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Article copyrighted © 2021. Plagiarism will be criminally prosecuted.
By Raymundo Larraín Nesbitt
Lawyer - abogado
21st of March 2021
With the huge changes in tax laws introduced by the new tax-friendly government in Andalusia in April 2019, I wrote a piece which conclusion reads as follows:
"Needless to say, the profound impact these tax novelties will have over the mid to long run, when word of mouth finally spreads, is that they will act as a beacon, strongly attracting affluent individuals who will flock from all over the world to the Costa del Sol and Sotogrande. With ever-changing tax laws, wealthy individuals are always on the prowl seeking low-taxation areas, ready to relocate and settle down with their families to preserve and increase their wealth."
I will say it again, low taxation fosters foreign investment on a large scale, which in turn creates local jobs and lays the path to wealth. It is not idle banter, political decisions and actions have direct consequences on our economy and job creation. Politicians take note.
Today is the first day of Spring, meaning the high season for property sales is upon us. Buyers flock from all over the world to Marbella, and Costa del Sol, to fulfil their dream property. A new trend that’s emerged, and that I’ve been watching with particular interest, is Covid-induced. We have seen how affluent buyers are specifically seeking large, isolated plots with plenty of living space. Even buyers on lower income brackets are now also demanding similar living specifications. No doubt a lifestyle change induced by the virus-ridden world in which we now live in.
Whilst it wasn’t uncommon in Marbella to see properties selling for several million (seven figures), it has now become increasingly more ‘common’ to see properties on the market selling with an eight-figure tag, even a record-breaking €40mn price tag, such as the one sold last month. Besides the virus, there are several reasons which explain the drive of high-flyers to invest their hard-earned money in multi-million euro mansions in Marbella and the greater Marbella area.
Costa del Sol still remains a prime market for the foreign worldwide community attracting thousands of affluent visitors every year for a host of reasons:
A pleasant all-year-round climate. The Costa del Sol boasts 330 days on average of sunshine a year. It is not called the Sun Costa for anything!
Ultra-low taxation. As explained in our taxation articles, Andalusia has the lowest tax rates on both Inheritance and Gift tax in all of Spain, even beating liberal Madrid. In fact, so much so, that most taxpayers pay nil. Inherited estates under one million euros (per taxpayer) are tax-free for next-of-kin. Over one million, are taxed at only 1% on the excess. If you are looking to pay low taxes – or none – think Andalusia.
A privileged lifestyle. The Costa del Sol will spoil you for choice, as it caters to all tastes: whether you enjoy its beautiful unspoiled scenery, going out on a fancy dinner, practising sports, going to the beach, night-time clubbing for party owls, skiing (Granada, only a 3-hour drive), or simply chilling out in your terrace al fresco sipping a glass of a fine Rioja while you watch in good company a dramatic dusk silhouetted against a mountain ridge.
Excellent connections. Malaga airport, Gibraltar airport, modern rail network, toll highways, all help to connect Malaga to the modern world.
First-class amenities. Lavish restaurants, refined theatres, glam discotheques, renowned international museums (Picasso, Thyssen, Pompidou, etc), five-star hotels, golf courses, Malaga has it all! Your problem is that won’t have enough time to enjoy it all!
Top-rated international schools. The Costa del Sol boasts one of the widest selection available of top-ranked private international schools offering both the International Baccalaureate (IB) and the English syllabus. Graduates enter top-ranking universities the world over following the Shanghai ranking of leading universities (Oxford, Cambridge, Imperial College, LSE, Edinburgh, Harvard, Princeton, Stanford, Yale, etc).
Quality healthcare. Malaga offers several state-of-the-art hospitals that will cover your every health need. There are also specialized beauty medical facilities that assist enhancing your physique, should you need a little magic touch here or there, for those in the know!
Covid-19 measures. To close, the Costa del Sol Authorities have implemented stringent regulations and recommendations, ensuring hygiene measures are in place for all our guests, inspiring trust, and confidence in all our visitors.
Marbella, it's the lifestyle.
At LNA we can assist you buying, selling, or renting out your property in Spain. We have 18 years’ experience in conveyance & tax. We are also specialized in Immigration & Residency permits.
Larraín Nesbitt Abogados, small on fees, big on service.
Larraín Nesbitt Lawyers is a law firm specialized in taxation, inheritance, conveyancing, residency, and litigation. We will be very pleased to discuss your matter with you. You can contact us by e-mail at email@example.com, by telephone on (+34) 952 19 22 88, or by completing our contact form to book an appointment.
Please note the information provided in this blog post is of general interest only and is not to be construed or intended as substitute for professional legal advice. This article may be posted freely in websites or other social media so long as the author is duly credited. Plagiarizing, whether in whole or in part, this article without crediting the author may result in criminal prosecution. VOV.
2021 © Raymundo Larraín Nesbitt. All Rights Reserved.