Most of the questions I’ve been getting lately are about inheritance and inheritance tax and property values here on the coast.
To begin with inheritance law and inheritance tax, the simplest and most sensible thing that can be said about it is that it is quite complicated. It is eminently material to look up a specialist for. As is so often the case when engaging a specialist, it costs money at first, which only pays off much later, usually in the form of (tax/succession tax) savings. But if the advice is (or was) good, it can also produce substantial savings, preserve wealth, avoid having to necessarily sell something to pay inheritance tax, or other woes you don’t want.
For this matter, nowadays often captured under the term (International) Estate Planning, you can contact your notary, financial advisor or sometimes your own bank. For the slightly more fortunate, there are also very good opportunities here on the coast with the (Dutch) banks, which profile themselves with their “Private Banking” department. Some freely disposable pecunia are a prerequisite, but then you also get access to an amount of information, advice and possibly even strategies, which are unparalleled.
During my studies, I met a very special fellow student. His name is Godfrey, and for good reason. He resembles his famous namesake Godfried Bomans in everything. I have never asked him, but am convinced, that he wears the clothes and shoes, which his father and grandfather also wore. At his home, people talked about everything (in different languages) except money. He did tell me once, that money was not an item in his family; money was made -because of high positions- but spent as little as possible. From what remained, quality stocks and real estate were bought and nothing was ever sold. The adage was, “Quality lasts…”. He did three studies at once, not that he ever wanted anything to do with them, but solely because he found them interesting. When his father died and he was more or less called to manage the family capital, he did a study of economics in a minimum time, which he completed cum laude. Then, helped by a real estate and stock boom, he multiplied that family capital. He never gave me the impression of having worked even one day in his life, but that increase in the family capital was still quite impressive.
To my great pleasure, he has visited us several times in the past year. He not only has a great liking for fine wines, but is also a very good and extremely enthusiastic cook, who enjoys cooking for us. But his visits have a more important reason. Based on a large amount of data, he is firmly convinced, that here in the South of Spain are currently the best real estate investment opportunities. And so he buys -selectively- but steadily. And you understand, we are happy to help him with that!
So when I am asked how I see the development of property values here in the South of Spain, I think of Don Antonio and Godfrey for a moment and invariably reply, “…in the short term I have no idea, but on a ten-year basis I am rationally convinced, that prices will at least double; emotionally I can’t believe it, but rationally I am completely convinced!”.
And then I try to look as serious about that as possible.
Mr. Tom van Wees
Edificio Jacaranda 304
Avenida Litoral 7
T: +34 952 80 88 80