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Currency Exchange house sale

Protecting the Proceeds of Your Overseas Property Sale

Thousands of people decide to sell overseas property each year, however the best way to receive the proceeds of the property sale is often not properly considered, meaning the amount actually received by the seller is significantly reduced, often by many thousands. 

If you are selling your overseas property, it is likely that the proceeds of the sale will be received in a foreign currency and you will need to convert the currency in order to receive this in to your bank account in your home country.

The rate of the currency exchange can have a massive impact on the overall amount you receive however it is often a forgotten aspect amidst all of the stresses of selling a property overseas.

When receiving the sale proceeds from overseas many people often just blindly entrust the transfer to their bank allowing them to convert their payment into their home currency without considering the rate offered by the bank and the impact this could have on the overall amount received.

Exchange rates are however one of the ways in which High Street banks make enormous profits at the expense of their customers.

Their rates tend to be very uncompetitive and may also be accompanied by commission charges just to transfer the money. This rarely achieves the best result for you and can often end up unnecessarily reducing the amount you finally receive by a significant amount. 

What is the best way receive the proceeds of a property sale from abroad?

The most cost effective way of receiving money from overseas is to use a recommended currency exchange specialist to assist you with transferring the money and exchanging the currency rather than receiving or transferring the funds directly into a high street bank account.

The reason for this is because currency exchange specialists typically offer currency exchange rates that are 3-5% better than high street banks meaning 3-5% more of the sale property proceeds will be preserved. For example, if you were transferring the equivalent of £100,000 you could lose up to £5000 of the sale proceeds by transferring the funds directly with a bank and allowing the bank to convert the currency.

In addition to this, high street banks often charge fees and commission just to move your money from overseas. The service of a good, recommended foreign exchange specialist however is free.

The reason that currency specialist companies are able do this is due to the volume of foreign currency transfers they make and the fact their sole aim as a business is to offer superior exchange rates compared to the banks.

Currency specialists can also advise you about the timing of the currency transfer to help you make the most from the money. They can arrange to receive the funds in the foreign currency and then arrange to convert the funds or any part of them at a time which maximises the value of the property sale funds by taking into account currency fluctuations.

Currency Specialists Vs High Street Banks

Example

You are selling your property in Spain for €200,000 but you ultimately wish to receive the sale proceeds into your UK bank account. You will therefore need to convert your €200,000 into Pounds Sterling.

  High Street Bank Rate Currency Specialist Rate
€200,000 @ £1.10 €200,000 @ £1.14
Amount received in £ £220,000 £228,000

By using a currency specialist instead of a bank you would have received £8000.00 more for your property.

As set out in the example above, a small amount of research and planning can make a vast difference to the amounts actually received.

Using a recommended currency exchange specialist is not only cost effective but also very time efficient. You can set up an account and sent a payment within minutes. It is simply a case of transferring funds to a this separate account where the money can be exchanged before it is forwarded on to your desired bank account.

It is recommended that anyone selling a property abroad contacts a currency specialist as soon as possible after you have arranged the sale of your property. A good currency specialist will be happy to give you some no-obligation information about the best way to deal with the currency exchange and how they can help.

 

For details of a recommended currency exchange specialist* and to discuss how they can assist you, please get in touch with Worldwide Lawyers on 01244 470339 or email us at info@worldwidelawyers.co.uk. 

We can also assist should you require details of a recommended lawyer to help you with the sale of a property abroad. 

*Please note: All Currency Exchange Specialists recommended by Worldwide Lawyers are registered and authorised by the Financial Conduct Authority as well as fully regulated by HMRC.

Selling Property (WWL) (landscape)

 

Modern resort

How To Cancel Your Spanish Timeshare Contract And Claim Your Money Back!

Do you have an unwanted timeshare in Spain?

Do you want to cancel you timeshare contract and claim up to double your money back plus interest? If so, Worldwide Lawyers can help.

Contact Worldwide Lawyers to see if you can cancel your Spanish timeshare and get your money back. We will put you in touch with a timeshare claims specialist lawyer with  a 100% success rate* in making timeshare claims. Contact us on 01244 470 339 or at info@worldwidelawyers.co.uk.

Timeshares in Spain do not generally have a great reputation and are commonly associated with unscrupulous timeshare sales people applying high pressure sales tactics to sell timeshare agreements which provide little or no value to the buyer.

Timeshare obligations can often become an expensive burden that the owner no longer wants or can afford. Timeshares in Spain are often difficult or impossible to sell on for a price anywhere near the amount paid, if at all. In some cases owners can find that is very difficult to actually book or use the timeshare they are paying for meaning they are stuck with a costly timeshare that they receive no benefit from.

If this sounds familiar, you may be interested to know that as a result of a number of Spanish Supreme Court decisions in 2015, you may be able to cancel your Spanish timeshare and get your money back.

How can I cancel my timeshare contract and how much can I claim?

In 2015 the Spanish Supreme Court held that certain timeshare contracts entered into after 5th January 1999 are illegal and can therefore be cancelled and entitle the purchaser to claim a refund of the following:

  • The cost of the timeshare (any amount paid in the first 3 months of signing the contract can also be doubled!).
  • Maintenance costs paid since the contract was signed (even if you have used or exchanged some of your timeshare weeks).
  • Interest (from the date of registering your claim with the Spanish courts)
  • Legal Fees

Example 1:

Mr and Mrs Smith paid €10,000 for their timeshare in 2005. They paid the full purchase price within three months of signing the contract.
In addition they paid maintenance payments of €350 per year for 13 years from 2005 to 2017.

Mr and Mrs Smith could claim:

€20,000 (£10,000 x 2 as they paid the full amount within the first 3 months).

€4550 (€350.00 x 13 reimbursed maintenance payments)

Total: €24550 plus Interest (interest calculated at the date the claim registered with the court).

Example 2:

Mrs Singh paid €15,000 for her timeshare in 2003. She paid half the purchase price (€7,500 within three months of signing the contract and the other €7,500 afterwards). In addition she paid maintenance payments of €400 per year for 15 years from 2003 to 2017.

Mrs Singh could claim:

€15,000 (€7,500 x 2 as first half of the purchase price was paid within the first 3 months).

€7500 (as the second half of the purchase price was paid after the first 3 months).

€6000 (€400.00 x 15 reimbursed maintenance payments)

Total: €28,500 plus Interest (interest calculated at the date the claim registered with the court)

Can I get a refund for my timeshare in Spain?

If you have a Spanish Timeshare and any of the following are true, contact Worldwide Lawyers as you may be able to make a claim:

  • Your Spanish timeshare contract is for an unlimited period of time, i.e. in perpetuity or ‘forever’ or for a period of more than 50 years;
  • Your Spanish timeshare contract does not specify the accommodation you have a right to use or the week(s) when you are entitled to use it, e.g. your contract is for ‘floating weeks’ or you purchased timeshare ‘points’;
  • Your contract does not include information about your right to cancel or terminate it following purchase.

Worldwide Lawyers will be able to put you in touch with a lawyer specialising in timeshare claims who will be able to provide a free, no-obligation assessment of your timeshare claim.

The assessment will advise you:

  1. If you have a viable claim,
  2. The value of your claim; and
  3. The procedures to be followed to claim your money back.

If you do decide to make a claim, our recommended timeshare claims specialists will provide you with a no-obligation fixed fee quote for all costs to bring your claim.

If you have a timeshare and want to see if you can make a claim for your money back, contact Worldwide Lawyers on 01244 470 339 or at info@worldwidelawyers,co.uk.

*To date, in 100% of the claims accepted and submitted by Worldwide Lawyers’ recommended timeshare claims specialist lawyers, the Spanish courts have declared the Timeshare contract to be null and void and awarded the resort to pay amounts to the clients.

Selling Property (WWL) (landscape)

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Come and See Us at A Place In The Sun Live – Birmingham 2016

Worldwide Lawyers are excited to announce that we will once again be exhibiting at A Place in the Sun Live and will be back to the Birmingham NEC from 23rd – 25th September 2016.

A Place in the Sun Live is the official exhibition of the overseas property TV programme. If you are thinking of buying a property abroad, there is no better place to undertake the research required to out your plans into action. The exhibition is the perfect place to get the help and advice you need from industry experts to equip yourself with the information you need to successfully purchase your very own place in the sun. 

Not only will you find private sellers, estate agents and developers to help you find your perfect place to find your holiday home, investment property or retirement pad abroad, but also lawyers, financial advisors and currency experts who can all help your purchase as smooth as possible. 

If you are thinking of buying a property abroad, why not come along? You will be able to access:

  • Property agents covering a wide range of countries
  • Expert currency, tax and legal advice
  • Free buying advice for purchases in Spain, France, Italy, Portugal, Greece, Turkey and Cyprus.
  • Free advice seminars and Q&A sessions with experts from across the industry
  • A chance to hear from and meet the stars from the A Place in the Sun TV series Amanda Lamb, Jasmine Harman, Jonnie Irwin and Laura Hamilton. 
  • Exclusive show offers and discounts.
  • A chance to take a screen test for the next TV series

And that’s not all….Worldwide Lawyers are currently able to offer some FREE tickets for the A Place In The Sun Live exhibition at NEC Birmingham on 23rd -25th September 2016 – all you need to do is click on the A Place in the Sun picture bar below.

So why not come and see us at A Place in the Sun Live and see how we can help with your overseas legal needs! WE WILL BE AT STAND C21. 

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Geldregen aus Wolken bei Sonnenschein

Thousands Entitled to a Spanish Inheritance Tax Refund- Are You?

Following the ruling of the European Court of Justice in September 2014, which found Spanish Inheritance Tax to be discriminatory and in breach of EU law, thousands of Brits who have paid inheritance taxes in Spain could be entitled to a refund of up to 100% of tax paid.

Could You be eligible for a Spanish Inheritance Tax refund?

How will this Spanish Inheritance Tax Ruling affect people in the UK?

With so many people from the UK owning property and assets in Spain, this affects thousands of people from the UK who have inherited from relatives who had assets in Spain.

It is very common to have to pay Inheritance Tax in Spain as the thresholds and allowances for Inheritance Tax in Spain are much lower than for inheritance tax in the UK.

People commonly affected are those who have inherited from a parent who owned a property in Spain. Also a surviving spouse when their husband/wife passed away with Spanish property or assets in their joint or sole name will have been affected as there is little exception from the tax for husbands and wives unlike in the UK.

This ruling affects people who were not residents of Spain when they inherited property or other assets located in Spain. It also affects people who are residents of Spain who have inherited property or other assets located in Spain from a person who was a non-resident.

How can I find out if I am eligible to claim a Spanish Inheritance Tax Refund?

To find out if you are entitled to a refund of Spanish Inheritance Tax and for details of how to claim download our complete guide on the right of this page.

For more information and for help to claim contact our UK office as soon as possible on 01244 470339 or via our Contact Form for a FREE no-obligation consultation.

There is only a short time period within which claims can be made. Do not delay getting advice to see if you can claim. Download our free guide to making an application for a Spanish Inheritance Tax refund (see the box above right or click this link Spanish Inheritance Tax Refunds Guide) and contact us today!

Why is Spanish Inheritance Tax being refunded?

Under Spanish law when someone dies owning assets in Spain, the beneficiaries of their estate individually pay Spanish inheritance tax on the amount they have inherited.

In accordance with the Spanish legal system the amount of inheritance tax payable by each beneficiary is governed by either the rules of the state or one of Spain’s 17 autonomous regions.

The law of the autonomous regions does not apply to non-residents of Spain and so state law applies to non-resident’s instead.

Under the state rules, tax rates are much higher than under the rules of the autonomous regions.

Therefore if either the beneficiary or the deceased person was a non-resident of Spain the state rules would apply and the beneficiary would have a higher tax burden than if they or the deceased person were a Spanish resident.

For more information about the ruling, download our full guide to reclaiming your Spanish Inheritance Tax.

As this system has been ruled to be discriminatory to non-residents, anyone who has paid Spanish Inheritance Tax who is not a resident of Spain could be entitled to a refund of the difference between what they paid as a non-resident and what they would have paid had they been a Spanish resident.

Can you claim a Spanish Inheritance Tax refund?

The rules vary from region to region. For detailed information about whether you would be eligible to claim, download our Free full guide on the right hand side of this page.

As a general guide, if you have inherited from an estate of someone who died owning assets in Spain you could be entitled to a refund if:

You have paid Spanish Inheritance Tax within the last 4 years AND either one of the following statements is true:

  • You are not a Spanish resident, or
  • The person whose estate you inherited was not a Spanish resident.

As set out above however, the rules do vary depending on which of the 17 separate regional rules would be relevant to your case. For further details about these specific rules, download our free complete guide on the right of this page.

How much will you get?

The amount of the refund will depend on which of the 17 Autonomous Region’s rules would have been applicable to if you and the deceased person were Spanish residents. For further information and examples download our free guide to getting a Spanish Inheritance Tax rebate.

The general position is that non-resident beneficiaries who have paid inheritance tax in Spain can claim a refund of the difference between the money they paid as a non-resident and what they would have paid had they been a Spanish resident.

In many cases up to 100% of the Spanish Inheritance Tax paid can be reclaimed as in some regions the tax would have been zero (such as in Catalonia).

In other regions such Madrid, Valencia, Andalusia, and the Balearic Islands (to name just a few) the Spanish Inheritance Tax that would have been paid by residents would have been a fraction of that paid by non-residents. Therefore the amount that can be reclaimed in many cases equates to thousands if not tens of thousands of pounds.

What should you do now?
Contact us today!

There is only a short window in which refunds for Spanish Inheritance Tax can be claimed and so you should make sure that you do not delay making your claim.

As you are only able to submit a tax reclaim once, you should make sure that you are supported by a lawyer who has experience with filing tax refund claims in Spain.

Contact Worldwide Lawyers on 01244 470339 or at info@worldwidelawyers.co.uk and start your claim today!

If you think you may be eligible to reclaim overpaid Spanish inheritance tax contact our UK office as soon as possible for a free no-obligation consultation on 01244 470339 or by email at info@worldwidelawyers.co.uk or via our Contact Form.

Worldwide Lawyers will provide a FREE consultation to see if you can claim. We can also put you in touch with a reputable English-speaking Spanish tax lawyer to assist you with your refund claim. “No-Win No-Fee” arrangements available. 

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