11 Sep 2007 12:00 AM:
We are buying a 3 bedroom apartment in Sotogrande, a mooring and boat.
We have the funds to buy outright but understand that inheritance tax in Spain could be problamatical.
We will reside in the UK but use our Spanish assets to enjoy semi retirement.
Property
This is in the course of development at Ribera del Marlin expected to complete Dec 08. At the moment this is being paid for by stage payments, where we utilise HIFX to transfer our funds. We have been advised not to arrange a mortgage until the the development is almost completed - though I am unsure why. At that stage we will look to arrange an interest only mortgage - any suggestions?
Moorings
We have just purchased a 20m mooring. Anyone know of a competitive interest only mortgage available?
Boat
This is currently being built, ready May 08.
We have arranged an Italian lease at 8% VAT. This enables to hold our capital and drip feed the lease purchase. Over a 5 year period we will eventually pay for the boat and the effect of the VAT saving means we will pay the same amount of money over 5 years as we would have done, had we bought the boat outright in the UK at 17.5% VAT. In the meantime our cash is earning interest in a high interest account in the UK. Anyone know of any pitfalls/alternatives?
Bank Account
We need to open a Spanish bank account. Anyone any suggestions for best interest rates and low charges?
Mike and Carol, Stoke-on-Trent
Thread:
Buying a property, moorings, boat, Spanish Bank account and need financial advice
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