It appears that finally banks are starting to lend again to those looking at buying Costa del Sol properties. Although more demanding of proof of income, etc… slowly but surely the financial taps are being opened, with up to 100% offered in certain cases.
The downgrading of Spain was done for strange reasons. Spain’s has a debt to GDP of 90% (against 144% of for Greece) and a budget deficit of 7% (against Greece’s 14%). More importantly, the spread over German bunds is 250 bps against 700bps. With an AA rating (compared to Greece’s BB), even after the recent downgrading from AAA, Spanish creditworthiness is strong.
Just a quick update on the Forex reports. As this information is being updated daily, I have decided to start posting the reports on a separate blog.
That way those looking at currency exchanges can go to that blog while those looking at property related articles can stay here So for market reports go to Currency Market Reports
Regards Andrew Belles
Dollar makes gains on safe haven status
Sterling pushes upwards against the euro
Single currency under pressure against majors—ECB expected to cut rate
Commodity currencies post large gains
G20 meeting in London
Now we have all adopted a healthier Mediterranean lifestyle and olive oil will ensure that we live to a ripe old age our need for income for longer is required. Many are now finding that their pensions fall short and do not provide sufficient to cope with rising living costs and the dreams of a relaxed and comfortable retirement are sadly a distant memory. Mostly due to rising costs and the weak pound.
In a further attempt to offer the most information possible for those looking at buying a property in Spain, I have been in contact with Voltrex, a foreign exchange company, who have been kind enough to allow me to post their market reports. And as an FSA regulated company we can be confident in the standards of service. So please find below some information supplied by the company and an email address for those seeking their services.
To say that tax planning for a British expatriate in Spain is complex is a huge understatement! Encouragingly many clients I have met have tried to take the proverbial bull by the horns and are legitimate tax paying Spanish residents though there are many more that have fallen foul of the often misunderstood world of offshore investing!
