IFG Group launch IFG Spain
Date: 03-01-2006
Source: IFG Group, Dublin, Ireland
The IFG Group Plc has today announced the launch of its first dedicated overseas one stop advice shop, for customers who wish to buy, sell or own property in the Spanish Market. It will also provide customers with a full service property review with regard to tax and assistance with mortgages and insurance.
It is estimated that of the 50,000 or so Irish who have bought property in Spain over the last 10 years, most Irish people appeared to have relied on the property developer or agent’s recommended lawyer or have chosen to complete the purchase without any form of independent legal advice. This practice is in sharp contrast to the situation in the Irish market where it is almost unheard of for a property transaction to take place without independent legal and financial advice on both sides.
Research conducted by IFG Spain would also suggest that a significant proportion of Irish property owners in Spain are unknowingly not tax compliant. While the Spanish revenue authorities haven’t yet conducted any major tax clampdowns and investigations similar to that in Ireland, it appears to be only a matter of time before thousands of Irish property owners are faced with significant tax bills (complete with interest and penalties) and in worst cases even the forfeiture of their Spanish property.
The launch of IFG Spain (which is part of the IFG group) is in direct response to the growing need for clear independent consumer support both at the time of purchase and on an on-going basis. The Marbella and Dublin based operation will act as an umbrella service for Irish and British owners of Spanish property.
IFG Spain, will offer assistance in relation to the following property issues to its clients:
- Tax Issues
- Buying or selling a property in Spain
- Spanish mortgages
- Inheritance issues
- Title issues
- Insuring a property
- Banking Requirements
- Transferring money
- Paying Bills
- Dealing with utilities
According to Elaine Higgins, Managing Director of IFG Spain, “More Irish people than ever before are choosing to buy a property abroad and whether it’s for use as a holiday home or as an investment – there are a number of issues that need to be dealt with at various stages. Getting legal, tax and administration issues sorted is imperative if the ownership is going to be hassle free. ”
The new services offered by IFG Spain will be made available to existing owners of Spanish property and will also act as a one-stop shop for those considering an investment in the future.
Executive Chairman of IFG Ireland, Frank Ryan, says “Providing consumers with overseas financial planning and legal expertise is a natural progression from our nationwide property finance operation in Ireland. An essential part of the service for customers who wish to buy in Spain is to protect Irish people against the significant pitfalls of buying in an unfamiliar market.”
Registered in the Republic of Ireland No. 21010
Registered Office: IFG House, Booterstown Hall, Booterstown, Co. Dublin
Tel: + 353 (0)1 2752800 | Fax: + 353 (0)1 2752801
Email: group@ifg.ie