The Spanish government is trying to overcome the crisis of recent years by introducing various measures. State investments are an important tool in this venture. Through them an attractive investment climate is to be created and thus private investment is to be encouraged. To this end, the President of the Spanish Government, Mariano Rajoy has presented a “plan for economic growth and support of entrepreneurs” (Plan de Estímulo Económico y Apoyo al Emprendedor), which provides for various measures, among them a new law for the promotion of investments by venture capital funds in Spain.
Spain is experiencing a strong growth in demand by foreign investors in the real estate sector. The lowering of prices during 2013 has made investment more attractive and has created a larger number of investors.
Each year, many of the millions of tourists who spend their holiday in Spain decide to buy a property in their destination country. However, when investing their savings in Spain, they often act whilst still in a holiday mood, and make major decisions without due care and attention.
Before analyzing the different types of “arras” (deposits) that exist in the Spanish Legal System, we define the concept: “Arras” is a money deposit delivered in purchase agreements in cases of personal property and real estate.
Spain is taking steps into the right direction, aiming to simplify the current model of labor contracting. In fact what is being approached is a simplification of employment contracts by reducing the number of exisiting models or forms of contract, that are going down from 42 to 4: permanent, temporary, training and learning contract and internship contract.
Heirs are persons upon whom, according to the law or a valid will, the rights of the testator are conferred after the testator has died. However, when taking out life assurance, the beneficiary of the insurance payout can be freely chosen, regardless of the inheritance.
Following the approval of the Law of the Entrepreneur and Internationalization (the “Law”), many foreign nationals opt to acquire property in Spain with the objective of obtaining Spanish residence.
From the perspective of foreign firms and individuals, acquiring real-estate investments in Spain may be an interesting economic proposition given the circumstances, large number of available properties, and affordable prices.
By the law 4/2013, of June 4th, “of the transition to flexible measures and promotion of the rental housing market“, published in the Official Gazette of 5th June and coming into force on 6th June, the Spanish Government has modified the applicable urban leasing law, law 29/1994, as well as the law of Civil procedure, law 1/2000, to new contracts (or older ones wishing to adapt by mutual agreement), in the following most important aspects:
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