British Expats & Spanish Property owners attacked by further legislation
British expatriates who live in Spain or investors in Spanish property are at risk of being fined unless they comply with a new energy law.
The new energy law, which came into force in June, requires owners of Spanish property to obtain an energy performance efficiency certificate before they are able to sell or rent a property.
This new legislation applies to british expats who have bought a Spanish property as an investment or holiday home.
Anyone who wants to sell or rent a property must arrange for a registered assessor to visit their property and assess it for energy efficiency. This process is similar to that of the UK where anyone wishing to implement solar power as to go through a similar paid for exercise.
Like the UK assessment a carbon efficiency rating is also provided, along with a recommendation report on measures, which could be taken to improve efficiency, although at this stage it is not mandatory to make any alteration or improvements as part of this new law.
Anyone failing to obtain a valid energy efficiency certificate could be fined under the new legislation and whilst the costs for undertaking this energy assessment are not excessive British expats should take care on who they engage with to ensure the energy assessor meets all the necessary standards and approved by the Spanish Government.
Gavin Pluck, European director for international advisory firm Guardian Wealth Management, said: “This new law is the least of expatriates’ concerns. The camel’s back has already been broken. The new tax laws introduced in April caused an absolute uproar.
“It is another challenge for the expatriate community. They are being driven out of Spain.”
At Guardian Wealth Management we pride ourselves on understanding how best to deal with these unexpected challenges and are able to provide you with an objective assessment of your finances.
Please contact us for an independent review.