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11.2018
The pop songs General Franco didn’t want Spain to hear.. On Page 13
FESTIVALS !
BENICASSIM 2018 REVIEW ON PAGE 25.. Another great year of festivals..
NEWS UPDATE: SPAIN NUMBER ONE FOR HEALTHCARE IN EUROPE There has been plenty of good news this week in Spain, much to do with healthcare, something that concerns us all. The government of Pedro Sánchez is introducing several reforms which will benefit and impact on the lives of people enjoying a Spanish way of life. Spanish healthcare the best in Europe Each year Bloomberg produces a list ranking healthcare in 56 countries. 2018 sees Spain at the very top, declared the most efficient in Europe and third in the world! Another happy fact is that people living in Spain live the longest out of all EU countries with life expectancy at 82.8 years which places the country as fourth worldwide for longevity. The cost of caring for Spaniards? Just 2000€ per person per year. With the recent news that the government is to return Spain to a free healthcare system for everyone, resident or not, the encouraging news is that this improves productivity, adding to a country’s wealth. This year sees the UK in 35th position out of the 56 countries surveyed, down 14 places from 2017. Cont p.6
Rising property prices – cause for celebration or concern?
The latest press releases indicate that prices in Spain have risen by more than 10% in a year for the first time since 2007. Is this a time for celebration or concern, both at the statistic and
how it was calculated?
2007 was the start of the crash in prices that continued until 2014 and have only gradually stabilised for the average property, but recently soared for the most popular. And who is buying the most popular?
Well, investors are the ones with the unlimited money and the result is seen in the increasing rents that are needed to give them the required return. This results in a price increase ripple down the market, essential workers can’t find places to live and the authorities
have started to consider legislation to prevent it. Legislating rarely corrects a market and, whilst aimed at one sector, can compound and make another worse. Cont page 7..
PROPERTY PRESS - November 2018
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Property News Property Press
Spain says Vatican to help with discreet reburial of Franco...
MADRID (AP) - The Spanish government says the Vatican has agreed to find ways to prevent the remains of late dictator Francisco Franco being reburied in central Madrid after they are exhumed from a glorifying mausoleum. Relatives of Franco want to reinter his embalmed body in a family crypt under Madrid’s cathedral, a move that Catholic Church authorities in Spain said they can’t oppose because the sepulcher was purchased by the dictator’s heirs decades ago. Deputy Prime Minister Carmen Calvo on Tuesday said Vatican State Secretary Pietro Parolin “understood” during a meeting on Monday that while Franco’s remains need to be relocated to a place “with dignity,” the government “must guarantee in all Spanish territory that Franco is not praised.” “The solution,” Calvo said, “can’t be the Almudena” cathedral in Madrid.
Who pays mortgage set-up taxes? Spanish mortgage market plunged into confusion by the Supreme Court By Del Canto Chambers
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he new ruling by the Spanish Supreme Court on mortgage expenses (STS105 / 2018) declares that it is the bank and not the borrower who must pay the taxes involved in setting up a mortgage; and declares null the Art.68 of Tax Regulation on Transfer and Stamp Duty Tax (IAJD), a resolution that is not free of controversy.
Not even 24 hours passed after the Supreme Court ruling overturning Jurisprudence before Mr. Luis María Díez-Picazo, President of the Third Chamber of the Supreme Court Contentious-Administrative Division, issued a statement communicating that as this ruling means a radical turn on the jurisprudential criterion with an enormous economic and social impact, and putting on hold any court appeal on this subject until further revision by the Court’s plenary. As a result the Supreme Court will decide next November 5, through
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a cassation judgement, if the jurisprudential reversal is real or if it was only a mirage for mortgage borrowers. If the decision goes against consumers, as happened in the mortgage floor clause sentence, this matter will be taken to the European Union Court of Justice (CJEU). The Supreme Court is the final court for appealing a sentence, and therefore, the maximum responsible for the unity of legislation interpretation in Spain. So far, however, the body has issued contradictory judgements. At the beginning of this year, the civil division of Supreme Court clearly ruled that the tax on mortgages should be paid by consumers and not banks. However, on the 18th of October the ContentiousAdministrative division pronounced the other way, that banks should pay. So two divisions of different jurisdictions of the Supreme Court (civil and administrative) have issued conflicting sentences producing a legal mess that may have social and
economic consequences, as well as affecting the acquisition costs of future mortgages. As a result of the latest ruling almost six billion euros were wiped off the value of the banks listed on Spain’s Ibex 35 stock exchange. The banking entities warn of an increase in the price of mortgages for borrowers if finally the Supreme Court rules in favor of consumers. The average tax payment, according to the Organization of Consumers and Users (OCU), for a reference loan of € 150,000 is between € 1,000 and € 4,000 depending on the autonomous region where it is contracted and the year in which the mortgage was signed . The outlook is uncertain and we will have to wait for the resolution next November 5th on who pays the tax. If the Supreme Court issues a favorable ruling for consumers, it will open a new door for them to claim the tax paid on their mortgages, along with the other expenses. On the other hand, if the Supreme court issues a favorable ruling for banks,
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consumers would still have the possibility to continue fighting, and wait for the decision of the European Union Court of Justice. Consequently, the expected ruling of the Supreme Court is not free of controversy for any of the interested
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parties. Consumers are currently in a situation of legal uncertainty as far as the tax claim of mortgages is concerned. We will have to wait for the vote of the plenary on November 5 to shed some light on this issue.
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Editor: G. Glister sales@thepress.es Editor & Creative Designer: The Property Press and The Yellow Lemon Editorial: info@thepress.es Journalist: Donata Findlay, Writers: Trudi Hunter, Donata Findlay, Infinity International. Head of Sales: Rob Kols +34 634 311 434 sales@thepress.es Advertising: +34 634 311 434 The Property Press The Yellow Lemon Web: www.thepress.es www.theyellowlemon.es
Disclaimer
Views expressed in The Property Press are the opinions of the writers and are not necessarily endorsed by the publishers. It is possible that prices and opening hours for establishments mentioned in the newspaper may have changed since going to press, although we do aim to be corrrect. All advertisements are published in good faith. The Property Press cannot except responsibility for errors or omissions in the individual adverts or accept responsibility for works, service or goods.
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PROPERTY PRESS - November 2018
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Property News Property Press
New is nice but is it worth a big premium – a look at the new versus resale price conundrum by Barbara Wood - Property Finder
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he College of Architects in Málaga has announced that 5,418 building licences were approved in the province between January and September 2018, representing an annual increase of 41%. In fact, it’s more licences than the number approved between 2009 and 2017 in total. In 2014, six years after the global downturn kicked in, the Spanish construction sector hit absolute rock-bottom and only 798 licences were issued in Málaga during the entire year. Set against the 2007 figure of more than 27,000 approvals, the catastrophe that hit house building in the region during the last decade is clear to see; it more or less disappeared. So when activity returned and the first price rises were registered in the first quarter of 2014 in the Marbella area it was a recovery of the resale sector, there just weren’t any new projects around. And as there is a time lag between licence approval and a project being up for sale a few approvals trickling out of Málaga was nothing to get excited about. And, in my opinion, they’re still not. The highest number of projects approved so far in 2018 were in Málaga city itself (1,538), followed by Estepona (666), Mijas (623), and Fuengirola (425). Marbella, which always headed the list previously, is still hampered by the uncertainty surrounding the PGOU revision and is in fifth place with 405. Individual houses, including total renovations, make up 22% of the approvals, 78% are for multi-unit developments. I think these statistics tell us a few things about what’s going on in the current market in the prime areas of the Costa del Sol. Full year stats for 2017 showed 20% of all purchases in Spain were in Andalucía, approximately 105,000 transactions, and it’s likely to be a similar percentage this year. But there are eight provinces in the region and more than 33% of Andalucían transactions happened in just one province: Málaga. The city itself, plus Marbella, Estepona and Mijas accounted for 45% of all purchases in the province. And in the prime locations foreigners dominate the market; for example in the Marbella area about 65% of all buyers are from abroad and at the very top of the market that number goes to about 75%. So the demand is there but is the supply? In the case of new-build properties the figures quoted above for the year so far indicate a serious shortfall in the supply of new-build properties measured against demand. At first glance it may seem that it doesn’t really matter as the resale market is still outperforming the new-build sector by about 4:1. But I think it does matter because for some reason newbuild property attracts overseas buyers like moths to a flame. They just want it even though larger and better-located properties
are available at much lower prices just round the corner. The scarcity of new-build projects coming through the system is such that prices for new-build are rising much faster than for resales. At the end of 2017 statistics from the notaries indicated an 11% rise in prices for new build against 3% for resales. I attribute this to lack of supply but high demand in the case of new-build properties while supply and demand on the resale side are more or less in balance. Marbella, the sixth most expensive town in Spain, is a good example of the newbuild versus resale price conundrum. With thorough research it is still possible to identify well-located properties for between €2,500 and €4,000 per square metre, depending on condition, location and other variables. Recently I located a 3 bedroom detached villa front line to one of the coast’s best golf courses priced at €2,450 per square metre and one with 4 bedrooms in the same area at €3,000 per square metre. Both cases tell me that we have motivated sellers keen to do a deal. The fact is that just before prices crashed buyers in this area were paying between €6,000 and €7,000 per square metre for the best locations, no more, and in the resale sector prices should still be well below those levels to secure a sale. However, buyers are already paying more per square metre than the pre-crash peak just to get their hands on a new property and in some cases the premium is as much as 50% above the equivalent resale price. I’ve worked in the Andalucían property market for many years and been through a few high/low cycles and I can’t remember a time with such a discrepancy between new and resale prices. The College of Architects estimates the full year total will be around 7,000 licence approvals. I can’t see this improving the supply side in a meaningful way as it will be 2020/1 before these properties are in the sales pipeline. In the meantime, I worry that some buyers are paying such inflated prices for new build properties that they may never see a return on their investment. While I can accept some purchasers don’t mind too much about not making a profit I’ve yet to meet one happy to make a loss. New may be nice but when you come to sell it will have to relate to resale price levels. The fact that you paid double the going resale rate at the time won’t mean you can ramp up your asking price over and above what the market can stand. Only a big and sustained increase in the supply of new-build properties will reduce the pressure on prices and, unfortunately, I can’t see that happening in the short-term.
November 2018 - PROPERTY PRESS
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Property Press Property News
News update: Spain number one for healthcare in Europe B
est ever breast cancer survival rate October was Breast Cancer Awareness Month and 19th October is World Breast Cancer Day. Of course, newspapers and media have been awash with statistics and information. Despite there being a rise in the number of cases of breast cancer, it is also more likely than ever to be cured if discovered early and treated quickly. “Incidence of breast cancer in Spain is
by Sally Veall ... Cont Front page
‘very low’ and survival is high,” according to Dr Blanca Cantos, a specialist in breast cancer at Madrid’s Puerta de Hierro Hospital. Spain seems to have fewer cases than in most developed countries with one in ten people diagnosed. In the UK it is one in eight. Find out more about accessing healthcare in Spain with our guide, Healthcare Abroad 2018. Survival in Spain is more than 85% owing to early diagnosis following
routine screening. Surviving for 5 years or more is increasing by 1.4% each year. World’s best GP comes from Spain The World Organisation of National Colleges known as WONCA presents annual awards for WONCA global Family Doctors. The prize for best GP is considered to be very prestigious by the medical profession. This year, for the first time, a Spanish GP was given the prize. Dr Véronica Casado works in the city of Valladolid in the region of Castilla y Léon. She received a unanimous vote at a recent WONCA conference. ““The work is hard, and sometimes you get home at night absolutely broken after some seriously tough situations,” she said. “Healthcare is a bit like those human towers in Catalonia and Valencia. The base, which is primary care at GP level, needs to be very, very strong to be able to support the next levels in the structure.” New call for referendum on bullfighting Pablo Iglesias, leader of the political party Podemos, has called for a referendum on bullfighting in Spain. This comes as animal activists become ever more vocal against the sport. In a TV interview for channel Telecinco, Mr. Iglesias said “it would be good to ask people” and that “Spain would not be able to ban the sport ‘by decree.” Bullfighting has been very much part of Spain’s culture. Dating from prehistoric times in the Mediterranean region, first the Greeks and then the Romans followed the worship of the
Transparency on assets held by public officials The Socialist government of Spain under Pedro Sánchez is determined to bring transparency to the assets held by public officials. Isabel Celaá, their spokesperson, announced last month that “This government is really moving forward on the path of transparency, which it believes is the only way to advance in democracy.” The list of assets was published in the Spanish state’s official gazette. Spain’s budget to help self-employed and parents The proposed budget for 2019 depends on support by left wing party, Podemos. The Prime Minister, Pedro Sánchez, has reached agreement with Pablo Iglesias, Podemos’ leader. If approved by Parliament, it will see the minimum wage rise to €900 a month from next year. Podemos has also called for a gradual increase to €1000 a month. The government also proposes improved protection for tenants and a cap on rents. The rental term will return to five years. This is what it was before the previous government reduced it to three. Local authorities are to monitor for any “excessive” rent increases. They will have the right to demand a landlord decrease the rent if the rise is considered abusive. Free preschool nursery places will undergo consideration, with the aim that preschool education and care should be free for all children below the age
income is more than €300,000. Diesel will see an increase in tax. An important reform for self-employed people will be that you won’t have to pay IVA (VAT) on invoices until they have actually been paid. Currently all IVA must be paid quarterly, whether or not the bill has actually been paid. This often left the self-employed in a cashflow crisis. There are plans to link social service payments to actual income. This will be a big change to the present system. Normally, a self employed person must pay €288.88 each month, whatever their income. World’s best olive oil is Spanish Spanish olive oil is officially the best in the world. At least one oil in particular is: Palacio de los Olivos or Palace of the Olives, produced in the province of Ciudad Real in the centre of the Spanish peninsula. There are 321 hectares of olive groves at the Los Palacios farm. 70% of their production of extra virgin oil is exported. They harvest the olives in November and cold-press them using only mechanical equipment. The oil has a very low acidity level and flavours which only derive from olive trees grown in volcanic soil. €200 euro fine for failing to use indicators Finally, here is a warning for drivers in Spain. It is a shocking fact that over 50% of drivers in Spain fail to use their indicators when they overtake another car. More than 66% don’t use them when
bull. In Spain during the medieval period, knights on horseback would fight bulls as a type of jousting. Last May, a demonstration by 40,000 people took place in Madrid. They demanded an end to bullfighting in Spain and to fiestas which involve bulls. 20,000 bulls die each year in the bullring. The previous government of the PP (Partido Popular) declared it a “national cultural heritage”, allowing public funds to sponsor it.
of 3. Child benefit will increase to almost double the current rate to €473 a month instead of €291. The hope is this will put an end to child poverty, There are also intentions to reduce university fees and increase student grants. The budget details more tax for those earning more than €130,000 a year, likely to be 2% higher. There’s also an increase of 4% for people whose
returning to the inside lane. Research by Albertis, which collects motorway tolls, shows that 53.1% of drivers overtake on dual carriageways without indicating to drivers behind them. In a study by their centre in the province of Barcelona, the number of motorists failing to use their indicators is on the increase. This puts other road uses in danger. Failure to correctly use indicators carries a fine of €200.
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How were the stats prepared? Cont from front page.. by surveyspain.com
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t Survey Spain, when obtaining comparisons for our valuations, we are consistently finding that the resale market has risen very gradually, but that the bulk of the buyer demand is going into off-plan sales?
achieve instant loss and probable negative equity. So how do the prices appear to be rising? In addition to the prime spots where occupier and investor demand overlaps, the developers will sell the first phase of a development at a reasonable price, but then offer the 2nd Phase at a price above that, whether justifiable in the wider Why, when the prices of these are market or not, so that they can much higher than existing, ready to show the ‘growth’ in value of the walk into properties? It’s the power of property. “Quick, come onboard to marketing with mortgage incentives, buy before prices have to rise again”. higher commission to selling agents, But remember, ‘when you see the fully furnished and promises of bandwagon coming, it’s already too ‘guaranteed income’ for an initial late to get on board’. That’s a major period. Little do the buyers consider contributor to rising prices, but when that the day they buy the property, a few people have to start reselling the price they can get for it if they and make substantial losses back want to sell, will be in competition down to the normal resale level, with the developers marketing it will appear that the market is without the incentives and so they tumbling and could start a general
fall in prices and ‘Pop’, goes the bubble. Always look at the wider market If you are buying as occupier or investor, always look at the wider market to see how the development’s prices relate to the similar resale properties nearby. You’ll often be shocked at the difference, which ‘improvements’ in quality and specification just can’t justify. It’s not just Survey Spain as RICS Valuers that are saying this, in July the Spanish economic newspaper ‘Cinco Dias’ also carried the headline (translated), ‘The new houses that are sold are 26% more expensive than the ones used’. And also remember that all these extra facilities, which only a few owners may ever use, have to be managed, maintained, repaired and replaced, all of which can make the annual ownership costs substantially higher than elsewhere.
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November 2018 - PROPERTY PRESS
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Spain closes coal mines. Mining unions celebrate. by Sami Grover
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ven though US coal continues its decline in the age of Trump, I suspect we haven’t heard the last of angry American politicians denouncing the “war on coal”. In much of the rest of the world, however, there appears to be a recognition that the war is over. The Guardian reports that Spain, for example, has just reached a deal to close the vast majority of its coal mines. And the deal is notable not just for its ambition, but for who is on record as supporting it: Coal mining unions. In much the same way as unions in Australia decided coal closures were inevitable, Spain’s miners are apparently
celebrating the deal because of the €250m (US$284m) it will bring to coal mining regions over the next decade in the form of early retirement scheme, environmental restoration work and clean technology. It makes an awful lot of sense. The economics of coal look increasingly awful around the world and, while partisans might point the finger at Big Government regulation, the reality appears to be that this aging industry just can’t compete in a world of cheaper renewables and natural gas, as well as energy storage, efficiency and smarter grids. Coal mining communities— which after all have faced some of the worst negative impacts from coal—are wise to be thinking about what comes next. And environmentalists would be wise to think about ways that they can support these communities and build common cause.
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Property News Property Press
Scottish actor James McAvoy narrowly avoids £10,000 Tenerife hotel scam. by Jamie Mckenzie
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-men star James McAvoy has issued a warning to fans after he was almost scammed out of £10,000 while trying to book a family holiday. The Scottish actor told his Instagram followers he was trying to arrange his stay at the the Ritz Carlton Abama in Tenerife when he was nearly conned by a fake website. McAvoy said the page offered a better deal than the actual hotel’s site, but he checked with a travel agent who confirmed it was too good to be true. The 49-year-old warned holidaymakers off www.ritzabamatenerife.com, saying that although the site looks legitimate, you could be on the receiving end of a nasty scam. The actor said he was asked to wire money by bank transfer to receive a special 10 per cent discount and send a copy of his passport photo.McAvoy captioned the video: “Just avoided being scammed online. TRYING TO BOOK A HOLIDAY FOR MY FAMILY AT THE RITZ Carlton Abama hotel in Tenerife. In the video he says he has just avoided being scammed and that he has made the video to highlight the bogus website.
He added: “They are the ritzabamatenerife.com, the real place is the Ritz Carlton Abama.”Don’t use them, they nearly took £10,000 off me, which is a ton of money.”Some guy called Joaquin emailing me back and forth, nearly made a bank transfer. Very convincing – their website is actually better than the Ritz Carlton’s website.”If you’ve been scammed by them, hit me up. I’ve told the Ritz Carlton, they know now. “The other thing is that after you have filled out a booking form they will ask you to make a booking via bank transfer after sending them a picture of your passport page. “That’s something I’ve done before in the past and it seems legit.”You also get a 10% discount – they say – by doing a bank transfer, again more incentive to get excited about it.”I just thought the deal seemed too good to be true so I double checked it through a travel agent and it was – of course – a tenth of the price it should be.”So I’m not going on that holiday.” The post has racked up over 130,000 likes since the Last King of Scotland actor posted it online yesterday afternoon. Followers applauded McAvoy for highlighting the scam. One, hethwatev, wrote: “Good guy James McAvoy, looking out for the people.”
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November 2018 - PROPERTY PRESS
FESTIVALS REVIEWS - GIGS AND SOME GREAT INSIGHT INTO WHAT TO DO
EVENTS - REVIEWS AND SOME PRETTY SMASHING ARTICLES INSIDE - EVENTOS - OPINIONES Y ALGUNOS ARTÍCULOS BONITOS EN EL INTERIOR
INSIDE..
Festival reviews, places to go and musch more.. ........ The Pop songs General Franco didn’t want Spain to hear Page 13 ..... Spain´s best winter destinations Page 17 ..... A Great review of Benicassim summer 2018 Page 25
PROPERTY PRESS - November 2018
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Local & Spanish News The Yellow Lemon
The pop songs General Franco didn’t want Spain to hear.. by Donata Findlay
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rom Bob Dylan’s Just Like a Woman to John Lennon’s Imagine and the Beach Boys’ Good Vibrations, the fascist regime’s censors found the strangest reasons to prohibit certain records. For todays visitors to easy-going, laidback Spain, it’s hard to believe that only 41 years ago it was a fascist dictatorship in the grip of a moral code laid down by the Catholic church. When General Franco came to power in 1939 everything was censored including books, newspapers, radio broadcasts and theatre. But the Franco regime didn’t prohibit rock music in the beginning, in fact the government initially saw no danger in artists who sang in languages that the vast majority of people didn’t understand. But this attitude soon changed with the explosion of pop music in the 1960s and the growing permissiveness reflected in the song lyrics and album covers meant that the censors had their work cut out. The dictator decided to promote the national product, obliterating where possible the foreign influence and helping artists who were pro regime and who sang in Spanish. Allowing some of the greatest bands in the history of Spanish rock music to emerge. From 1960 to 1977 a total of 4,343 songs were banned on the grounds of their sexual, blasphemous or politically subversive content. The Censors were not native English speakers and would have struggled with inuendo which often resulted in strange justifications for these bans. For instance, The Beach Boys’ Good Vibrations didn’t conjure images of beaches and blondes in the censor’s eyes instead they thought that “These lyrics come from the underclass of drug addict bands in the USA whose philosophy is based on sex … the vibrations are associated with orgasm. I believe it would lead to many young people
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dancing in a lewd fashion. It should not be authorised.” Probably bad Engish is the only explanation for outlawing Bob Dylan’s Just Like a Woman on the grounds of its “homosexuality”. The Beatles’ The Ballad of John and Yoko was axed because it referred to the couple’s wedding in Gibraltar at a time when Franco was claiming sovereignty over the Rock. And while to most ears John Lennon’s Imagine is about tolerance and peace, the censor heard: “a totally negative song that suppresses everything, even religion, in the hope that everyone will join in with the idea.” In the mid 1970s with Franco’s health and influcence waning a vast amount of different influences became available and blew apart the Spanish music scene which accelerated from 0 to 100 in just a few years and hundreds of bands emerged enjoying this unprecedented freedom.
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Get ready for the red carpets – as the 66th San Sebastian International Film Festival pulls out all the stops.
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his glitzy events took place on the 21st September for 9 days and like every year the city prepared to welcome major Hollywood A listers and international celebrities to this leading Spanish-speaking festival in northern Spain’s Basque region. As well as showcasing films from all over the world, there is a special commitment focussing on Latin American productions, with the festival’s first role to serve as a showcase for each year’s most disquieting and innovative films. This year British actress Dame Judi Dench will be receiving the coveted Donistia Prize. This highest honorary award was created to recognise those who have contributed their lives to the motion picture world. This award will be presented on the 25th September prior to the screening of Trevor Nunn’s Red Joan, in which Dench plays a woman whose tranquil life is suddenly disrupted when she’s arrested by MI5 and accused of providing intelligence to Communist Russia. This will be Dench’s first visit to San Sebastian. Since playing Ophelia in Hamlet at The Old Vic Theatre almost 60 years ago, Judi Dench has garnered wide popular and critical admiration
by Donata Findlay for a career marked by outstanding performances in both classical and contemporary roles. She has won numerous major awards, way too many too list here, and for work on both stage and screen, and in recognition of her many achievements she received an OBE (Order of the British Empire) in 1970, became a DBE (Dame of the British Empire) in 1988. Since her cinema debut in 1964, Dench has starred in numerous critically acclaimed films working with some of the top directors in the business, including Stephen Frears, James Ivory, Kenneth Branagh, Franco Zeffirelli, Sally Potter, Clint Eastwood and Sam Mendes. She has garnered dozens of accolades for roles as Queen Victoria in Mrs Brown (1997); the eccentric Armande Voizin in Chocolat (2000); the novelist Iris Murdoch Iris (2001); a theatre impresario in Mrs Henderson presents (2005); a conflicted teacher in Notes on a Scandal (2006); a mother searching for her stolen son in Philomena (2013); once again as Queen Victoria in Victoria & Abdul (2017); and as M, Head of the British Secret Intelligence Service, MI6 - a role which she has played in seven James Bond films.
PROPERTY PRESS - November 2018
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The Puzzle Room The Yellow Lemon
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November 2018 - PROPERTY PRESS
PROPERTY PRESS - November 2018
The Yellow Lemon Spanish Guide
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Spain’s Best Winter Destinations
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pain is not sleeping during the winter months as many would think. On the contrary, the country’s big cities are well and alive, the Spanish Pyrenees make for great skiing, and the Canary Islands have plenty of sun to melt away those winter blues. Winter in Madrid means lower prices, fewer crowds, and culture galore. During the day, the average temperatures drop to a few degrees Celsius above freezing, but the skies remain bright blue. Nevertheless, the capital takes on a festive look, with brightly decorated boulevards, open-air ice rinks, spectacular Belenes (Nativity Scenes), and lots of charming Christmas markets set up in the main squares. Events are plentiful, ranging from Puerta del Sol’s vibrant New Year’s Eve party and the widely popular Three Kings Day parade to Gastrofestival Madrid, Mercedes-Benz Fashion Week, Madrid Carnival, which takes place between in February. Winter is also an excellent time to take in the local culture, cozy up in the capital’s lovely cafés, and spend hours admiring world-class art at Madrid’s magnificent museums and galleries. Spanish Christmas foods such as Roscón de los Reyes (King’s cake), marzipan, and turrón will add a festive touch to your visit, while the city’s hearty, traditional stews will keep you warm, energized, and ready to venture yourself into the Spanish capital’s legendary nightlife.
By Miruna Corneanu Additionally, you’ll find a wonderful lifesize nativity scene in Plaça Sant Jaume, as Barcelona... well as lots of interesting events to keep From exhibitions and live music concerts you busy and entertained, including the to peculiar traditions and colorful already famous Shopping Night Barcelona festivals, there’s always something going on Passeig de Gracia, the annual Copa on in Barcelona. And wintertime is no less Nadal de Barcelona (Christmas Day worthwhile. Temperatures range from 5° Swim), La Cabalgata de Reyes Magos to 14° C; the city is decked out in sparkling (Three Kings’ Parade), and Les Festes de Christmas lights and decorations; and Santa Eulàlia (February), when the city its centuries-old Fira de Santa Llúcia celebrates its patron saint with thousands Christmas market is brimming with lovely of events and fun activities for children. handcrafted gifts.
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PROPERTY PRESS - November 2018
The Yellow Lemon
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Take in the Carnival Atmosphere
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inter means carnival season in Spain, and many cities and villages around the country celebrate with flamboyant street parades, music, theater, and lots of quirky traditions. The most impressive festivities
can be observed in the Canary Islands, Cadiz, and Sitges, but each region has its own unique customs and ambiance during these crazy, colorful fiestas.
Famous all over the world, the Brazilian flavored Santa Cruz de Tenerife Carnival is a glamorous two-week long revelry filled with extravagant parades, dazzling costumes, dances, and rituals, while the one in Cadiz is brimming with color, music, and contemporary satirical humor. Meanwhile, the gay friendly Sitges Carnival attracts over 300,000 visitors each year with its eccentric processions, wild drag shows, and glittery outfits. Spain’s carnival season takes place during the week leading up to Lent, usually late February.
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Flamenco PROPERTY PRESS - November 2018
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o where in the local area can you witness the passion and energy of Traditional Flamenco than in restaurant Ole Maria in Javea.
Flamenco is one of the most exhilarating art forms to experience both in the visual and audiable sense. It has a rich history which becomes apparent with every stomp of the dancers feet, every clap of the singers hands and every strum of the musicians guitar. Flamenco has been around for centuries and although it is now firmly acknowledged as the national dance of Spain and
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By Trudi Hunter
is now an art form practised all over the world. Its’ origins are rooted in Gypsy culture and began in Andalucia in southern Spain. At Ole Maria in Balcon Al Mar Javea they take their Flamenco very seriously and twice a month put on a fabulous show with artists coming down from Valencia to perform. The next evening event with the Flamenco show and a traditional but special evening menu for just 18 euros it’s a must see for locals and visitors alike. Ole Maria’s owner, Jose Miguel opened the restaurant in April this year and has put his mark on the décor transforming the retaurant with a more Cantina feel. As well as providing a varied menu and a 3 course Menu Del Dia for only 12 euros Jose has kept the two full size snooker tables that were already in situ as well as a lovely childrens play area. Outside there is a large terrace perfect for a drink and to sample the outside BBQ held twice a week on a Tuesday and Friday. For 15 euros you have a variety of meats and a glass of Sangria. Plus live music events every week. To book a table and find out more call 966 47 10 407 / 637 62 57 85
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November 2018 - PROPERTY PRESS
PROPERTY PRESS - November 2018
The Yellow Lemon Festivals
Revisión
25
REVIEW
SUN, SEA AND SOUND...
Benicassim FIB 2018
by Suzanne Millington
hour continued with vibrance throughout with old favourites such as Something Good Can Work and Sun to close a well chosen and impressive set. There is much to admire in This was confusing for me … they are neither this band in performance ow in our 5th year as from Sleaford or mods but a punk duo from and musicality and they press and 13th year as FIB Grantham. The set was fast and furious but I stand out as one of my festival goers we returned did like the quirky political comment coming highlights of the four to our happy place tonight through the songs on the state of British days. for 4 days of music, food, sun and Society - it gave the lack of melody and Catfish and The friendship. Although the line up Bottlemen wasn’t overly impressive for the first coarse backing tracks more of a point. The Charlatans Having watched their night we had an amazing time with I was quite disappointed to find The rise to fame, interspersed the vibrant atmosphere giving us with their Benicassim time to bump into some familiar faces Charlatans scheduled on the Visa stage appearances over the from Javea and meet and mingle with right in the middle of The Killers main stage appearance. I have seen both bands several last few years, I knew some wonderful new characters. We times but this was a no brainer for me as that this would be an spent time in the VW driving music I turned left from the crowd and headed hour to remember. tent listening to some great up and towards the Visa stage and I had no regrets. Such a great live band coming bands such as Vulk and Pale It was a privilege to hear the long standing whose performance was Waves. The layout of the festival indie-rock band perform such greats as North explosive throughout. A mirrored years gone by with the Country Boy and Come Home Baby and join real birthday treat for addition of extra food zones, full of Tim Burgess and the rest of the crowd in the me who was bouncing international street food, which was line “I’m coming home” from Just When You’re from start to finish at an delicious and affordable….. Gordons Thinkin Things Over. We took a moment to age I no longer care to Gin area had a mini golf for added lament the tragic loss of founding member mention. Van Mccann was amusement and South Beach stage Jonny Brooks, a true friend to my brother in the dynamic vocal point and DJ sections were better than law who we met on several occasions and a and seasoned frontman ever. true gent. RIP. and the band was tighter With such a full and varied Wolf Alice than ever. They opened programme over the four days I first came across Wolf Alice on one of the with a triple whammy of on 3 stages, as well as the superb smaller stages a couple of years ago after Homesick , Kathleen and South Beach dance area, it would be listening to some music lovers discussing Soundcheck and every impossible to review or even listen them in the toilet queue. Since then Mercury anthemic song after that to all. So here is a smattering of Prize, Grammy and Brit nominations have just kept building to the euphoric set closer my best bits from my 2018 Festival followed as well as the NME award for Best Tyrant. A fantastic soundtrack to my summer Internacional Benicassim. Live Band. This young band now exude festival. confidence and Ellie Rowsell, guitarist and The Kooks Visa Stage singer, shows incredible versatility as she It’s great to see The kooks back on the scene Everything Everything goes from beautiful melodic singing in Don’t ahead of the release of their new album Opening with the title track from their last Delete the Kisses to full on shouting with the Let’s Go Sunshine in August. They began album A Fever Dream, the four-piece took blistering Giant Peach as their finale. Amazing bravely with All The Time from the new their positions, with lead vocalist Jonathan performances from all 4 band members album and I liked it, but was grateful to hear Higgs sitting on the keyboard to begin. This confirm why they were chosen to support the the favourites from the naughties soon after was a slow start and the timing was quite Foo Fighters in their recent stadium tour. such as OOh La and She Moves in Her Own unhinged - maybe not the best choice for Way. The rest of the set followed as a greatest Las Palmas Main Stage their opener? It was more of a “nothing hits celebration apart from Pressure off the nothing” really!! . I was surrounded by a group Two Door Cinema Club new album which I loved. As Luke Pritchard Irish Indie-Rockers Two Door Cinema of die-hards, however, who had memorised and his wonderfully distinctive voice sang “I Club gave us a lesson in live music with the melodies and lyrics right down to Higg’s wanna make you happy” in Junk of the Heart their set opener Undercover Martyn. The very high notes and it got tighter and more I thought indeed you have! Really enjoyable. unbelievably fast-paced guitars and catchy enjoyable with every song. ….my favourites Madness chorus combined with Alex Trimble’s cool being Regret and Distant Past from the 2015 Wow! What a show! From the set to the horns confidence and stage presence made for a album Get to Heaven. to the showmanship and great choice of frantic start to get the crowd bouncing. The Sleaford Mods songs, this was a trip down ska memory lane which put a huge smile on everyone’s face. The majority of the set list featured numbers that appeared to resonate with many from a different time and era, but looking around at the younger crowd it was clear that the appeal of Madness is that they have a song catalogue that is timeless-full of dance-ability for any age. Opening with One Step Beyond and then kicking out all our favourites such as Baggy Trousers House of Fun and My Girl this did indeed tick all the boxes for a great gig. Bastille Sandwiched in between Madness and Liam Gallagher, Dan Smith began by joking about the pressure on them to deliver. But of course he knew that they would have no worries in giving us all we expected and more. This charismatic cool guy has an incredible rapport with the audience and through his quips about his bad dancing, moving through the standing crowd singing to everyone’s excitement. and the immense
N
energy of the band as a whole, we were eating out of the palm of his hand. The music was superb as expected and included a great mix of songs from Bad Blood and Wild
World albums building to a brilliant climax with Pompeii. A seamless performance from Bastille. I look forward to the next time. Liam Gallagher It was clear from the crowd that I was with, that Liam Gallagher is the marmite of Britpop. But I remain a lover not a hater and the pseudoOasis sing along was a real feel good end to my 2018 festival. With just four new songs from his As You Were album and 10 Oasis greats I had strategically positioned myself among other die hard fans to sing my heart out … and we did! Starting with Rock n Roll Star and Morning Glory and all the way through to Live Forever. Yes it’s true - sometimes Gallagher’s vocals sound a little worse for wear, but his stage presence is still full of the same wonderful arrogance he’s always exhibited: hands behind his back when he leans into the mic, a tambourine or maracas always close at hand.
VW Driving Music FIB club stage Pale Waves This 4 piece band from Manchester was one of my favourite finds in the VW driving music tent. Singer and guitarist Heather Baron-Gracie churned out one good song after another which made me want to hear more from these guys, who are labelmates of The 1975 and clearly stadium fillers of the near future. Listen out for Television Romance, There’s A Honey and Kiss to sample this great indie-pop sound. The Snuts These Scottish indie-rockers were another convincing example of a band going somewhere. Kicking off the set with their first EP release Matador followed by their second song on the EP What’s Going On and I was hooked - great energy, outstanding songwriting and soaring vocals continued throughout the ten song set, full of guitar driven anthems. Another refreshing find for me to add to my playlist.
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November 2018 - PROPERTY PRESS
PROPERTY PRESS - November 2018
Property Press
27
Insurance - Finance & more
5 No Annual Fee Credit Cards with Benefits by Donata Findlay
I
f you have a Credit Card in Spain chances are you were offered it when setting up your bank account, and it’s likely that it came with an annual fee. Some people like to keep it simple and leave all their finances in one place, but there are some no annual fee cards out there that won’t make you switch banks, and have a few extra perks too. 1. Bankinter offer a range of cards with benefits. The standard Bankinter Gold and Platinum cards give you 5% and 7% back on purchases in selected department stores. The bank also have a range of cards partnered with companies like Vodafone, Linea Directa, BP and Air Europa where you can get discounts and savings on the services they provide. All of the cards come with free insurance, very flexible monthly payment options, and access to the Bankintercard Wallet App which facilitates contactless payments
from your mobile phone as well as allowing you to easily and conveniently make payments, transfer funds and so on. 2. If you’re a regular at Carrefour then the Carrefour Pass Card might be worth looking into. This gives you 1% of cashback on purchases in Carrefour and otherwise (excluding supermarkets and service stations) when you spend €300 per quarter. This is returned to you in a quarterly lump payment. You can also gain cashback shopping at Carrefour online or using the Carrefoure Viajes travel service, and claim back 5% of the cost of your policy when you take out car, home or funeral insurance with the company. Other benefits include 8% cashback at Carrefour petrol stations and 4% cashback at Cespa petrol stations. If you use any of Orange’s mobile, TV or internet services you can claim up to 5% cashback from your monthly bill. 3. IKEA offer a card
Is Brexit Affecting The Decision to Buy?
T
here are still so many uncertainties surrounding Brexit. It’s impossible to guess how things will eventually pan out, and to what extent ex-pats in Spain are going to be affected. With the falling GBP to Euro exchange rate and no reassurance of an improvement in the near future it would appear that there is every reason for there to be a drop in British demand for property in Spain. But is this the case? In the aftermath of Brexit many potential buyers went into panic mode and abandoned their plans for a dream home in the sun. To be fair, this was somewhat understandable given that the UK media at the time was rife with headlines like ‘Holiday Home Dreams Shattered’ and ‘Is This The End for Brits in Spain?’. Following the June 2016 Brexit referendum it became clear that the uncertainty was having a knock on effect, with the second half of 2016 showing a marked drop in property demand from British buyers. However by mid 2017 things were picking up again, and of the total properties sold in Spain
with no annual fee and flexible credit limits and repayment terms. There are invitations to cardholder exclusive promotions and sales, and automatic financing of IKEA purchases if required. Cardholders can also enjoy various in-store offers and discounts. Additional cards are free for family members, and the card comes with insurance included. 4. WiZink’s Gold Card offers a huge amount of discounts and benefits to cardholders, and has a dedicated section of their website with the latest offers for you to
in 2017 the British buyers represented the highest percentage at just over 15%. Spain also enjoyed a record year of tourism in 2017 with over 81 million tourists, almost a quarter of whom were British. So clearly the British love affair with Spain isn’t lessening - if anything it seems to be growing! There is a huge increase in the number of ex-pats going through the process of getting Spanish residency, and an surge of Brits moving to Spain before Brexit hits – particularly young families looking for a better way of life. One of the theories behind the upsurge in property purchase is that some buyers from the UK feel safer investing their hard earned savings in assets outside of the country essentially getting their money out of the UK pre-Brexit as a precaution in case the currency exchange rate drops further. Another theory is that people want to buy here to have assets in the country and effectively begin to ‘make roots’ – gaining status as residents and homeowners before the rules potentially change next May. Plenty of residents and nationals from non-EU member countries buy and own property here as it is – it seems unlikely that the rules could be wildly different for UK nationals following a break with the EU. Of course the Spanish property market in general is recovering which would account for some of the rise in sales in the area. Walking or driving around Javea it’s impossible to miss the amount of construction going on. It’s too easy to get sucked into the fear mongering that goes on in the media, and it then gets hard to differentiate between what’s wildly exaggerated and what is solid advice. Regardless of the uncertainty Britons continue to make up the bulk of the foreign buyer market in Spain – an indication that Brexit isn’t entirely getting in the way of the dream of a life in the sun.
browse through. Discounts are applied online, by paying with your card at the retailer, or by downloading a voucher. These offers range from deals on everything from travel and car rental, to clothes and shoes, and food and drink. Cardholders can also grab discounted cinema tickets, and enjoy big savings on entrance to a range of theme parks and attractions. You can search by category or by current deals near to where you’re based. The card comes with purchase protection and free 24H accident and travel insurance. Payment terms are flexible and can be adapted to suit your needs. The WiZink App also allows contactless payment from your mobile, if you’ve forgotten your card. 5. Last but not least is the Repsol Mas Visa Card. The no annual fee offer is only valid for the first year here, following this an annual charge of €43 is applied. However if you fill up with more
than 500 litres of fuel from Repsol Group service stations (the average driver filling up around once a fortnight uses nearly double this) the fee will be refunded. Your fuel will also be discounted when you pay for it with your card by up to 7 cents a litre, depending on the type you use. When you register online for the Repsol Mas Program you’ll also receive a quarterly voucher for an additional 2 cents per litre discount. Cardholders get a 5% discount on a variety of car products in-store at Repsol Group service stations. Payment is flexible and transactions of above €50 can be deferred for up to 36 months, and Accident Insurance is included with the card. If you’re savvy with how you use them then these cards can result in some great discounts and savings. However remember that the interest rate will vary depending on the monthly payment plan you choose – so this should always be taken into account when you’re considering applying for a new credit card.
November 2018 - PROPERTY PRESS
28
PRICE: 11,995 Euros
MAKE: Citroen MODEL: C3 Picasso BODY TYPE: Hatchback TRANSMISSION: Manual FUEL TYPE: Diesel
PRICE: 16,995 Euros
MAKE: Volkswagen MODEL: Golf BODY TYPE: Hatchback TRANSMISSION: Automatic FUEL TYPE: Petrol
FEATURED CAR OF THE MONTH DESCRIPTION: First registered June 2017 and having had just one private owner from new, this stunning example is barely run in having only covered 10,400 klms !
DESCRIPTION: First registered July 2013 and complete with full Volkswagen service hostory and a host options, you couldn’t want for more. Having had just one private owner from new and only covered 67,000 klms
PRICE: 5,495 Euros
PRICE: 7,995 Euros
MAKE: Renault MODEL: Megane Coupe Cabriolet BODY TYPE: Cabriolet TRANSMISSION: Manual FUEL TYPE: Petrol
MAKE: Mercedes MODEL: CLK320 Cabrio BODY TYPE: Cabriolet TRANSMISSION: Automatic FUEL TYPE: Petrol
DESCRIPTION: First registered in July 2007, this low kilometer example has covered just 68,000 as it has been used a second car.
DESCRIPTION: First registered in 2000 and having just covered 140,000 kilometres, this is a great example of one of Mercedes´ most desirable cabriolets.
PRICE: 5,495 Euros
MAKE: Nissan MODEL: Pick Up BODY TYPE: 4 x 4 TRANSMISSION: Manual FUEL TYPE: Diesel DESCRIPTION: First registered in 2000 and having covered 216,000 kimlometres, this Pick up is ready to go back to work.
PRICE: 4,495 Euros
MAKE: Mercedes MODEL: ML 270 cdi BODY TYPE: 4 x 4 TRANSMISSION: Automatic FUEL TYPE: Diesel DESCRIPTION: If you are looking for a cheap, luxury 4x4 then have a look at this one. PLEASE NOTE THIS CAR IS RIGHT HAND DRIVE
PROPERTY PRESS - November 2018
Property Press
29
Buying - Selling - Renting
10 Tips for selling...
A few tips if you are thinking of selling.
T
he property market is really beginning to pick up again in Spain – this can be clearly seen in Javea and beyond. However despite the upsurge there are still a lot of properties on the market, some of which seem to have been there forever. If you’re thinking about selling this can seem a little disheartening. So what can you do to make your property stand out in the listings? 1. Declutter. A house bursting to the seams with knickknacks and overloaded with
furniture is one of the top turn-offs for potential buyers. It’s understandable that you want to display the things that are important to you in your home but try to pare it down as much as possible, so that buyers can get a better idea of the space your home has to offer (and can imagine what they could do with it). 2. Repair anything obvious, and give the property a deep clean and tidy – both inside and outside. If you’re able to invest a little in selling your home a fresh coat of paint in a neutral shade can often make a huge difference. 3. Get decent photos taken of the property, and lots of them. So many properties for sale are advertised with appalling photos – out of focus, too dark, only showing a fraction of a room or of the property in general. This doesn’t do any
property justice, and a lot of buyers will discount a property based on this. Some estate agents work with professional photographers, or you can find one on your own. Alternatively if you’re handy with a camera there’s nothing to stop you supplying your own photos. 4. Choose your agent wisely. Ask around, do your research and check their local reputation. Maybe they talk the talk, or have a flashy website and designer office this doesn’t always make them good choice. Some of the best agents with great buyer contacts have a much simpler set up. Check where they advertise – do they advertise only on their own website or on social media and on international portals like Kyero? Make sure you get the package that’s right for you. 5. Gather together all of the property paperwork and make sure that it’s in order and ready to go. If everything is correct it will really help the selling process goes smoothly and quickly. If anything needs updated, amended or copied now is the time to do it.
This also means that if potential buyers have any questions you’ll have the information at your fingertips, and easily be able to answer queries from agents, buyers or their representatives. 6. Advertise the property yourself too. Especially on Social Media - the useful properties of sites like Facebook are sometimes overlooked! If your chosen selling agent uses a Facebook page for advertising ask them to post your house details. Like and share their post of your property and ask your friends to do the same. It’s amazing how many people it can reach. Or why not write your own post on one or more of the local group pages? The more exposure your property gets the better the chance of finding a buyer. 7. Be realistic with the price you’re asking – research the property market in the local area. If house hunters think a property is hugely overpriced it will usually put them off of viewing it. Look for properties of a similar size and condition. Valuations are
by Donata Findlay
deceptive – even with the rising market its common for certain types of properties to sell below the estimated value. 8. If your property has something special to offer, make sure that this is clearly mentioned in the information available to potential buyers. So many properties have hidden gems that aren’t always visible in the sales paperwork – a spacious underbuild, an amazing outside kitchen, abundant storage. If you’ve done any recent improvements or renovations mention this too – maybe you’ve replaced the windows, updated the heating system or had a new boiler installed. We do tend to get sentimental about houses, especially if the property being sold has been a family home, and holds lots of memories. However when selling, it’s often better to try to detach a little – easier said than done it’s true! Try to think of things from the buyer’s point of view, and what would make you want view a property.
November 2018 - PROPERTY PRESS
30
The extra costs of buying by Donata Findlay
B
eing approved for a mortgage on your dream Spanish property is a huge and exciting step on the way to becoming a homeowner in Spain.
But be careful to take into consideration other costs– in Spain there are additional fees to factor in when purchasing a property. As a general rule of thumb you can expect to pay taxes and fees to the cost of between 13-15% of the property purchase price. You can expect to pay around 10% of the property value in taxes and stamp duty, whether you’re purchasing a resale property or a new build. This will be IVA on a new property or a Property Transfer Tax on a resale. The percentage charged varies from region to region. There are occasionally disputes during the purchase process as to whether the buyer or the seller is liable for certain payments. It’s always recommended to get the services of a good legal adviser, a Gestoría or Abogado, to help you through buying your new
home. Outstanding debts are generally attributed to the property itself rather than the seller – this is why it’s critically important to get all of the necessary checks done. These debts can include community fees, unpaid utilities or charges from the town hall such as IBI (property ownership) tax or Basura payments that are outstanding. Notary and legal fees will generally come in at around 1500€. The Notary fees cover the drawing up of the deeds, and an appointment for the signing of these deeds on the completion date. The fees you pay your legal representative will cover checking the property documentation for any irregularities or debts, and handling the payment of the taxes and the rest of the paperwork required for the sale. In addition you might have to pay extra to set up Power of Attorney if you think that you might not be present on the completion date – this can be set up so your lawyer, your spouse or a family member can sign the paperwork on your behalf, and costs around 100€. Depending on the date of completion you may be liable
to pay IBI rates or charges like community fees fairly soon afterwards – make sure to factor this in so it doesn’t come as a surprise. If you’re buying through an estate agency then find out at the beginning if you’re liable to pay them any fees – usually agents recover their commission from the seller of the property but there are a few exceptions. If your bank requires a valuation to be done as part of the mortgage agreement this can set you back a few hundred euros, depending on the size and type of the property. Banks differ in the terms and conditions of their mortgages but there are likely to be fees involved in setting up the mortgage, and in transferring deposit money over for the purchase – especially if it’s in a different currency. Some banks will waive certain fees if you take out insurance policies with them however – life insurance or home and contents cover. It may be worth looking into this depending on the quality of the cover and how much you could save. Finally one often overlooked aspect is the costs of ‘bedding in’ to a new property, especially if you’re upsizing. Minor repairs and redecorations, tidying up a neglected garden, buying furniture and essentials – it’s easy to forget about factoring these into your budget when you’re caught up in the process of buying and getting the keys to your new home!
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Finance & Economy Property Press
Are you paying too much for for foreign currency ? Around 85% of individuals and businesses could be losing thousands by using a high street bank to transfer their money.
G
lenn Tullett, Regional Director at currency specialists Infinity International, has been monitoring trends in the currency markets for over thirty-five years all over the world.
The only thing that has remained constant during this time is that too many businesses and individuals leave it to chance with their currency transfers. “We are so surprised that so many people still trust their bank to offer the best exchange rate and are totally unaware of the savings they could make using a specialist currency broker like Infinity International. High street banks regularly charge up to 5% over the published interbank rate (the rate of exchange that banks themselves trade with each other) whilst Infinity international are regularly saving their clients thousands of Euros by being more competitive. On a £250,000 transfer this equates to a saving of around £10,000 by using an FCA authorised payment specialist such as Infinity International rather than a bank. It doesn’t stop there; high street banks will only transact there and then, whereas at Infinity International we can fix rates for up to two years in advance, therefore protecting our clients from fluctuating money markets. With so many currency brokers out there, how will you know the right one for you? Well, Glenn was unequivocal. Always make sure that the broker is regulated and is registered by the FCA under the Payment Services Regulations 2009. Don’t fall for currency calculators found on some broker’s websites. These are merely based on the interbank rate are
just there to encourage you to register up front. This is something that we do not practice at Infinity International and we do not require a prospective client to register before we provide a current rate of exchange. This would be like buying a car without taking a test drive. Check that the rate you are being quoted is inclusive of all transfer fees and banking charges. There are simply no fees to pay on the foreign exchange service that we offer. Finally, if you want a personal service choose a company that is big enough to cope and yet small enough to deliver great customer service. At Infinity International we have offices in London, France, Portugal and Spain, and every client has their own expert Personal Consultant who will spend time understanding the needs and goals from the outset” To find out more about how much you could save on your next currency transaction or for a free no obligation consultation, contact the team at Infinity International by calling London +44 (0) 203 355 5377, Spain +34 966 260 777, Portugal +351 914 815 969 or France +33 (0) 4 22 84 02 26.