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spain Tag

Costa Luz Lawyers > Posts tagged "spain"

Spanish Timeshare industry being punished by the Supreme Court

The Timeshare industry is being heavily punished by the Spanish Supreme Court as, in most of the cases; contracts were drafted against formal requirements of the Law. The Supreme Court is condemning Timeshare companies to refund clients a proportional part of all payments made by them. Being the proportion based on the number of years that the timeshare has been used over a period of 50 years.  The Supreme Court is also condemning related financial institutions to refund amounts jointly and severally with the Timeshare companies. CostaLuz Lawyers have so far  helped clients in these timeshare developments:  Diamond Resorts, Club Primavera,...

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On European Wills

On August 17 2015, a European Regulation on inheritance law came into force. This regulation, allows European citizens to choose for their inheritance to be regulated by either country of residence or country of nationality. Therefore if you are currently a Spanish resident, but you have a different nationality that will provide you with better conditions for your heirs, you can choose this by simply stating it in your will. This came into effect in 2015 along with the European Certificate of Succession (ECS). This document has been designed to make international probate procedures easier in Spain as it will be a...

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Starting a business in Spain? Choosing between Limited and Autónomo

There are different economic, legal or images sake reasons in order to choose between one or other form of trading. You need to choose the legal form that best suits your needs. Disclaimer: In the case of a self-employed, the liability is unlimited while limited liability companies´ liability is limited to the capital. Thus, when a limited company goes bankrupt, only respond with his possessions, and never will with the properties of their owners. Financial requirements: A limited requires a minimum capital of € 3006.00. Taxes: Self-employed individual can obtain directly the benefits of their business and be taxed in the...

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Is your property being repossessed?

Read the below legal tips  by CostaLuz Lawyers: • Any notification to the debtor must have been practised by the courts after investigation of different possibilities. It is not enough if the Court just tries the foreign address in Spain which was mentioned on the deeds. • Action taken cannot be based on an illegal or abusive clause (floor clause, early expiry clause, debtors’ interests’ clause…) • Law has imposed Bank a minimum value (50% of auction value of the property) for the event of repossession by them after an auction with no bidders. If your debt is below that minimum     ...

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Help in foreclosure procedures

The Advocate General of the Court of Justice of the European Union (CJEU) has recently issued his expert conclusion on five questions referred by different Spanish Courts, the Supreme Court among others, in regards to early maturity clause contained in mortgage contracts. What is an early maturity clause? It is a clause by which Bank can claim the whole debt just after a minor default (one installment) by the mortgage debtor What did Spanish Courts ask the European Court? In an scenario where a foreclosure procedure was started after many unpaid mortgage installments BUT based on the existence of a clause on the mortgage...

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What a foreigner must know to buy a property in Spain

To buy a property is not an easy task, but if you know the steps to take, and get the right advice from the suitable person, you could obtain a big advance in this section and definetly a safe option to not to be wrong at the moment of buying a property The purchase of property abroad continues being a guideline at historical highs of property purchase by trimester of years before and has rised up to a 15% by international investors Each person who has decided to invest in property in this territory must know all alternatives and prices to avoid...

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