in association with
 
      MJC Logo      Savills logo         The finest properties in Mallorca
 


Formentor hero 

   Splendid Firstline sea in Formentor  - 6 bedroooms. Price: €9.000.00 for further info contact us.

bellsNewsletter 33 - DECEMBER2011   
In this issue
FINANCIAL
PROPERTY
WEALTH TAX
NEW PROPERTIES FOR SALE
QUOTE
Quick Links
Join our list
Join Our Mailing List

Greetings!     

 

Wishing all of you a very Happy Christmas and a PROSPEROUS 2012 from all of us at MJCA

 

Meanwhile here is the Forecast for the next few days and for the coming year:

 

Thick Fog and cloudy thinking will continue to pervade Brussels until at least the middle of 2012.

 

It continues to baffle me that there has been such a kerfuffle about Cameron exiting but not a murmur of actual activity to determine the future of the Euro - can they decide anything in Brussels ?

 

joke

joke

 

 FINANCIAL

 

It's interesting to look back on other major financial disasters so here is an extract from Daily Telegraph 16th September 1992

 

All member countries agreed to keep their currency value within set limits linked to the German mark.

 

As a consequence they were forced to adopt the anti-inflation policies of the German Bundesbank.

 

Membership of the ERM has become a Brussels-imposed condition to joining the Euro - Europe's single currency.

 

Britain did not rejoin after 16 September 1992 - a day which became known as "Black Wednesday".

 

The UK's prime minister and chancellor tried all day to prop up a failing pound and withdrawal from the monetary system the country joined two years ago was the last resort.

 

Chancellor Norman Lamont raised interest rates from 10% to 12%, then to 15%, and authorised the spending of billions of pounds to buy up the sterling being frantically sold on the currency markets.

 

So enough of 2011 and onward to 2012 and better things - Olympics - Queen's umpteenth jubilee and her family's "round the world" jollies. I am all in favour of the Royals but is this really the moment to lash out on such tours ?

 

 

 

PROPERTY

After a difficult year we are, at last, seeing some more activity in the real estate market and in some cases a more realistic view on pricing from owners.

 

It is easy for us Estate Agents to keep asking high prices but frustrating when we hear that a property has been sold by others at 30% off the asking price. So whilst owners may not want to hear this, I do strongly recommend that you think hard about the price you really require to achieve.

WEALTH TAX

WARNING !!!

 

I AM NOT A TAX LAWYER SO PLEASE TAKE ADVICE FROM YOUR PROFESSIONAL ADVISER

 

 

The Wealth Tax has been reinstated, supposedly for the next two years, but many suspect it will be extended for longer.

 

What does it mean?

 

Individuals who do not have their tax residence in Spain will be taxed on their Spanish assets. Such assets appear to be limited to properties, boats etc., but does not apply to stocks and shares, nor stockholding in Spanish companies nor to money in the bank There is a minimum tax-free threshold of € 700 000.

 

How much do you have to pay?

 

On properties etc. with value over € 700 000, the amount payable will be on a progressive scale between 0.2% and 2.5%. It is important to note that apart from the € 700 000 limit, any mortgage on the property is also allowable before applying the tax.

 

Who has to pay?

 

If you are a resident in the Balearics and by that I mean that you make a tax declaration in Spain, (not just holding Resident's Certificate) you should not be liable to Wealth tax.

 

In other areas of Spain you should consult with your local Government office as the decision as to the application of this tax has been left to the provincial governments to decide.

 

 

NEW PROPERTIES FOR SALE

  
FOR MORE INFORMATION CLICK ON THE PICTURE
jones
11086 Santa Ponsa
Soller
11084 Soller         
Puuigpunyent
  11083 Puigpunyent 
Cala Gamba

 11082 Cala Gamba

 Son Servera

11081 Son Servera

 

 

 

QUOTE

One way to make sure crime doesn't pay would be to let the government run it.
 
Ronald Reagan


 
   

Of course, there are plenty more properties to see on www.mjcassociates.net.


 

Once again - Happy Christmas and all the best for 2012

 

Michael and the Team at MJC

 

 
TEAM MJC

MJC Associates
Tel: +34 971 57 99 57