Black money safe haven

[Guest]

You can try this trick with any moveable asset, cars, yachts, planes, helicopters, etc, etc, but the new tax laws mean that the origin of the item which you sell is also queried, so buying something for cash is not going to solve the problem - where did you get the cash?
It is just not easy anymore - you will need to be more inventive than that. Remember that the taxman can look back ten years and raise an inquiry into your affairs, so you might *think* you've got away with it for a while, but.........

jpinks, if you import the car from Germany to Spain (there are no questions asked), read between the lines, like I said trust me it works, but you need to buy the moveable asset for cash in another EU country AND it works equally well in France.

[jpinks]

Black *is* black - but it usually stays that way. And young Stanley has found it deceptively easy to buy a car and then sell it again, but did he put the money in a bank? If so it is only a matter of time before the tax inspector will see the large deposit and wonder where it came from,.......

[Guest]

Black *is* black - but it usually stays that way. And young Stanley has found it deceptively easy to buy a car and then sell it again, but did he put the money in a bank? If so it is only a matter of time before the tax inspector will see the large deposit and wonder where it came from,.......

The taxman will be shown that it came from the sale of a car with a reciept to prove it, they will not ask to prove how you came by it in another country, they don't care, oh ye of little faith. and anyway what the hell's wrong with a little black money?
PS I assume your observation of 16% annual growth rate on property was a joke, right!

[jpinks]

The taxman will be shown that it came from the sale of a car with a reciept to prove it, they will not ask to prove how you came by it in another country, they don't care, oh ye of little faith. and anyway what the hell's wrong with a little black money?

Oh ye of little experience

PS I assume your observation of 16% annual growth rate on property was a joke, right!

Yes - it has been more like around 25% in these parts.

[Guest]

The taxman will be shown that it came from the sale of a car with a reciept to prove it, they will not ask to prove how you came by it in another country, they don't care, oh ye of little faith. and anyway what the hell's wrong with a little black money?

Oh ye of little experience

PS I assume your observation of 16% annual growth rate on property was a joke, right!

Yes - it has been more like around 25% in these parts.

The only response to that is hanging between my legs, the forums are awash with people bleating about the flat real estate market.

So how come people can't sell their properties?
The difference is one of perception and reality what you believe it's worth and what you can actually get for it!

100000 invested in a house in Spain over 5 years @ 16% gives you a return of 210033 a compound interest of 110% only in your dreams j, you can argue this point as long and as often as you wish, the fact remains that many people are selliong now for less than they paid 5 years ago, I've owned various properties in Spain over the past 11 years and no one I know of has ever made that much profit, sorry but your story doesn't hold water!

[jpinks]

........ I've owned various properties in Spain over the past 11 years and no one I know of has ever made that much profit, sorry but your story doesn't hold water!

Maybe you just haven't bought and sold the right properties at the right time - in common with many others who are now bleating about the downturn in prices. The reality is that I have personal knowledge of a property bought and then sold 18 months later for three times what was paid for it. Work *that* out as a percentage per annum!

[Lorraine - Mijas]

Was it on a monopoly board!!!!!

[silver]

Selling a property in boom time is easy..the rest of the time you really need a salesman..sticking a notice on a terrace or an odd wee advert does not bring in buyers...showing someone round your house does not sell it. (although occasionally works). A good percent of buyers are flown in by agents, others seem to think that the bigger the office/car the better they must be..so confide in them..much more than they would an "owner " who would "tell you anything to sell their property" most buyers look at a min of 3 properties..the chances are that one of these will have a good salesman...so your buyer vanishes...another problem could be mortgages...salesmen will arrange all that, entertain and do anything to make a sale.

[jpinks]

Lorraine is cynical because she is stuck trying to sell her property, maybe so that she can go back to UK? Silver correctly points out the techniques of agents, and the pitfalls for private sales. I only suggest that one can buy and sell and make a decent profit if one chooses the right property and marketing technique. Too many people think it's easy - big mistake - it's not

[Lorraine - Mijas]

Jpinks,
Either you've had too much sun or you should work for awful estates, or Mc chicken mc nugget as your sales pitch of how to make your forune sounds amazingly familiar!!!
Lorraine

[jpinks]

Don't worry Lorraine - I am not seling anything on this forum, I am merely pointing out that there are experiences, facts and opinions other than those often seen here. I don't go for gloom and doom. Being sensibly positive is the first step to progress.

[Bongtrees]

Hi and thanks to everyone for replying.

Although there appears no way open for my friend and has proved a salutory lesson to us all, he is now thinking of buying a new car and a mail order bride!

As for making money on property, it was possible here in the Valencia area (not sure about now though)

Several friends bought properties off plan last year and have sold on just before completion and made 25% profit on their investment.

Sensibly, they bought houses destined for the Spanish market and not overpriced apartments for expats.

2 years ago, apartments near the Arts and Sciences area of Valencia were 195000€ off plan, today finished are selling for 450000€.

Investing in property is always risky, Brits of a certain age will know about slumps and recessions but from what I can see Spanish prices have kept increasing but could of course come to an end some day soon.

Mike

[Guest]

Lorraine is cynical because she is stuck trying to sell her property, maybe so that she can go back to UK? Silver correctly points out the techniques of agents, and the pitfalls for private sales. I only suggest that one can buy and sell and make a decent profit if one chooses the right property and marketing technique. Too many people think it's easy - big mistake - it's not

j, now your talking sense, it IS possible to buy and sell AND make a vast profit, if you do it right, but my point is that it is not the norm, to side with you on one point I bought in Campanillas a good few years ago what could then only be described as a dump, it's probably worth double now but only because a lot of the work I did myself, saving about 50% of the labour costs, If I was to add these costs into the mix I would say I've probably made about 50% in a little over 5 years, in my case I don't really care what it's worth as I intend keeping it till I die then my relatives can fight over it!!

[katy]

It was possible to make vast profits for about 1996/2002 but since then the increases have been slowing down. Taking into account 12% buying costs, capital gains and agents fees when selling it and then another 12% to buy another, plus the money spent improving the house (and i've yet to see a house here that doesn't need some work!) there is going to be a big hole on the bottom line.

[jpinks]

....Although there appears no way open for my friend and has proved a salutory lesson to us all, he is now thinking of buying a new car and a mail order bride!....

Well - that's novel !!! How will he get his cash back out of a mail-order bride? Does he sell her on, or can he just divorce her and get the money back?

[Guest]

....Although there appears no way open for my friend and has proved a salutory lesson to us all, he is now thinking of buying a new car and a mail order bride!....

Well - that's novel !!! How will he get his cash back out of a mail-order bride? Does he sell her on, or can he just divorce her and get the money back?

j, this could be a tongue in cheek statement!

[jpinks]

Yes - it pays to read the smilies - doesn't it

[Guest]

Yes - it pays to read the smilies - doesn't it

Nothing to do with the current discussion but what do you sail?

[jpinks]

Nothing to do with the current discussion but what do you sail?

Well - it appears that everyone thinks I do sale(s) But I prefer sailing -yes - why - want to buy a boat?

[Lorraine - Mijas]

jpinks wrote:

[Well - it appears that everyone thinks I do sale(s)]

Everyone?????


[why - want to buy a boat? ]

No doubt if he did have a boat to sell, it would be for 3 times what he'd originally paid for it