A recent court ruling in Spain has offered a lifeline to overseas property buyers fighting to get back “lost” deposits from the country’s banks.
As investors continue to battle to get back deposits paid on non-existent overseas homes, a Cantabrian judge has ruled that a bank (Caja Cantabria) responsible for protecting a client’s funds, failed in its duty.
Quite a while back I wrote an article on Spanish bank guarantees, how they work, etc… Unfortunately how so something theoretically is supposed to work does not always work in practice as I found out not too long ago when I came into contact with Ruth Genda.
I thought it would be worth writing an article on bank guarantees (aval bancaria) as many people bought off-plan properties during the recent boom in construction here in Spain. So first of all, what is it?
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