The Canary Islands are a popular choice when it comes to the purchase of a holiday home. Countless foreigners fall in love with the islands and decide to buy their own place to enjoy with their families in a more private setting instead of booking in at a hotel. Many choose to rent these properties out short-term so that they are not empty while the owners aren’t using them themselves and so that the property pays for itself, generating a small income.
In an attempt to prevent fraud in the employment sector, a new initiative has been put into play by Employment Minister, Fátima Báñez. Unfortunately, employment fraud is rife in Spain and even though it is commonplace, these practices are also completely illegal and include:
- Not registering employees on official contracts
- Declaring less hours on contracts than those actually worked
- Paying part of the worker’s salary in cash, only declaring a minimal amount
- Receiving unemployment benefits whilst working elsewhere for cash
Spanish banks find themselves yet again in the limelight of another scandal. The Supreme Court has given them until 31st July 2013 to review the floor clauses in their mortgage loan contracts to evaluate whether or not they comply with transparency requirements. If the outcome is negative, the clause must be eliminated altogether.
This year has definitely made its mark when it comes to changes in law and this month is no exception. Get comfortable while I inform you of the modifications that have been made to urban rental laws (more specifically to long-term lets).
The Spanish property market has suffered greatly since 2008 and is characterized by a large volume of property for sale against a poor rental market. On average in Spain only 17% of property is rented out in comparison to approximately 30% throughout the rest of the European Union.
Energy Performance Certificates (EPCs) are three words we are going to be hearing a lot of in upcoming months. These certificates were introduced in the UK and many other European countries back in 2007 and now Spain must follow suit.
Real Decreto (Decree) 235/2013, 5th April was approved and came into effect on the 13th April 2013 and will be fully enforced from 1st June 2013 but what exactly is the certificate for and who is obligated to obtain one?
