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virtualpubs goes Spanish !
Due to the many Bars which are situated on the Costa's in Spain, virtualpubs.com has now spread it's wings toward's the Sun!
If you have a bar for sale in Spain we can offer you a service which is second to none!
Call Ron on his Benalmadena telephone and he will furnish you with all the information you require to sell your bar. If you are buying in Spain talk to Ron first free of charge and he will give you all the REAL information on the Spanish way of doing things.His telephone No. is 619 931 452.Our system will save you at least £5000 if you are selling your property through us, and the service compared to agents is 100% better!
What can virtualpubs.com do for you ?
Unlike an estate agent we do not charge for introductions for legal representation i.e.
Solicitors and Accountants, a saving to you of between 5,000 to 8,000pounds.Most agents on the coast will ask you to sign a contract for them to handle your legal paperwork. Please do not sign, there are hidden costs, of course you have to pay for legal representation, but not 1000’s of pounds, and besides you have already put 8,000-10,000pounds minimum (according to the size of bar etc), you have just purchased into the agents pockets. By choosing to purchase through virtualpubs.com ltd. we will save you many thousands of pounds by dealing direct with the owners. We do not take a commission from any party; thus we can also save the vendor thousands of pounds and by passing the benefits on to you the purchaser.
Typical bar prices and commissions in Spain are as follows:
10,000pounds and under, an agent’s fee would be 3-4,000pounds
25,000-35,000pounds, an agents fee would be 6-8,000pounds
50,000-99,000pounds, an agents fee would be 10-15,000pounds
100,000 and over, an agents fee would be 20, 000 minimum
Subtract these averages and that will give you the true price of the property.
Most agents will also argue that the charges are justified because of marketing costs
Etc, well we also have marketing costs and we do not charge many thousands of pounds for our services. We also have a great advantage over Spanish based agents in the way we market properties in the U.K. we use widespread advertising in the trade press such as the Morning Advertiser, Daltons Weekly, The Publican and the Hotel and Caterer. Spanish agents do not have the high profile and presence that we do in the U.K.
It is interesting to note that all the agents who have excessive charges are infact
British ex-pats, unscrupulous what do you think!!
The Do's and Dont's for the Costa del Sol
1. Legal Representation:
You will need a solicitor and accountant. Most legal firms now have legal & accountancy departments and will handle all licences, employment contracts, vat returns, tax and social security etc. Never enter into any contract until you have sought legal advice.
Social security covers all health matters except Dentistry. Married couples with families of school age or less get full coverage for a single payment. The social security payments are approx. 125pounds per month and must be paid on time; otherwise you will have a fine to pay also. All security payments are made into the banks as are all utility and service bills etc. Tax is not very high here in Spain, and works on a percentage of declared earnings.
2. Contracts:
Most businesses i.e. bars etc are leasehold and can be 5-10yrs or lifetime contracts, you can sell your business at any time, in all cases the freehold owner will receive 15%-20% of the selling price. Water is very cheap and is paid by the freehold owner in most cases, however you will also have to pay your rent + community tax +vat. A new system is slowly being introduced whereas you deduct the VAT from your monthly rent and you pay it into the bank every 3 months your VAT bill. Electricity bills are every 2 months.
3. Employment contracts:
If you employ staff you will need short term contracts, i.e. renewable at 3-6months,you will be required to pay the tax and social security. Tax is approx 10-14pounds per month and social security approx 36-40pounds per month.
4. Banking:
When you arrive you can open a non-residents account at any bank; you will need your legal documentation from your accountant. You will need to become a resident at some time and you can approach any solicitor specialising in residence’s as your vat returns will be paid direct into your account. The Andalucian Government has warned they may withhold payments for non-residents. The Tax year is Jan 1-Dec 31,it usually takes 2-3 months before you receive this. We always encourage people to sort out their own residence’s as accountants can charge you up to 200pounds where as you can do it for 40pounds or less.
5. Accommodation:
You may wish to rent, and finding accommodation is not always easy. Agents are the best people to approach, when you find suitable accommodation you will need 2 months deposit + 2 months rent in advance.
Remember all your electricals will work here in Spain. You can bring your vehicles as well but you may be pressurised by the local authorities after 6 months to re-register your vehicle. This will cost approx. 800 pounds. Please note all drivers are required by law to carry with them all documentation pertaining to your vehicles and an identity card/passport at all times, you run the risk of a fine or confiscation of your vehicle until you present the documentation to the police in the area that you were stopped and payment of the fine incurred.
To view one of our properties in Spain
In order to view one of our Bars for sale in Spain,we ask you to organise your own flight ,(this can be done using one of the inexpensive airlines who normally have very good deals.) We will collect you from the Airport, supply you with good accommodation, and then show you with no obligation to yourselves, what is on offer. Our representaives are very knowledgeable of the area and will help you decide on what is best for you.
No Charges to Purchasers!
Please be advised that we do not charge potential purchasers for any of our services!
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