NEWSLETTER – October 2011
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VERY IMPORTANT:
RE-INTRODUCTION OF WEALTH TAX
For those of you who remember the wealth tax which was previously abolished, Spain´s parliament have voted for the re-introduction of wealth tax on those with net assets over 700,000€ (so a lot better than it was previously).
This is worldwide for residents and on just assets in Spain for non residents. Non residents need a fiscal representative to present the tax return.
This commences in 2011, as the taxable base of 700,000€ will be wealth net value as at 31stDecember 2011. The Main residence, for residents in Spain, is tax free, (regarding wealth tax), until a value of 300.000 euros. The rest of the value increases the taxable base.
It is likely to have to be paid June 30th 2012 for residents and 31st December 2012 for non residents (final details have not yet been released).
The tax on the net assets will be between 0.2% and 3.7% depending on the circumstances. Currently, it is only for the years of 2011 and 2012 but we will wait to see on that.
It is obviously important that if you are resident in Spain and believe that your worldwide assets are worth over 700,000€ net (taking into account the exemption of 300,000€ for your main residence) that you speak to our tax adviser in the early part of next year, or sooner in order to arrange the return.
Likewise if you are non-resident, and your assets solely in Spain are worth more than 700,000€ net.
Contact Poli on info@spanishsolutions.net or 966761741.
She can also help with payment of non resident tax, due by the end of December 2011 for 2010. If you have a property in Spain, it is important to pay this otherwise you will only accumulate fines and interest over the year.
NEW TOURISTBUSSERVICELINKSCOAST WITHORIHUELATOWN
The Department of Transport has launched its pilot bus service each Tuesday between the Orihuela Costa and Orihuela City now allowing coastal residents the opportunity of visiting a historical monument in the city every Tuesday. The cost of each visit, which will be guided, is just euro 2.50 per person.
Buses will leave the town hall at 9, travelling to Playa Flamenca, Los Dolses and Blue Lagoon where they will pick up at Morgans Bar. They will also make a further stop at the Entre Naranjos Urbanisation by prior notification on 966 76 0000, extension 31 or 32.
Thus, the bus will stop at the casino at 10am followed by the market ten minutes later. It will return to Playa Flamenca from the market at 1pm and from the casino at 4pm.
The Department of Transportation has designed a schedule of visits to monuments and historic sites in the city, as shown below, through to 27 December. Information leaflets are currently being distributed.
08/11/2011: Cathedral
15/11/2011: Santiago y Monserrate
22/11/2011: Sala-Museo San Juan de Dios. Museo arqueológico y exposición.
29/11/2011: Santas Justa y Rufina y Ayuntamiento
13/12/2011: Museo de la reconquista y refugio antiaéreo
20/12/2011: Museo de la Muralla
27/12/2011: Santo Domingo
All Saints Day on November 1st – a public holidayin Spain
All Saints’ Day is celebrated in Spain on the same day as in the rest of the world – on November 1.
The most obvious sign that it is All Saints’ Day is that you’ll notice the graveyards to be unusually full of flowers. The Spanish remember their dearly departed on All Saints’ Day and bring flowers to the graves of their loved ones on this day.
There are a few traditional sweets that the Spanish eat on All Saints’ Day. The most common isHuesos de Santo (literally ‘saint’s bones’), which is made of marzipan and ‘dulce de yema’. Another is ‘buñuelos de viento’.
Which is the MostInterestingSpanishCity to be in During All Saints’ Day?
The most interesting city to be in for All Saints’ Day is Cadiz. All Saints’ Day in Cadiz is a little different: known as ‘Tosantos’, the Gaditanos (locals of Cadiz) do wacky things like dress up rabbits and suckling pigs in the market, as well as making dolls out of fruit. The whole region gets involved and the festivities last all week.
If you´d like to visit Cadiz contact our neighbours La Zenia Travel for a quote. Tlf: 966 761 492 -Fax: 966 730 222 Email: orihuelacosta@estivaltour.com www.lazeniatravel.com
Recipe for All Saint´s Day sweets
“Panellets” are a traditional sweet from Cataluña, prepared for All Saints Day and served with moscatel or “cava,” Spanish sparkling wine.
They are made of equal parts ground almonds and sugar, formed into balls and decorated with pine nuts, rolled in cocoa powder, candied cherries or coconut flakes. They can also be flavored with coffee or cinnamon. The most popular type is the one rolled in pine nuts.
Ingredients:
· 1 lb. ground almonds
· 2 1/2 cups granulated sugar
· 1/2 -1 cup water
· 1 small potato
· gtrated peel of 1 lemon
· 3-4 drops lemon juice
· Toppings:
· pine nuts
· sweetened cocoa powder
· candied fruit
· Flavorings:
· instant coffee powder
· coconut flakes
·
Preparation:
Makes approximately 32 cookies.
Blanch almonds, then grind in food processor until almonds are a fine dust.
Peel the potato and cut into quarters. Boil potato in a saucepan until cooked. Drain water and mash with a fork.
Place sugar in a medium saucepan. Pour 1/2 cup water into the pan and stir to dissolve sugar. Add more water to completely dissolve sugar if necessary. Place on medium heat on stovetop and bring to a boil, stirring often. Add 3-4 drops of lemon juice. Reduce heat and simmer until mixture is a thick syrup.
Remove saucepan from heat. Using a large wooden spoon, gradually stir in ground almonds, potato and grated lemon peel. Allow to cool to room temperature. Then, refrigerate overnight.
Pre-heat oven to 380F degrees. Grease cookie sheets. Spoon out dough with a teaspoon. Roll dough into small balls in your palms. Then roll the balls in powdered cocoa or pine nuts. If using pine nuts, brush each with a bit of egg white. Place on greased cookie sheet.
If you want to flavour the cookies, separate a portion of the dough and with your hands, work in a bit of instant coffee flakes, candied fruit or cinnamon. Then make individual balls.
Bake cookies just long enough to brown the pine nuts – about 4 minutes. Remove immediately using a spatula before cookies cool.
INTERESTING FACTS ABOUT SPAIN AND ITS POLITICS
The capital of Spain is Madrid, though it didn’t have a cathedral until the 19th century and so was not technically a city.
Spain is split into 17 autonomous communities: Madrid, Catalonia, Valencia, Andalusia, Basque Country, Asturias, Galicia, Aragon, Balearic Islands, Canary Islands, Castilla-La Mancha, Castilla-Leon, Extremadura, La Rioja, Murcia and Navarra. Madrid is the capital of the region of the same name as well as the capital of the whole country, while Barcelona is the capital of Catalonia and Seville is the capital of Andalusia.
Spain is a monarchy, which was restored after the death of dictator General Franco in 1975. The present monarch, King Juan Carlos I, is the last monarch in Europe to hold absolute power (which he inherited from Franco) and arguably the only European monarch to voluntarily cede that power.
The heir to the throne, Felipe, is married to a former TV newsreader.
Though José Luis Rodríguez Zapatero is called ‘presidente‘ in Spanish, he is actually the Prime Minister (‘presidente‘ is short for ‘presidente del gobierno‘: he is president of the government but Prime Minister of the country, although this term is not generally used in Spanish).
The ruling party is the left-of-center PSOE (‘Partido Socialista Obrero Español‘, the Spanish Socialist Worker Party).Spain’s parliament has now been officially dissolved and an early general election set for November 20, with the ruling Socialists likely to lose by a wide margin. Prime Minister Jose Luis Rodriguez Zapatero has said he plans to leave politics after the vote. The official election campaign period will be between November 4 and 18. The conservative opposition, Popular Party leader Mariano Rajoy, 56, who lost twice to Zapatero, in 2004 and 2008, has vowed to lower taxes on businesses to revive the economy and fight unemployment if he is elected.
Update on ParamountTheme Park
Early on in October, the official hunt for investment was launched for the proposed Paramount Park with a media presentation.
Selected invitees listened to presentations and saw a 7 minute video which showed the concept of the park and the accompnaying lifestyle centre. The park has 2 wholly different sections; the first being the Lifestyle Centre with 7 hotels, a casino, a state of the art auditorium, exhibition centre, top level conference facilities, a shopping mall and spacious green areas.
The Paramount Park itself features a number of themed areas, a woodland fantasy zone, an action packed adventure town, Parmount Life (incorporating the Paramount catalogue of films), Plaza Futura a high tech voyage with 4D special effects, and Rango West (the Wild West).
The license for the park is a 30 year term and it will create 16,500 jobs. The total cost of the project is 1100 million euros and if investment can be obtained the first stone will be laid in March 2012 with completion anticipated for 3 years later.
Now the project heads out on a roadshow to make the investment a reality. Will they be able to find the over a billion euros needed..?
Here is the link to the video:
http://www.youtube.com/watch?v=qv8PgsKaIGw
Cartagena‘s historic Plazade Toros
What is going to happen?
There has been much discussion over what to do with the old bull ring in Cartagena. Modern Cartagena is built over a Roman city and frequently when a bulldozer has dug down within the known area of the Roman City something has been found. This time it was an intact Roman Amphitheatre below the old Plaza de Toros. As excavations progressed the old bullring was supported with a metal framework of steel. However to get any further they cannot maintain the old structure of the bullring as a large part of the amphitheatre lies below it and they have to make a decision what to do.
There are various alternatives being considered including recovering the amphitheatre and creating a Contemporary Art museum alongside it, or an exhibition of archaeological exhibits on the site. We will just have to wait and see.
OPENING OF CORVERAAIRPORT
It has now been confirmed that the opening of Corvera Airport early Summer next year just outside Murcia will mean the closure of San Javier airport unfortunately. Connections to Corvera will be more difficult from the Torrevieja area and it may just be easier to fly to and from Alicante. However there are a lot of factors up in the area, depending on what airlines will fly from which airport and the important question of whether the Paramount Park will be built, which will be close to Corvera airport. There is also the election on 20th November and a change of government could mean a change of plans.
DISSOLUTION OF JOINT PROPERTY OWNERSHIP
Questions and Answers
Q. My father bought a property in Spain with his partner 7 years ago, she died 3 years ago. In her Will she left the property share to him, but we have done nothing to change the joint ownership? Can my father sell the property now?
A. Your father cannot sell what is not his. He has to lodge the 50% bequeathed by his partner under his name at the land registry prior to selling the property. Your father would have to hire a Spanish lawyer and do as follows:
- Depending on the nationality of his partner, a grant of probate.
- Deed of Declaration of Heirs by which he’s appointed as the sole beneficiary of the remaining 50%
- Lodge this deed at the land registry and pay any associated taxes such as Death duties.
Once the property is fully under his name he’s free to do with it as he pleases. If we can help anyone with our legal service on Estate Transfer to Heirs, please let Amanda know onsales@spanishsolutions.net
Q. I own a property in Spain with my wife and we have recently divorced (decree absolute) in England. As part of the divorce, it was agreed that the Spanish property would be transferred to me? How is this done and how much does it cost?
A. This is a common scenario when couples owning property in joint names whose relationship has come to an end decide that one of them will assume full ownership.
The transaction has to take place at the Notary and the expenses involved are 1% Stamp Duty on the whole declared value, and notary, land registry and lawyer’s fees.
The party with the outgoing share is liable for a tax on the increase in the value of the property (for example if it has increased in value from 100,000€ at purchase to 140,000€ currently, then the increase is 40,000€) at 19% on any profit they may have made on the 50% outgoing share (whether they are non resident or resident for taxes in Spain).
The tax is only applicable if there has been an increase in value.
Again, please contact us on sales@spanishsolutions.net if we can help with any advice regarding the above.
Private Medical Insurance
The world of private medical insurance can be baffling, with so many different policies to choose from how can you decide which is the right one for you and your family?
Fundamentally those who have health insurance while they are living in another country usually have it to ease the language barrier, for speed of access to a medical team, quick referrals to specialists if needed and of course to cover their spouses and dependents. Peace of Mind is also very important in this type of situation where you are dealing with a medical system that is not similar to at home.
Things to note when looking at medical insurance are the excess on policies, the level of cover per person, access to doctors, can you choose which ever one or must you use their listed doctors only. Also declaration of pre existing conditions and what views the companies have on illnesses such as cancer. Other key points should be pregnancy, dental, repatriation, and if the policy covers you outside Spain when you visit your home country.
Our neighbours, Ibex insurance do not work with just one medical insurer, they work with a variety of insurers. They have chosen the best the market has to offer aimed specifically at people who live away from their home country for all or part of the year.
These companies include Exeter Family Friendly, IMG/Coversure, Aetna, ALC Healthcare, DKV, Victoria Seguros, AXA PPP, NOW Health and ASSSA. Each company has a range of plans so you can rest assured that they have a plan to cover you and your loved ones at a price you can afford.
For more details contact Jaimy at CC Zenia Golf 17 A, La Zenia, 03189 Orihuela Costa, Alicante
Tel: +34 966 761 575 or +34 966 730 272
Email: orihuela@ibexinsure.com
And finally, a new fabulous offer from our friends next door at La Zenia Travel (Estival Tours):
NEW YEAR AT ROQUETAS DE MAR
NEW YEAR PARTY!
PLAYA CAPRICHO HOTEL 4*
ROQUETAS DE MAR
PARTY! PARTY! PARTY!
NEW YEAR PARTY WITH FULL GALA DINNER, ENTERTAINMENT AND
FREE BAR UNTIL 3AM!
3 NIGHTS ACCOMMODATION
DINNER, BED AND BREAKFAST
EVENING WEAR REQUIRED FOR NEW YEAR’S EVE
TRANSFER TO AND FROM LA ZENIA/TORREVIEJA & SURROUNDING AREAS, INCLUDED
299€ PER PERSON*
*SINGLE SUPPLEMENT 35€
Tlf: 966 761 492 - Fax: 966 730 222 Email: orihuelacosta@estivaltour.comwww.lazeniatravel.com
The team :
Poli Borisova
Ana Maria Barbadora
Eva G. Gilmartin
Lynne Henderson
Helena Labarta
Angie Real
Silvia Sanchez
Amanda Thomas Editor: Amanda Thomas, Spanish Solutions
sales@spanishsolutions.net
00 34 966761741 Visit us online at www.spanishsolutions.net