LEGAL News
many foreign buyers off French property and now with Hollande’s changes we may see buyers return.” Hollande said the changes will ensure that “the market is supplied” and that they are a strategic incentive: “What I want is not to make a gift to the owners. What I want is for those owners who want to sell their property to others who want to buy them, can do.” [Reported by Nicholas Leach, Athena Advisors,
www.athenaadvisors.co.uk]
INDIA
REAL ESTATE REGULATOR BILL PASSED
previously available in Delhi and Mumbai, can now be used in Chennai. The service is used for urgent travel and is available to customers applying for a six- month to a two-year multiple entry visit visa (not including students) who have travelled to the UK, US, Australia, New Zealand, Canada or a Schengen country in the previous fi ve years.
The Super Priority Visa Service is also available to travellers sponsored by companies that are members of the UK’s Business Express Programme. [Source:
www.dnaindia.com]
MALAYSIA
POTENTIAL TAX HIKE IN JOHOR AND ISKANDAR
Indian lawmakers have passed a bill to set up a regulator for the property industry. The Real Estate (Regulation and Development) Bill, approved by the cabinet on 4 June, threatens up to three years in prison for developers who fail to secure proper building permissions and repeatedly issue misleading details about projects. The bill makes it mandatory for developers to launch projects only after acquiring all statutory clearances from the relevant authorities. It has tough provisions to deter builders from publishing misleading adverts and photographs. First-time off enders could be fi ned up to 10% of the project cost and a repeat off ence could mean jail. The bill must be passed by Parliament to become law. [Adrian Bishop, OPP Connect]
UK
SUPER-FAST VISA SERVICE EXTENDED TO SOUTH INDIA
The United Kingdom’s Super Priority Visa Service (same-day visas) has been made available to people in South India. The service,
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The Generalitat (autonomous governing body for Cataluña) has decided to raise transfer tax (ITP) levied on resale properties. The existing 8% rate has been increased to 10%, which is intended to increase annual revenues by €150million. Transfer tax on
The Johor state government has revealed its intention to increase the property tax payable by foreign property owners. Currently some 130,000 homes in the southern Malaysia state, which also includes Iskandar, are owned by overseas buyers and investors. As yet there is no indication of the new level of tax to be paid or when it will be implemented, although experts suggest it could be before the end of this year.
[Reported by Andrew Batt, Andrew@
allproperty.com.sg]
SPAIN
ANOTHER AUTONOMOUS REGION RAISES TAX
resales in Cataluña community now matches VAT on newly built properties (10%). They are not the fi rst autonomous region to do this. In January last year Andalusia’s autonomous government also decided to raise transfer tax in order to raise revenue. In that case transfer tax was raised to 8% for properties worth less than €400,000, 9% for properties worth between €400,000 and €700,000 and 10% for properties above €700,000.
[Reported by Cesar Garzon, Spanish Law Consultants,
www.spanishlawconsultants.com]
USA
FLORIDA FORECLOSURES FASTER
Florida Governor Rick Scott signed bill HB 87 in early June that will signifi cantly speed up the sunshine state’s foreclosure process for residential properties. Eff ective immediately, the new
law reduces the number of hearings from two to one. Furthermore, if approved by a judge, the hearing can be set for as early as 20 days after the foreclosure complaint. Anyone with a fi nancial interest in the property can start the accelerated process.
Additionally, the bill means that banks will be able to chase homeowners on defi ciency judgments after one year, not the fi ve years previously set. The bill has been a source of controversy – its advocates say that it will bring much-needed housing stock to Florida, while critics argue that it is likely to push some former home-owners into bankruptcy as short sales will be diffi cult to achieve in the shorter time period. [Source: CPA Practice Advisor, www.
cpapracticeadvisor.com]
www.opp-connect.com
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