  3. Ultra-low taxation. As explained in our taxation articles, Andalusia’s new regional government is hell-bent on pro-low taxation. They have introduced significant tax breaks on buying property (almost) turning it into a tax haven. This political agenda translates into the lowest taxes in all of Spain, on Inheritance and Gift Tax, on Wealth Tax (was suppressed in 2022), on Property Transfer Tax, and Stamp Duty which were both slashed. So much so, that most taxpayers pay nil on IHT (including non-resident and non-EU taxpayers). Inherited estates under one million euros (per taxpayer) are tax-free for next-of-kin which includes both descendants (children) and ascendants (parents, grandparents). Over one million is taxed at only 1% on the excess. If you invest on a buy-to-let, landlords can save 70%, or more, on their tax bill. On long-term rentals, you can expect a net annual yield of 5%, on tourist rentals you can expect a net yield of 10%. Spain approved this month, besides a generous 5% increase to the minimum wage which applies nationwide, a personal allowance of €15,876 per taxpayer on income tax. In plain English, the first €16k you earn in Spain is tax-free. Yay!
  4. A privileged lifestyle. The Costa del Sol spoils you for choice, as it caters to all tastes: whether you enjoy taking in its beautiful unspoiled scenery, wandering through its pristine mountains and Mediterranean pine forests, going out on a fancy dinner, practising sports, sunbathing on the beach, night-time clubbing for party owls, skiing (Granada is only a two-hour drive), or feeling the flutter of placing a wager (Marbella’s Casino), or simply chilling out al fresco sipping a glass of a fine Rioja while you watch a dramatic sky dusk against a dashing blue sea in good company. The Costa del Sol simply has it all!
  5. Excellent modern connections. Malaga’s airport, Gibraltar’s airport, a modern rail network, modern highways, Malaga’s upgraded port, all help to connect Malaga to the modern world.
  6. First-class amenities. Lavish restaurants, luxury shops, trendy designer boutiques, refined theatres, glam discotheques, 18 and 9-hole golf courses, international private schools, and exclusive yacht-filled marinas (Puerto Banus, Cabopino, La Duquesa, Sotogrande). Your problem is that won’t have enough time to enjoy it all!
  7. Quality healthcare. Malaga offers several state-of-the-art hospitals that will cover your every health need. There are also specialised beauty medical facilities that assist enhancing your physique, because everyone deserves a little nip and tuck. For those in the know!
  8. A vibrant cultural life. Malaga’s vast cultural offering spans from the Picasso Museum, Pompidou Museum, Carmen Thyssen Museum, Saint Petersburg’s Russian Museum, the bullring, to a slew of glam theatres, such as the trendy Teatro del Soho. Music concerts and refined classical music galas featuring world-renowned artists are all organized by Starlite during the long summer season. All these contribute to giving the Costa del Sol the lustre of a cosmopolitan venue. But if we dig deeper into its historical roots, history buffs will get lost in Malaga’s Roman and Carthaginian ruins, Augustus’ two-millennia-old amphitheatre and the imposing one thousand-year-old Moorish Citadel await to capture your imagination!

Are you ready to be spoiled? Invest and live on the Costa del Sol, live the dream!

Conclusion

Larrain Nesbitt Abogados (LNA) offers a competitive conveyance service. Our English-spoken lawyers and economists handhold you throughout the entire purchase procedure. We also assist you filing taxes and applying for visa or residency permits.

You can read here our free property guide kindly hosted by SPI.

You only live once, make the most of it.

 

Action is the key to success.Pablo Picasso.

La acción es la clave fundamental de todo éxito.”

Pablo Ruiz Picasso (1881 – 1973). Málaga-born, he was a Spanish painter, sculptor, printmaker, ceramicist, stage designer, poet, and playwright who spent most of his adult life self-exiled in France. Regarded as one of the most influential artists of the 20th Century, he is credited for co-founding the Cubist movement. A child prodigy, Picasso achieved universal renown and immense fortune for his revolutionary artistic accomplishments, becoming one of the best-known figures in 20th-century art. He was a prolific artist who left behind thousands of works of art. Perhaps his most iconic piece was the 1937 Guernica painting which depicts the horrors of war and foreshadowed the dark days of WWII (exhibited in Madrid, Centro de Arte Reina Sofía). Picasso was one-of-a-kind, une force de la nature, a towering artistic figure who casts a long shadow over every other artist that has followed in his wake.

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Please note the information provided in this article is of general interest only and is not to be construed or intended as substitute for professional legal advice. This article may be posted freely in websites or other social media so long as the author is duly credited. Plagiarizing, whether in whole or in part, this article without crediting the author may result in criminal prosecution. Ní neart go cur le chéile. Voluntas omnia vincit.

2.024 © Raymundo Larraín Nesbitt. All Rights Reserved.

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A community president in Spain self-assigns himself an €86,700 wage!

Raymundo Larraín Nesbitt, February, 19. 2024

Marbella-based Larraín Nesbitt Lawyers has over 21 years' taxation & conveyancing experience at your service. We offer a wide range of over 50 legal and corporate services. Our team of native English-speaking lawyers and economists have a long track record successfully assisting expats all over Spain. You can review here our client’s testimonials.

Copyrighted © 2024. Plagiarism will be criminally prosecuted.

21st of February 2024

 

In a remarkable turn of events, we learnt this week that a British community president (Mr. S.H.) of Torrre Bemerjo, Estepona, self-assigned himself an annual wage of almost €87k. On top of this, he is also waived from paying the community fees (a further €8,000). So defacto, he's earning 95,000 a year, this is more than what Spain’s president earns a year! Apparently, he's been doing this for years until an owner instigated a legal procedure against him at Estepona's law courts.

After having being appointed multiple times as president of my community, I can personally attest to how ungrateful and time-consuming this task is (at least 1 to 2 hours every day). If it were up to me, hands down I believe a community president should be compensated financially for his time and effort (whether as a testimonial wage or excluding him/her wholly or partially from paying the community fees).

When Spain’s Horizontal Property Act, that rules all community of owners in Spain, came into force in 1960, still under General Franco’s dictatorship, there were no garden communities as we know them now. If you read the law, it is apparent it was drafted by lawmakers with the idea in mind of concrete buildings in large cities. Not the kind of huge sprawling developments we have today with multiple pools, large mature gardens, water features, golf courses, lakes, etc.      

This pre-constitutional law expressly bans community presidents from earning any money in their role. Personally, I find this totally unfair (understatement). However, that’s the law we have, and we need to follow it until a new one is enacted.

What this community president has done is unlawful, and he will be taken to court and lose. It seems he had a large number of proxy votes assigned by fellow owners which gave him the majority vote as they did not attend the general assemblies, so he voted on their behalf to assign himself a huge wage at the expense of the whole community of owners.

I’ve visited this community at Torre Bermejo several times, because it has a lovely restaurant next to the beach. The gardens and community in general are all very well kept. By experience, I can tell you a lot of work has been put into the community to make it look so good.

I hope one day this law is amended so that the role of community presidents in Spain is duly acknowledged by way of a financial compensation of sorts for all their hard work.

Legal services Larraín Nesbitt Abogados can offer you

 

Community related articles

 

At Larrain Nesbitt Abogados (LNA) we have over 21 years’ experience assisting clients buying, selling, or renting properties. We can also offer you a competitively priced accounting service to file your landlord taxes every tax quarter nationwide. We are also specialized in immigration & residency visas. You can contact us by e-mail at info@larrainnesbitt.com, by telephone on our UK line (+44) 07543 838 218, Spanish line (+34) 952 19 22 88, or by completing our contact form to book an appointment.

Larraín Nesbitt Abogados, small on fees, BIG on service.
2024 © Raymundo Larraín Nesbitt. All Rights Reserved.

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Market value, rateable value, and (auction) appraisal value in Spain

Idealista, January, 21. 2024

Idealista is Spain's leading online property portal, ranking number one. It was recently sold for over 1.3bn to EQT Group.

It was founded in 2000 by three partners, brothers Mr. Jesús and Fernando Encinar, and by Mr. César Oteiza. It offers millions of properties for rental and sale in Portugal, Italy and Spain.

Following Nielsen audited ratings, it has over 144 million pages visited every month, 5 million unique users, 300 employees, and an annual turnover of over €40mn.

Idealista kindly published our article in exclusivity on their website in five languages, no less!: Market value, rateable value, and (auction) appraisal value in Spain

English    French     German    Italian 

Polish     Portuguese   Romanian   Russian

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