bank Tag

26 Mar Must I inform about accounts in financial institutions situated abroad that are opened during the fiscal year 2013 and cancelled before the 31 December 2013?

No, there is no obligation to report. The same criterion applies to assets and rights subject to obligations about reporting regulated in the law.  Therefore if they are acquired during the financial year and your title upon them terminates in the same period, there is...

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08 May New legal regulation on obligatory information to be provided to Spanish authorities about private financial transactions with abroad

A new regulation in Spain for residents who carry out transactions with abroad has been approved and shall be applicable from January 1st, 2013.  Here is a translation of its contents: First rule. Obligation to report. The present regulation is for individuals and legal persons (public or...

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20 Dec Can my bank seize and auction in Spain other assets in my name beyond the mortgaged property in case I stop paying?

Yes, the bank can do that. Generally speaking, mortgage-loan contracts for individuals signed with bank entities include the faculty for the bank being able to choose any of the debtor’s assets, present or future, at the time they recover the debt. Therefore, the bank can...

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14 Feb A judge will put the entire Spanish banking sector on approval about the controversial “ground clauses, or cláusulas suelo” of the mortgages.

  Practically the whole financial sector will be subject to trial in front of  the judge in what refers to the controversial “ground clauses, or cláusulas suelo”, that prevented numerous mortgaged Spaniards or Spanish residents to benefit from the strong slope of the interest rates experienced...

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26 May Can I force my Spanish bank to give me a complete and clear list of the terms and conditions to be applied to my mortgage rather than the longish and fuzzy “Escritura”?

Yes you can. In fact, banks are forced by law to provide to their clients such binding offer, listing clearly and unequivocally what are the basic terms of the Loan & mortgage with time enough in advance of the meeting at the Notary. for the...

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06 Apr BUYERS SNAP UP SPANISH 85% MORTGAGES

Spanish bank agent Bancaja Habitat is attracting foreign buyers to its repossessed property stock with 85% loan-to-value mortgages. Bancaja has sold around 40 units in the last three weeks to foreign and domestic buyers, who don’t have to start repaying the mortgage for three years. The reluctance...

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16 Dec Do I enter into a fraud or any other criminal offence if I sell my property before the bank accomplishes the legal steps to seize it, due to my lack of mortgage re-payments?

Yes, on certain circumstances, such as the devious avoidance of funds after the sale, the operation you refer to could be a criminal offence according to the Spanish Penal Code when it could be demonstrated that you, as the debtor, knew, even in an extrajudicial...

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