Real Estate

Spain, Leader in World Tourism

By Santiago Lapausa, Javier Carretero y Asociados – Abogados

For the past 11 years, the World Economic Forum has engaged leaders in travel and tourism to conduct an indepth analysis of the travel and tourism competitiveness of 136 economies across the world; a report on this subject is published every two years. In the last report, “Trips and Tourism Competitiveness Index 2017”, Spain achieved 1st place as the leader in world tourism, for the second consecutive edition.

Stand up for your property rights: buying and selling

By Adam Gross, Memery Crystal LLP

The Standard Conditions of Sale (for residential) or Standard Commercial Property Conditions (for commercial) (together, the “Standard Conditions”) are usually included in contracts for the sale and purchase of property. Both contain the right to terminate where one party fails to complete on time. To exercise this right, time must first be made of the essence. Where time is not of the essence in agreements (whether expressly or implicitly), time is made of the essence by a party being ready, willing and able to complete and serving a notice to complete. Such a notice usually gives the other party ten working days (excluding the day the notice is given) to complete.

Structuring Business and Real Estate Opportunities in the U.S.

By Gary J. Freedman and Vanja Habekovic, Ervin Cohen & Jessup LLP

As the world’s economies continue to struggle making investments and seeking business opportunities internationally, a critical analysis of how to structure, finance, operate, grow and eventually liquidate the opportunity is imperative. Ambitious plans are often derailed or delayed and certainly made more costly, because at the outset the crucial aspects and phases in the life cycle of investments, whether real estate or business, have not been carefully considered.

Tax incentives to investing in Irish property

By Joe McCall, Byrne & McCall
 
In a bid to stimulate transactions in the Irish property market, the Irish Government has introduced a measure that may be of interest to investors who see value in the Irish real estate market.

New cars ready to ship in the port of Thailand

Thailand: The “In” Place to Manufacture

By Paul Gambles, MBMG Group

Over the last few months, it’s become clear that Thailand has become the place for manufacturers. When you think of Thailand, you may have hot weather, beautiful beaches, and extremely spicy food in mind. But it also serves as a base for some of the world’s largest manufacturers.

The Austrian Property Development Contract Act – an Overview

By Raffaela Lödl and Mario Kapp, KAPP & PARTNER

The Austrian Property Development Contract Act (Bauträgervertrags- gesetz: BTVG; dating back to 1977) applies to real estate contracts in which the buyer makes payments of more than EUR 150,00 per square meter of floor space before the completion. The outstanding construction constitutes the main difference to a general pur- chase of an exisiting property. Due to possible risks of those transaction, the Austrian legislator created a special law, which seeks to protect buyers of properties under-construction from the loss of their advanced payments.

Vienna, Austria

The Connection Between Investing and Thereby Obtaining a European Residency

By Dr Jörg Winkler, Hasberger_Seitz & Partner Rechtsanwälte GmbH

Four EU member states currently sell passports and 13 trade with residency rights through “golden visa schemes”. From 2008 to 2018, the EU welcomed more than 6,000 new citizens and close to 100,000 new residents through golden visa schemes. Spain, Hungary, Latvia, Portugal, and the UK have granted the highest numbers of golden visas – more than 10,000 each – to investors and their families. Next in line are Greece, Cyprus, and Malta.

The high range Real Estate Market in the Costa del Sol

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By José Luis Rodriguez, Javier Carretero y Asociados Abogados

Only a few years ago, the construction of High Range holiday homes was a small segment of the real estate market in the Costa del Sol. Actually, this segment is the only one that survives, generating wealth and employment in an area that comprises Marbella, Benahavís and Estepona (Costa del Sol, Southern Spain).

The Housing Market in Berlin

By Matthias Könke, AIOS GmbH

Since the fall of the Berlin Wall in 1989, the city of Berlin and its housing market have witnessed fairly volatile developments. The years until the middle of the 1990s were euphoric, followed by a slump and stagnation until ca. 2010. Since then, prices have gone up again due to low interest rates, money inflow from other countries and the increased attractivity of Berlin in general.

Berlin Tegel

The Housing Market in Berlin - Recent developments, legal framework and investment opportunities

By Tilo Drebes, AIOS GmbH

Since the Fall of the Berlin Wall in 1989, the city of Berlin and its housing market have seen quite a volatile development. With a population of around 3.4 million that year, expectations were that this would increase to more than 4 million as a result of the German reunification and the respective economic impetus. Consequently, real estate prices between 1989 and ca. 1995 soared.

The Housing Market in Berlin: Recent developments, legal framework and investment opportunities

By Tilo Drebes, AIOS GmbH

Since the fall of the Berlin Wall in 1989,the city and its housing market have experienced quite a volatile development. The years up to the middle of the 1990s were euphoric, followed by a slump and stagnation until around 2010. Since then, prices have gone up again due to low interest rates, money inflow from other countries and the increased attractiveness of Berlin in general. Berlin currently has 3.5 million inhabitants. Projections of the population in the year 2030 vary between  3.6 million and 3.9 million.

Vienna, Austria

The Impact of Residence and Citizenship Programmes on Real Estate Markets

By Helmut Seitz and Philipp Walch, Hasberger_Seitz & Partner Rechtsanwälte GmbH

The only three rules to be applicable in appraising real estate for me were always: Location, Location, Location. The interpretation was global: if you have a holiday property with a sea view, the value increases; if your logistic centre has access to railways, waterways, and roads, the value increases. The connection between the intended use of a piece of land and its bricks, steel, and concrete, and where it was situated, was the key figure of a real estate’s value.

The Taxation of UK-Sited Real Estate

By Hed Amitai, Alex Barnes and Rich Risino, Memery Crystal LLP

April 2019 marks the completion in a step change, started in 2012, to “level the playing field” in how gains in value realised on the disposal of UK-sited real estate are taxed.

The use of an SCI to acquire property in France

By Prof. Robert Anthony

An SCI (Société Civile Immobilière) is frequently used as a means to acquire property in France, and is appropriate for both French fiscal residents just as it is for non-residents. A "société civile immobilière" is a civil company having by definition its registered office in France, for it to then acquire property. The SCI, being a civil company, is owned by 'associates' who, in the majority of cases, are members of the family, so indicating that the overall ownership of these SCIs is affected by private individuals.

UK Property - Firm Foundations

By Paul Simmons, Haines Watts

Does UK property still present a path to robust returns for investors in 2015? Can the UK property growth seen in recent years be sustained? Property still features strongly in the UK pension and investment portfolios of business owners, but there’s one word upon which this sector’s growth hangs – stability.

UK residential property – major changes for non-UK resident investors

By Graham Busch, Lawrence Grant Chartered Accountants
and Nick Brennan, Citroen Wells Chartered Accountants

Recent proposals and enactments change the UK tax landscape for non-UK residents investing in UK residential property. The changes do not apply to commercial property.

Undiscovered risks of long lasting rental agreements

By Dr. Angelika Baumhof & Christian Pflaeger, Jakoby Dr Baumhof

Estate operators often conclude long-term rental contracts, which easily can exceed 30 years, to build wind farms or golf courses. Risks under German law are often overlooked. How can this be avoided?

What are the consequences of buying a property in France?

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By Prof. Robert Anthony and Dr. Michael Annett, Anthony & Cie.

When considering the purchase of property in France, it is important to be aware that property ownership will have consequences under French inheritance laws, and can generate French inheritance tax, capital gains tax, income tax, social charges and wealth tax liabilities. In specific cases, typically new builds, VAT at 19.6%, is also a factor to be considered as this is applied to the purchase of new and relatively new French property1, although this VAT can be claimed back under certain conditions2.

What are the consequences of buying a property in France? Focus on French inheritance tax

by Prof. Robert Anthony and Dr. Michael Annett, Anthony & Cie

In the last articlewe provided an introduction to the consequences of buying a property in France. Here we continue our analysis of the consequences of buying a property in France by developing the topic of French inheritance tax: France offers several options as to how property can be held, as property does not simply have to be owned directly in the names of the purchasers. It is also possible to own property through a French civil or commercial company. However, ownership of a French property by a commercial company can lead to financial nightmares, the issues relating to which invariably require the ownership to be restructured1.

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