The Spanish “bad bank”, SAREB, was set up in November 2012 to clean up the Spanish banking sector as a result of excessive property lending. Spanish banks are also selling off their portfolios of non performing loans, swaps, land, flats, unfinished developments.
Scudamore Law provides a unique service, advising on issues of Spanish law and delivering its services in English to British standards of professionalism.
The firm provides legal support to foreign investors at all stages of their investment.
- Represent investment funds, corporate investors as well as private individuals and are accustomed to tailoring our services and the deliverables to the needs of the individual client.
- Legal and tax advice on the structure of the investment, appropriate on- and off-shore vehicles, double taxations treaty provisions, and strategies to achieve the most tax efficient manner of realising the investment, as well as the subsequent repatriation of income and capital.
- Implement the structures by setting up companies or other suitable vehicles, both in Spain and elsewhere, or acquiring existing companies where ownership of the real estate assets takes the form of shares in a company.
- Provide assistance with the purchase of individual property units or portfolios of properties, whether from banks, private sellers or public sector housing. We are experienced in the purchase, sale and lease-back of individual residential properties, apartment buildings, commercial property and offices subject to leases, shopping centres and operations involving completed as well as unfinished residential property.
- Conduct or assist the client with contract negotiations, drafting of private purchase-sale contracts, options for purchase, contracts with intermediaries, property management contracts, leases and tenancies, condominium law, as well as advising on Spanish taxation in relation to property ownership.
- Unfinished properties, our firm can assist with obtaining the necessary administrative licences and permissions needed to conclude legal ‘completion’ of the property, so as to allow the connection of necessary utility supplies and other administrative requirements to make the property saleable.
- Assist with the legal aspects of property refurbishments and building works, as well as the letting of properties under rental agreements or commercial leases, including related debt recovery and eviction proceedings.
- Rents, we take care of condominium and community of owner issues, and the legal and tax compliance aspects of the owner, performing company secretarial functions, periodic and annual filing, in other words all the legal, tax and employment aspects of the administration of the property, and the management of the rental business in Spain.
- Handles the immigration aspects of the investment obtaining residence visas for non-EU investors and their families.
- For investments in Spanish real estate exceeding Euros 5,000,000, we can assist foreign investors set up special purpose vehicles such as a publicly quoted real estate investment company (SOCIMI) which benefit from very attractive rates of Spanish taxation.