If you have paid or received a deposit and you have also signed a purchase & reservation agreement, you should know that in this type of contract, it can be canceled at any time after it is signed, but such unilateral termination has some important legal consequences depending on
Last March 15, the state of alarm entered into force in Spain for a period of 15 days, this exceptional situation would therefore by the end on March 29 next. The extension of the state of alarm has been communicated by the Spanih Government. We now know that the exceptional measures decreed by the Government are going to be extended for another 15 days, therefore the period of confinement throughout the national territory, extends at least until April 12. Doubts arise about how to act in such exceptional circumstances. Many non-resident foreign owners and investors in Spain are now wondering how to protect their investments, properties and businesses in Spain. What are the most effective measures to control and protect your assets, interests and ongoing business from abroad.
Anyone who is a director of a Spanish limited company has certain legal obligations (which is why the director is required to accept the position) and is therefore liable for its acts and omissions when they in any way damage the company itself, its partners or creditors, the three most significant interests for which the Spanish juridical system provides greater levels of legal protection.
Spain’s autonomous communities have devolved powers to legislate in certain tax matters. In the case we are examining here, that of inheritance and gift tax, the Canaries enjoys certain tax benefits for children and spouses that are greater than in other autonomous communities, specifically:heirs belonging to groups I and II (spouse, parents and children) are granted a 99.9% discount of the tax payable on lifetime gifts (“inter vivos”) provided that the donation is formalized in a notarial deed.
Spouses, descendants and adopted children also enjoy a 95% reduction on the net value of elements of a business or professional activity developed by the donor, provided that a series of requirements are met. Continue reading “INHERITANCE & GIFT TAX UPDATE”