Emilio Pino – Abogados has created a new Labour and Employment Services department with advice from experienced professionals.
The department offers advice and services for:
•» Employment Contracts.
•» Employer Obligations.
•» Payrolls (nóminas).
•» Social Security.
•» Contribution forms.
•» Registration of companies and employers in the Social Security System.
•» New employees and terminations.
•» Incentives for employing.
New Coefficients to update the acquisition value of Spanish Real Estate assets. For the transfers of real estate (not linked to economic activities) that take place during year 2009, the coefficients of update of the value of acquisition of such assets will be the following ones:
| Year of acquisition | Coefficient |
| 1994 & before | 1.2653 |
| 1995 | 1.3368 |
| 1996 | 1.2911 |
| 1997 | 1.2653 |
| 1998 | 1.2408 |
| 1999 | 1.2185 |
| 2000 | 1.1950 |
| 2001 | 1.1716 |
| 2002 | 1.1486 |
| 2003 | 1.1261 |
| 2004 | 1.1040 |
| 2005 | 1.0824 |
| 2006 | 1.0612 |
| 2007 | 1.0404 |
| 2008 | 1.0200 |
| 2009 | 1.0000 |
Guaranteed money deposits are the following: credit balances on accounts, including those arising from transitory situations, nominative deposit certificates constituted in Spain or in another member state of the European Union whatever the currency in which they are denominated, with the exclusion of those deposited by financial institutions, public administrations and certain other persons linked to credit institutions in any of the ways envisaged in the regulations.
It shall include monies entrusted to the institution in order to provide investment services, pursuant the Stock-market Law 24/1988, or monies which derive from the provision of such services or activities. The monetary amount guaranteed is limited up to a maximum of 100,000 euros per depositor.
The guarantee shall be applied per depositor, whether the depositor is a natural or legal person, and regardless of the number and type of guaranteed deposits of which the depositor is holder at the same institution. This limit shall also apply to depositors who hold deposits whose value is above the guaranteed maximum.
When an account has more than one holder, the sum shall be divided between the holders according to the terms of the contract of deposit, or in equal parts otherwise. Each holder is guaranteed up to the maximum limit.
When the holders of a deposit act as representatives or agents of third parties, that provided they act as such at the time of placing the deposit and this fact has been formally declared to the institution prior to the circumstances giving rise to the execution of the guarantee arising, the cover given by the Spanish Money Deposits Guaranty Fund (FGD) shall be payable to each of the third party beneficiaries of the deposit on the basis of their corresponding share of the deposit.
Deposits existing at the time of an institution’s member having its authorization revoked will remain covered until the institution ceases to exist and the balance covered will be that existing on the date of cancellation. Holders of credit balances not covered by the guarantee will continue to have the status of ordinary creditors of the institution.
Some real estate British agencies announced discounts of up to 50% on the purchase of apartments and houses on the Spanish coast, in particular, assets located in Almeria, Murcia and Alicante. According to the company Northwest Invest, the apartments are seizures by the banks. Said real estate agent announces on its web that it has reached an agreement with a firm of lawyers to commercialize with exclusive right the apartments seized by a “big Spanish bank” in these zones. The discounts vary, based on each property, but some apartments can be acquired with a reduction of up to 50% on the price of appraisal. In fact the company even offers greater reductions (of up to 70%) if the properties are acquired by lots.
Spanish ‘Wealth Tax’ has been abolished with effect from 1 January 2008.
Since this tax was imposed, based on assets held on 31 December of a given year, the tax for 2007 will hence be payable as usual in 2008. Anyhow no wealth tax will be payable for 2008 itself during 2009.The tax treatment for residents and non-residents is different. Residents pay this tax on their worldwide assets, less various exemptions. Non-residents pay the tax only on assets held in Spain, but there are no exemptions. Without doubt the move, made known after the re-election of the Spanish PSOE administration, is intended to alleviate the damage to the Spanish construction business and housing market in the current economic decline.
Even though Wealth Tax has been abolished, the other property owners’ tax called the Attributed Income Tax, also yearly, shall remain valid. Non residents and residents alike pay 2% of the “valor catastral”, an officially rated value, of their second-home property attributed to them as a sort of made-up income. In case the property rated value has been recently raised property owners pay 1.1 percent.
Even though Wealth Tax has been abolished, the other property owners’ tax called the Attributed Income Tax, also yearly, shall remain valid. Non residents and residents alike pay 2% of the “valor catastral”, an officially rated value, of their second-home property attributed to them as a sort of made-up income. In case the property rated value has been recently raised property owners pay 1.1 percent.