The paper claims that ‘For some days the interbank trade in the South of Europe is at a practical stand still’. It says that unlike in Greece where the main concern is the large public deficit, in Spain the concern is for the debts in the private sector following the bursting of the real estate bubble. It says that more Spaniards than originally thought will be unable to repay their bank debts, and this will make the situation in the financial system even worse, and that more funds will be needed for the banks to survive.

This would mirror friends and family I have in Spain who are struggling with debts, borrowed amounts that should not have been given and over ridiculously long periods of time, two people I know will be mortgage free when they reach there mid seventies !

http://www.ftd.de/politik/europa/:spanien-finger-weg-vom-euro-topf/50125625.html

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The sale of 5,000 properties (10% of the housing inventory in Alicante province) during the second third of the year (May-August) is being taken as a sign that Alicante’s housing market might have turned the corner. At least that is the way that Provia – Alicante’s developer association – sees it in its latest report on the sector. According to Provia, this is the start of a slow return to normality for a sector that, in the words of Jesualdo Ros, general secretary of Provia “can’t get any worse.”

and with the lower interest rates…........

First, if you don’t have 50K at least, forget to invest in forex.
Stay away of on-line trading done by yourself, unless you have trader experience + time to follow the markets: 95% customers loss everything within 6 months.

Some on-line forex companies cheat on execution time, stop-loss orders, put random delay on the real-time display, etc… They let you win the first weeks and after you start loosing! Don’t forget, they win money whatever you do, because they cash the spread with their broker for each transaction.

The best way remains the forex managed accounts, where professional traders work on your behalf with the money in your bank account. The traders are paid only on what they earn for you, which is a good garantee of performance. The best I know so far are located in Switzerland, where you have no taxes on capital gains and you can expect more than 10%-15% performance per year.

Cheers,
Ping

I just wondered if anyone can tell me how beckhams law works in practice for someone moving residency entirely to Spain.  I moved over in may last year and applied for this in October 2009.

I understood that if I met the conditions then in spain I would be taxed as a non-resident at a flat rate of 24% on my spanish income.  But I had assumed that I still need to declare here like everyone else.  However on a call to hacienda I was told I don’t need to do this and I should continue to declare in my country of fiscal residence.  But on this I’m still not clear.

I was living and working in the UK prior to taking up residence in Spain (although I’m not a UK national) and have sold my house there and moved my entire family here to Spain.  I still have a bank account in the UK with some money and some investments but no other family or work ties to UK.  I had assumed then that I had made a complete break with UK and would be considered no longer a UK resident for tax purposes.

But my problem is if I’m no longer a resident in UK and I’m considered a non-resident in Spain.  Then where am I resident for tax purposes and where should I be declaring.  If anyone could shed any light on this I’d be very grateful.

On Saturday May 22nd Spanish Authorites stepped in after merge talks failed to reach an agreement with CajaSur.The running of the Bank is now in the hands of the Bank of Spain.

This comes at a time when at least 16 other savings banks, many of which are run by local authorities or churches - are now in merger talks in an effort to provide financial stability.

The IMF has raised fresh concerns over the strength of the Spanish economy, calling for “far-reaching and comprehensive reforms” to ensure economic recovery.

“The challenges are severe: a dysfunctional labour market, the deflating property bubble, a large fiscal deficit, heavy private sector and external indebtedness, anaemic productivity growth, weak competitiveness and a banking sector with pockets of weakness,” the IMF’s latest report said.

Spanish banks have largely weathered the global financial crisis thanks to strict regulatory oversight, but the bursting of a decade-long housing bubble has left them with a more-than 300bn debt hangover.

The country’s savings banks – which hold half the assets of Spain’s financial system – are seeing profits eroded by soaring bad loans as real estate developers go the wall.

The Bank of Spain is now watch developments between the possible merger of Caja Guadalajara and CajasSol, reports indicate these could fail to reach an agreement by the deadline of June 30th.

I did return to Marbella after 7 months, in April 2010,  and the first thing I done was to close my account with the above bank.
I did open an other account (after consulting different one) with an other international bank.
I did ask all about their charges and I was satisfy with what they offered.
To day 14 June 2010 I did ask this bank for a “cheque bancario” bank draft and I was shocked when they told me about the 4% charge (I did not ask about this fee before I did open the account)....WHAT A RIP OFF…they will charge me over €1900 to give me a piece of paper.

Canal+ is a Spanish pay television channel, launched in September 1990 on terrestrial television frequencies. The channel is operated by Sogecable. The main staples of Canal+ are Spanish football, bullfighting and recent movies.

In 1997 new channels using the Canal+ brand were launched in Spain. Just as on the other markets were Canal+ was present, the channels were named after colours: Canal+ Rojo (Canal+ Red) and Canal+ Azul (Canal+ Blue). A special channel broadcasting content in 16:9 aspect ratio was launched later on, but it was replaced by a time-shift channel in 2001. In 2003, the colour branding was abandoned and several movie and sports channels were launched.

In 2005, the Spanish government agreed on a change in the license terms for the channel. The permission to change the channel from a mostly encrypted channel into a 24 hour free-to-air channel was officially given by the council of ministers on July 29, 2005. From November 2005, its analogue terrestrial frequencies were given to Sogecable’s new channel named Cuatro (“Four”). Canal+ is available on the digital satellite television platform Digital+.

Grupo Ferrovial, S.A. (English: Ferrovial Group)is to sale Gatwick airport in London 2.5 billion €.

Spanish services and construction giant, owner of BAA has put Gatwick airport in London up for sale, obliged to do so by the British competition agency. The airport is valued at some 2 billion pounds, 2.5 billion €. It has a single runway, but despite that is handling 35 million passengers a year – last year’s number.
In June 2006, a Ferrovial-led consortium purchased the British company BAA Limited, for £10 billion.[5] BAA owns and operates seven British airports, including London Heathrow Airport, and operates or carries out retail management in several others.

New Mayor of Alicante

Sonia Castedo takes up her position as the first Lady Mayor of Alicante today with the idea of forming a cross-party pact with the administrations in an attempt to move large projects in the city forward.

The 37 year old Partido Popular mayor said yesterday that she would be keeping the team of councillors which had been chosen by her predecessor, Luis Díaz Alperi . he was mayor sine mid 90 with 13 years under his belt

more at jurdy @ fmplus dot es