Few clients escape legal action by the bank when it comes to mortgage default. Not even property owners who hand over their keys to the bank and return to their home countries, victims of the financial situation in Spain and with no family or social resources here to fall back on. But the banks have all the time in the world and the law does not prevent them from following up a legal judgement in another country.
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The population of Malaga province is continuing to increase; however, this growth is mainly due to the presence of foreigners and it must also be said that the increase during the past year has been minimal and the population has grown by only 13,254 inhabitants. The economic crisis has led to a change in migration and the number of foreign residents in Spain has dropped by approximately 100,000.
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I have just read an interesting article by ELS (legal firm based in Fuengirola) discussing how the changes in Spain’s capital gains tax law might allow EU vendors to reclaim part of the 35% they (unjustly) paid to the Spanish government. I wrote about this tax rebate, earlier in the year, but ELS have written a far more detailed and explanatory explanation.
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According to Spanish law, if you sold your property after November 2004 and prior to 2007 you may be entitled to a tax rebate on the capital tax you had to pay.
