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TIE ISSUES and BARGAINS at Spain's PROPERTY AUCTIONS | Pellicer & Heredia International Lawyers
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Oct 29, 2024
Moody was joined by Ignacio from @Pellicerheredia this week, with much of the focus again on TIE's, visas and property, including some interesting news about how property auctions are held in Spain. You can see more about residency options at www.visaspain.today or at www.alicantelawyers.es, where you can also watch back some of the previous webinars. Be sure to Like 👍 this and Subscribe to our channel if you found it useful. Website: http://www.bayradio.fm/ Mobile App: https://app.appinstitute.com/yddcc Facebook: https://www.facebook.com/BayRadioInSpain Twitter: https://twitter.com/bayradioinspain Instagram: https://www.instagram.com/bayradiospain/
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0:00
whether you've been in Spain for 6
0:01
months or six years don't miss p and a
0:04
radio in conversation with Moody on Bay
0:07
radio every other Wednesday at 10:00
0:09
a.m. pay and aredia are your
0:11
International lawyers on the Costa
0:13
Blanca and have been looking after the
0:14
xack community for more than a decade
0:17
see more at allak County lawyers. this
0:20
is Bay radio International welcoming
0:22
back cuz that's a couple of weeks flown
0:23
by igno from P radio now um we used to
0:26
be when you were in on Wednesday
0:28
mornings it used to be on you know level
0:30
with you doing the webinars on the same
0:31
day later on in the day we're off we're
0:33
off cool to now but it doesn't matter
0:34
too much I don't think so you had one
0:36
last Wednesday what was this that's
0:38
right that was about Golden visa and
0:41
buying a property in Spain it was quite
0:43
popular people are very much interested
0:46
and we discuss as well about difference
0:47
between non-lucrative visa and golden
0:50
Visa uh is being recorded so they could
0:53
just watch it and play in the live chat
0:55
in the live um um button in that website
1:00
on the website country. I mean the thing
1:03
these subjects they come up a lot you've
1:04
covered these quite a few times but
1:06
presumably you're reaching new people
1:07
every time and they can ask you
1:08
questions right that's right and then
1:10
you give them updates that's what we
1:12
normally do the very latest one is we
1:14
give updates on and normally M's
1:16
questions and answer that's the beauty
1:17
of it you know we give one hour of our
1:20
time to just do the 10 minute speech
1:23
about the
1:24
requirements uh talk about possibilities
1:28
I mean open open up uh ideas for for
1:31
investors if they think they could
1:33
qualify and then we do questions and
1:35
answers even though in the website we
1:36
try to upload them as much as possible
1:39
for their own benefit but yes when you
1:41
do live is is good answering to them
1:44
straight away in the chat sure and
1:46
something we're mentioning more and more
1:48
every time we chat is um reaching North
1:50
Americans uh so you do a little bit
1:52
later on in the afternoon usually four
1:53
or 5 Madrid time yes which means you can
1:55
catch people even on the west coast of
1:57
the the states um they can join you we
1:59
join normally webinars now we are
2:01
schedule for Wednesdays 5:00 today we're
2:04
not doing one okay because we did last
2:07
week that's right but the following one
2:09
we will not be holding one because he a
2:10
is a funny week where he a lot of bank
2:12
holidays yes it is it's a week tomorrow
2:14
is the big National D span 12th um and I
2:18
think within the Valencia region as well
2:20
you got days yeah so we will be
2:23
postponing um for the following
2:25
Wednesday 5:00 right Madrid time and um
2:29
be back on track so we can talk about it
2:31
yeah and uh that will be basically I'm
2:35
not sure about what the topic is going
2:36
to be no sure um but um probably might
2:41
be about either non-lucrative visas well
2:43
concentrated on that or the non-resident
2:46
tax as well which is important people is
2:49
aware of that and there is a lot big
2:51
demand on what is the I pay Suma well no
2:54
Suma is only local tax sure a lot of
2:57
people tell no n I pay Suma no no know
3:00
Suma is fine but what about yeah yeah
3:03
sure okay and and and the problem they
3:06
normally find is when they sell you
3:07
being retain the
3:08
3% and then you need to do obviously you
3:11
need to go backwards and do all the
3:13
non-resident
3:14
tax um they give you whatever fine
3:17
whatever interest so it's and I always
3:20
say if you're a non-resident it's
3:22
important you prove that you're a
3:23
nonresident for the tax purposes because
3:26
how about if they start making questions
3:28
Moody oh you brought all this money here
3:31
but you didn't do Resident and
3:32
non-resident you know and and believe me
3:36
is if there there is no need to stress
3:38
yourself going through the tax system
3:40
you know people get very stressed as
3:41
well just the word put is enough to put
3:43
you off yeah you know and they deal with
3:45
it and it's not nice to be honest
3:47
because it's it's just trying to defend
3:49
yourself they're after money and you're
3:52
trying to prove on getting documents in
3:54
order providing them to you know to the
3:56
right you know it's so if we could do a
3:59
properly by the book and in advance I
4:01
highly recommend sure okay and the Visas
4:04
I mean these would would have been in
4:05
place before brexit because it's not
4:07
just the UK that's become a third
4:08
country um so but are maybe Brits
4:11
getting used to what's available now
4:12
they sort of know a little bit more
4:14
about it yes yes non lucrative feas and
4:16
the like yeah I mean it probably was not
4:19
so popular for English speaking because
4:22
the British wasn't necessary obviously
4:24
an Irish they never needed all these
4:27
things you see um now the British need
4:31
exactly the same as the Americans um
4:34
used to have and the Chinese and
4:36
Russians so so it's quite new for for I
4:39
would say for British um and there are
4:43
options mury I do a lot of consultation
4:45
a lot of them even through video
4:47
conference or pel about uh are very
4:50
important about uh
4:53
possibilities and then you link the type
4:55
of visas the type of tax and obviously a
4:59
way forward to Spain it's like
5:01
relocation thing and I think it's really
5:03
really worth it because if if you work
5:07
yourself out how much would it cost me
5:09
if you know you're going to have the
5:11
answer straight away sure they may think
5:14
they know what's better but then there
5:15
may be a better option corre especially
5:17
with the uh The Nomad Visa coming in
5:18
which you didn't want to do hiccups with
5:20
that but uh well I'll tell you something
5:22
we already got one oh probably we I'm
5:25
just telling to the office probably we
5:26
wear one of the first in Spain we
5:29
managed should get it you know cuz you
5:30
were taking applications but there was a
5:32
bit of a hold up with various reason
5:34
that's being hard that's been hard cuz
5:35
you deal with so many departments you
5:37
deal within tax office Social Security
5:41
um immigration office and to be honest
5:44
it's one of the most difficult for our
5:46
for us as as lawyers because you need to
5:48
deal with a lot of paperwork a lot of
5:51
issues but it's really worth it because
5:53
only the tax RM is great yeah so this is
5:55
four people relocating here but working
5:58
and earning money outside yeah yeah
6:00
working remotely so I'm proud to say
6:02
that we manag at last and um yeah first
6:05
one have you framed it and put it on the
6:07
wall like you know when you earn your
6:08
first dollar we just CL very much uh it
6:11
took it took a long time because uh but
6:14
we have a lot of them on queuing you
6:16
know of course I think they've been very
6:19
slow as well because the government even
6:21
didn't know how to deal with a lot of
6:23
things cuz when you start first start um
6:26
and and and I'm sure they're going to
6:28
just improve it because they've noticed
6:30
there are problems all all the way
6:32
through getting documents for Social
6:34
Security because the company in in the
6:37
UK should pay social security there or
6:40
just you'll need to register here and be
6:42
self-employed this is the company you're
6:44
earning from but even though you're
6:46
living in Spain yes the most popular one
6:49
M for you to know on the Nora Visa will
6:51
be somebody working remotely and your
6:53
company allowing to do so the company
6:56
needs to prove and pay for Social
6:59
Security either in the UK or you'll need
7:02
to register here that's and putting
7:05
everything together is what really makes
7:08
the
7:09
case difficult and slow and uh queuing
7:13
basically yeah because it's almost like
7:14
a case by case basis and just because
7:16
one's come through now and been
7:17
successful it doesn't mean they're all
7:19
fine because it's all they're all
7:20
different because everybody works in a
7:21
different companies a different
7:23
situation some companies are probably
7:25
reluctant so that's why I advise
7:28
probably you start doing the the the
7:31
test on on clients so you you test for
7:34
Golden Visa you test for non-lucrative
7:35
you test um for nomad now okay what
7:40
about taxes taxes and then you you just
7:42
try to do tax simulations on whether is
7:44
worth this possibility and and it's a
7:47
combination it's beautiful in a way
7:49
because you could advise what is best
7:51
for one individual but you need to do so
7:53
many questions yes of course you need to
7:55
filter so many things that but is great
7:58
Moody when you say oh I've found the
8:00
right way for you you know is this is
8:03
the best and cheapest and more efficient
8:05
for you and and that's the nice thing of
8:07
The Nightmare of uh of going through
8:11
filtering what is best from a Visa point
8:14
of view from a tax point of view and and
8:18
sometimes you'll be surprised that cases
8:21
are even easier because they married to
8:22
a European or hispan so that the whole
8:25
thing change yeah you'll spot something
8:27
that can make it a so much yeah that's
8:30
what you're there for but it's it's nice
8:32
to get good results you know abely
8:34
actually the other day I had last
8:37
Wednesday I think it was had a CO case I
8:39
always like to tell you about these uh
8:42
brexit TI Co cases that I'm dealing with
8:45
uhuh and um and the public prosecutor
8:48
already knows me and smiles when he sees
8:51
and say yeah and say a win here we go
8:54
again yeah I'm saying I'm going to give
8:56
my best today I'm going to tell you off
8:58
how much money my clients are spending
9:00
because you being stubborn on not
9:02
granting the ti you know they carry on
9:04
on saying this the the the the insurance
9:08
was not dated pre brexit they stick on
9:11
it and even the judges have already hold
9:13
resolutions saying there is not a law
9:16
that stats that right so but but Moody
9:20
they're making life so difficult that
9:22
what I was telling them you are making
9:25
citizens uh life very difficult and
9:28
therefore you should pay for all the
9:30
legal fees uh and I really insist on
9:33
that you know is uh we already managed
9:35
to get that in in different cases
9:37
excellent but but yeah is is it's a good
9:41
thing on our work Moody of helping you
9:43
know that's there's the best out of it
9:46
yeah we've all seen that when you get a
9:48
result and you coming out of court there
9:51
celebrating we knew it all along just
9:54
had to prove it to the but the clients I
9:55
remember clients went to there because I
9:57
always recommend clients going to the
9:58
courts to see what's going on and they
10:02
were saying oh that was stressful that
10:04
was intense that was their words yeah
10:06
and it was a public prosecutor arguing
10:09
and me arguing and the judge just
10:11
listening so I'm just waiting to hear
10:13
for the resolution and next probably
10:15
next Wednesday when I see you I'll let
10:17
you know what's the outcome excellent um
10:20
I'm positive though I mean it gives us
10:22
some idea of what you do the sort of
10:23
range of things cuz one moment you're
10:25
talking about tax filing tax return and
10:27
then you're in court battling it out
10:28
with the
10:29
prosecutor well to to be honest Pedro
10:32
myself we one of the solicitors
10:34
embarrasses that we like we very much
10:36
like to to know as much as possible of
10:38
everything you
10:40
know and um because of our clients we we
10:43
we really push all these fields yeah and
10:47
he's a must you know and that's why he's
10:49
very specific what we do but B on on on
10:53
people's life expect people having their
10:55
own
10:56
problems um but yes there are certain
10:59
low firms that they will only do one
11:00
thing and that will be it but in in our
11:02
case since we already are many and and
11:05
we really enjoy what we do if if we are
11:08
able to help we will just just get back
11:10
on to the Visas a little bit because you
11:12
wanted to to mention just some of the
11:13
differences even though we've you know
11:15
we've been over these before but just to
11:16
clarify things and how they may have
11:18
changed and updated yeah I mean I mean
11:20
basically for people who who might be
11:23
listening and and they want to know very
11:25
quickly uh the go in Visa uh you need an
11:28
investment minimum of 500,000 that's
11:30
still the same yeah right it's still the
11:32
same you still need to have financial
11:34
means so that means exactly the same
11:36
amount that you have in the bank free
11:39
disposal of money in the bank or
11:42
investment uh per one p 27,000 2 34,000
11:49
per year okay so you still even though
11:51
you do an investment of 500,000 you
11:53
still need to have the money that's not
11:55
come up much before yeah because that
11:57
that's what you need for the other ones
11:58
isn't it is the same amount 27,000 yes
12:00
exactly the same exactly the same so
12:02
with the golden V you still need to you
12:03
still need to have money on investment
12:05
or in the bank right so it's not that I
12:08
bought this property and I have zero
12:10
Pension funds or zero money no that
12:13
wouldn't work yeah you live on right
12:15
right the important thing here for those
12:18
who unfortunately have some criminal
12:20
records as well
12:23
um the crime committed in the past for
12:26
the past two years
12:29
um needs to be equal or similar in Spain
12:32
because I had a case that are being
12:34
arrested well arrested is not a crime
12:37
even though the FBI in the state says
12:40
you're being arrested on your criminal
12:41
records that's not a crime in Spain so
12:45
that wouldn't count obviously if you
12:47
already have if you don't have clear
12:49
criminal records you will not qualify
12:51
either so that's something now the
12:54
insurance um good thing here Moody I
12:56
learn as well about insurance that I
12:59
found um one of the
13:02
companies um because we deal with
13:04
several right depending on on ages and
13:08
needs and I was stuck with people who um
13:12
was very old or probably more than
13:15
certain age and obviously you know
13:17
insurance companies probably don't don't
13:18
want you because they know you're going
13:20
to pay less of what you're going to
13:22
spend uh and that was an issue now I
13:24
found the one that will will cover for
13:27
those who are over 75 7 no this this is
13:31
health insurance to qualify for qualify
13:34
obviously if you are retired if you're
13:37
retired not all the companies have these
13:38
you see because some of them 75 they
13:41
just stop yeah they won't touch so I
13:44
found the one who even for people goes
13:46
golden Visa they need the insurance but
13:49
if you are retire and uh you have the
13:53
S1 right because that means that in the
13:56
UK or a they're they're covering they
13:58
public uh Health yeah so that means if
14:02
you already have that document you do
14:03
need an insurance oh wow so then you
14:06
could save that money as well and and
14:08
that's very good for people who are old
14:09
enough because you know how it works
14:12
when you're old enough unless you have
14:13
the
14:14
S1 uh you need to have a private
14:16
insurance but so that's one of the
14:19
things that are important for people to
14:22
know and um that's only for property you
14:27
will have golden Visa if you want to
14:29
invest on stocks and shares a million
14:32
euros let's say instead of having it by
14:34
any reason in the UK or in in the states
14:37
or wherever you transfer the money here
14:39
and you do it and invest it here you can
14:41
still invest um money for a million
14:45
euros um with any Spanish companies I
14:49
see or portfolios right
14:53
so for those who qualify they don't
14:56
really need to have the money over there
14:57
I know sometimes you need to could do
14:58
tax planning say why would I withdraw
15:00
now I'm going to pay tax and then invest
15:03
it here again that's probably the but if
15:05
you're doing tax planning beforehand
15:07
before coming and he taxfree let's say
15:09
in the UK or in the states um because
15:13
you have some benefits over there that
15:14
you wouldn't credit here which is very
15:17
normal sometimes I think it's worth for
15:19
people who are doing the planning to do
15:20
it if because for example Americans
15:23
don't like buying property too much I
15:25
mean Brit British prefer buying but
15:28
American not necessarily they're very
15:31
used to rent all right they're familiar
15:33
with renting I mean not all of them but
15:34
if you give me if you give me a
15:36
percentage uh there is high percentage
15:39
always renting Americans when they move
15:41
here yes all right or are they just
15:43
doing that for a while while they they
15:44
find their feet and then because as well
15:46
yes as well but but they don't have that
15:48
much culture sometimes they sell in the
15:50
states they invest in they they've got a
15:52
lot of big culture of investing they do
15:55
Investments they get their return they
15:57
live without money and they rent a mo
15:58
move around Spain I mean that that's
16:00
something that I've noticed is a
16:03
cultural thing because a lot of I mean
16:05
generalizing a little bit but what you'd
16:07
sell a property for in the States you
16:09
could probably buy something very nice
16:10
over here in Spain just about anywhere
16:12
they do move to Madrid don't they and
16:14
and that's one of the reason why the
16:15
golden Vis is popular because 500,000
16:19
yeah yeah for example in the center of
16:21
Madrid they are granting for fores a
16:24
golden Visa why because I spoke to a
16:27
state agent and they told me now
16:29
there is no property less than 600 in
16:32
the center of Madrid no right so so
16:35
whoever wants to live in the center have
16:37
the funds straight away they they could
16:40
apply for the golden Visa so at the end
16:43
of the day there is certain
16:44
ples that that is impossible not to have
16:47
the golden Visa once you do the
16:49
investment yeah um but going back to to
16:54
to the state case yeah when they sell
16:56
the property Moody they normally they're
16:59
very expensive properties in the States
17:01
you know is is in general what I've SE
17:04
not in probably in the center of the
17:06
states in the in the middle in the
17:10
midwest probably is is less expensive
17:13
that's what I heard from clients um so
17:16
so going back to the go and Visa case
17:19
these is few bits and pieces that I I
17:22
like to remind now if for though as you
17:25
said last time why somebody will spend 2
17:29
Millions instead of 1 million well you
17:30
have the case of spending 2 million in
17:32
public debt yeah you know but why would
17:34
you do many people do that I haven't
17:36
dealt with that I haven't dealt with
17:38
that um but there's a possibility the
17:41
million as well but the only problem
17:43
with the million investing is people
17:44
have already their finances tied up with
17:46
their own product and then tax efficient
17:50
so so that's one of the things then the
17:53
non-lucrative Visa you don't need to do
17:56
that that investment you still need to
17:57
have the finance final means yes and the
18:00
difference on time is Golden Visa you
18:02
could stay here back and forth anytime
18:04
you like you could be non- taxpayer
18:06
which might be attractive you still
18:08
could enjoy the shenen area with this
18:11
visa and with a non-lucrative Visa the
18:14
difference is you need minimum six
18:16
months and then if you're minimum six
18:17
months you need to pay taxes in Spain
18:20
yes of course you become tax res tax res
18:22
yeah so the only difference you don't
18:24
need to be I I always say that's why you
18:26
need to do the test uh what your purpose
18:29
are you want to come Spain to R you want
18:30
to stay here longer are you going to be
18:32
taxpayer well if then you really don't
18:34
need to invest if your budget even
18:37
though you don't need to spend the 500
18:39
you could spend 200 300 or you could do
18:41
investment you could do I'm going to do
18:44
just buying buying refurbishing and
18:47
selling or renting yeah um so you could
18:52
be below any budget on purchase you
18:55
could still have non-lucrative on
18:56
rentals so you could rent a property and
18:59
you can still apply for the
19:00
non-lucrative Visa I see all right so so
19:03
these two popular ones and you have the
19:05
nut which is a bit more difficult we
19:07
discussed last time yes you just
19:08
mentioned that yeah and the norm uh you
19:10
need to work for a company they need to
19:13
allow you remote work remotely they and
19:16
the social security issue you need to be
19:19
it needs to be paid from home or you
19:21
need to register here okay it's a tricky
19:25
one being self-employed uh um it is
19:30
difficult uh to um I I will concentrate
19:33
on working for a company because if you
19:36
do self-employed there is a possibility
19:40
here that you don't qualify obviously I
19:42
was going to ask you that how much they
19:44
may need to see what five years of books
19:46
or something from um um you need to be
19:49
working working for somebody the company
19:52
needs to be in the market more than one
19:55
year and you need to be working with
19:56
them more than three months okay okay
19:59
that's working for a company but if
20:01
you're self-employed no just uh as an
20:03
employee yes now if you're
20:05
self-employed um the problem you find
20:08
here you're not going to be able to
20:09
apply for the tax regime ah so it's
20:12
going to be pretty much like a work visa
20:14
but without the
20:16
24% oh that's the flat fee that's the
20:18
attractive bit of course is it's pretty
20:20
much the Beckham law ah yes of course
20:23
but now with the noral VISA you get the
20:24
visa so now it's it's it's double you
20:26
get the visa you pay on
20:29
well 24% flat fee up to €600,000
20:32
income cuz I pictured one the talk of
20:35
this and when it when it came in that a
20:37
lot of people with the no man Visa would
20:38
be self-employed people freelance you
20:40
know doing online graphic design
20:43
whatever correct but the problem with
20:45
that Moody is that this profession
20:47
probably doesn't have this extra
20:49
allowance for you to qualify you could
20:51
apply for the Visa but you will not get
20:54
the tax regime right right so
20:59
sometimes is is more of a work visa kind
21:02
of defeats the object a bit yeah if you
21:04
don't qualify for the 24% the good thing
21:06
for the normal Visa is that you get your
21:08
family gets it as well so that is very
21:12
good the golden Visa as well
21:15
MH um and but uh a a lot of benefits on
21:20
the noral Visa I think he will be
21:22
popular eventually now he's a bit um I
21:26
will call it you struggle you struggle a
21:29
little bit getting paperwor but if you
21:31
manage to doy I think he really worth it
21:34
okay it's worth the hassle and the
21:36
pushing and because we're talking about
21:38
almost six years paying the low rate
21:41
having the
21:43
Visa and then you go into permanent so I
21:46
think I think it's worth it Wednesday
21:48
morning igno here from pay in already
21:50
that was just one of my favorite things
21:51
just then trying to explain Cricket to
21:53
uh well for once of a better word
21:54
Foreigner um you know you knew a little
21:57
bit about it but um yeah some of the
21:58
rules the intri
22:00
intricacies uh are very different to
22:02
what you might be used to I grew up with
22:04
it it was we played um when I was at
22:07
school and and first formed the team we
22:10
were playing at a quite a fancy School
22:11
in a nearby U town and I told the PE
22:14
teacher that my grandfather went there
22:16
and it was a good school and he played
22:17
Cricket there and he made me captain of
22:19
the team just because of that and I had
22:21
no idea what I was doing absolutely it
22:22
was the only time I was Captain um but
22:25
yeah that was quite a thing but no it's
22:27
a good game
22:29
if you yeah yeah I I didn't really
22:31
obviously in Spain you you don't you
22:33
don't see that no no sure but I just uh
22:36
learned because they're taking the
22:37
children to play cricket today in school
22:39
wow and um I was asking my son if he
22:43
knew much about it but the PE teacher is
22:45
English and and and he's the one who's
22:47
teaching ah okay and they are competing
22:49
today between different schools I think
22:52
Mor alante and they're all excited we
22:55
had to take the children this morning
22:57
very early
22:59
and you know nice day for it as well to
23:01
be it will be nice to to go to to to a
23:05
match and and understand a bit more I
23:07
don't I don't really know the best the
23:08
biggest bit um to try and explain
23:10
especially to Americans is um that they
23:12
could play for five days in a test match
23:15
and it still be a draw no one wins no
23:17
wins yeah it's there's different forms
23:20
though and they've really punched it up
23:21
so there could be you just play 20 overs
23:23
like a really thrash you know within a
23:25
couple of three hours it's good fun
23:27
isn't it yeah yeah there's different
23:28
ways of doing it these days makes it
23:29
more interesting for for younger folk
23:31
and get guess yeah yeah yeah yeah let us
23:33
know how he gets on yeah yeah yeah well
23:34
I'll learn more about it yeah yeah I say
23:36
there's plenty to learn there yeah um
23:38
now just to we were talking about
23:40
property and buying you mentioned
23:41
something um during the previous song
23:44
about um auctions some people say
23:46
auctions in English I don't know why but
23:48
um CU they're quite a thing in the UK
23:51
one of the big shows on telly homes
23:53
under the hammer is all about that
23:54
people go to these auctions and they buy
23:56
a place do it up and sell it to and they
23:58
go back a few months later to see how
23:59
they've done or rent it out of course um
24:01
does that happen here then well here is
24:04
not like when you watch all these TV
24:06
shows in in the UK or or in the state
24:09
I've just watched them um um but but the
24:12
process is is like a high conveyancing
24:15
basically um there is a portal in Spain
24:18
where you could buy everything through
24:20
an auction procedure MH um definitely
24:24
you need a solicitor I mean you don't
24:25
have to but it's so comp Lex that I
24:29
wouldn't recommend anybody to do it by
24:31
itself unless they are really experts
24:33
you know um the way we I normally deal
24:37
with
24:39
is uh if a client knows a place that has
24:42
been repossessed yeah I was going to say
24:44
these mostly properties that come
24:45
through sarv yes SV or people who never
24:49
paid and the bank or or somebody who's
24:53
not paying um and then you take it
24:57
through the auction
24:58
procedure and um actually we have some
25:01
of the testimonials we have in our
25:03
website is is uh one client of ours that
25:07
he went through a difficult inheritance
25:10
and and then he start suing the
25:13
beneficiaries because he paid the money
25:15
and then we need to took we took the
25:17
property for auction and then he just
25:19
beat for that and got the apartment back
25:22
it's a lovely story um so you cannot you
25:25
can do that for individuals as well not
25:28
only for banks right it's like but
25:31
typical K are inheritance and nobody is
25:35
happy with the other and then you want
25:37
to just uh split up the property and
25:40
sell it in in in Spain the civil code
25:43
says that any joone owner is allowed to
25:47
walk out and sell the
25:50
property whenever they want so is a very
25:54
dangerous thing as well because you buy
25:55
properties with join people if w wants
25:58
to sell and you don't want to sell he's
26:01
got the right to take it to the auction
26:02
procedure yeah that's that's don't have
26:04
to agree on it yeah you don't need to
26:06
agree on it wow so every even though it
26:08
will take time it will cost you money
26:12
etc etc but and normally this happens
26:14
with the inheritance on wants to keep it
26:17
the other one that's why in the wills I
26:18
put a clause um they give us
26:21
instructions straight away to sell the
26:23
property if one of the people doesn't
26:25
want it um but that's a difference sorry
26:27
about the wheels that's protecting
26:29
beneficiaries but going back to the the
26:32
auction thing um you've got two ways you
26:36
could go into portalas which is uh boy
26:40
right you even register there with your
26:42
digital certificate and then you find
26:44
the properties that they going to be
26:45
auction and then you could go visit go
26:47
to the court find out more information
26:50
the
26:51
valuation and then there are certain
26:53
rules you need to pay 5% of the
26:56
valuation to beat and then you start
27:00
biding and the rules of the auction they
27:02
will tell
27:03
you how much money is every bat right so
27:08
it could be a th000 it could be 5,000 it
27:10
could be 10,000 so they will tell you
27:13
and um let's say you managed to get it
27:16
then you need to pay transfer tax unless
27:19
you cease your right to a third party or
27:22
unless somebody pays a full amount and
27:25
you get your money back
27:28
um so let's say you get that property
27:31
you pay the 10% you take it to the land
27:33
registry and then you start refurbishing
27:35
the property or you need to take out
27:38
Whoever has got possession that's a
27:39
different story then you need to take
27:41
him out through the courts as well yeah
27:43
but it's quite I I consider quite if
27:45
you've got the knowledge and you like
27:46
this kind of business I think it's is is
27:48
worth doing because um it's always good
27:51
value yeah well certainly um in the UK
27:54
from what I know on that TV show you
27:56
know they can dress things up on TV but
27:58
there are you know maybe Father and Son
28:00
whatever that's their full-time business
28:02
yeah they got like six or seven
28:04
properties that they rent out yeah there
28:05
there are people that only do that
28:07
because you it keeps you busy you know
28:09
it's buying refurbishing selling yeah
28:11
and and good price uh with that uh I've
28:14
got a group of investors that they
28:16
concentrate on that one um you know and
28:19
there's the knowledge and then you you
28:21
could put it on the market and and sell
28:22
it on so but yes I think I a where
28:27
how it works and there is an article how
28:29
an auction Works in Spain but we could
28:32
talk a different day cuz I think
28:33
probably we were running out of time and
28:35
this is long enough to explain how it
28:36
yeah yeah there'll be there'll be little
28:38
yeah various uh details to to go through
28:40
but we've got the article anyway I mean
28:42
one gets the idea that uh in certain
28:44
areas maybe these there's not that many
28:46
of these properties around but there are
28:47
some you'll be surprised you'll be
28:50
surprised um after like 2008 when they
28:55
created the bad bank and the bank
28:56
repossessed a lot of places there were
28:57
there was a load of them then but hadn't
29:00
all been snapped up by now to be to be
29:02
honest I've seen inh Havier properties
29:05
I've saying in everywhere you know so so
29:08
whether he's a better priz or worse priz
29:10
is a different story but you'll be
29:12
surprised how busy that portal is yeah
29:15
so it's worth looking you know it's
29:17
worth looking and and good luck to the
29:19
auction day interesting yeah had thought
29:21
about that as you say we are out of time
29:23
eating into dougg daytime show so well
29:25
thank you as always for your time and
29:27
have a good day around here with the
29:29
rest of your appointments and we'll see
29:30
you in a couple of weeks time per and
29:32
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29:34
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29:36
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29:38
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29:40
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29:46
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