FAQ

 


 

Who is developing Arcos Gardens?

The developers are Promotora Golf Fain S.L. – part of Grupo Novaterra (www.gruponovaterra.com). Promotora Golf Fain’s philosophy is to develop special sites of inherent beauty and natural characteristics and develop them in a way that retains these qualities, protects the natural environment while creating a unique lifestyle for its residents. The property construction firms for Arcos Gardens are Ferrovial and Geosa with many years of experience in the development of typical Andalucian style construction. Ainosa are the construction firm for the infrastructure at Arcos Gardens (roads, pipes, electricity etc).

 

PAYMENT TERMS

Purchase Details

• All payments are made in Euros • 7% IVA (VAT) is in addition to the sale price

• €5,000 is required as a “Reservation Deposit”. This non-refundable deposit will secure the purchase and fix the price.

• 10% + 7% IVA (minus the €5,000 deposit) of sales price due within 5 weeks of reservation*

• 10% + 7% IVA of the sales price due on commencement of construction*

*If construction has already commenced at time of Private Sales and Purchase Contract, 20% plus IVA will be payable upon signing of the same.

• 80% + 7% IVA on completion and delivery of property.

 

Guarantees

Bank Guarantee – The amounts prepaid by the Buyer for the price of the property prior to its delivery shall be guaranteed by a bank guarantee, pursuant to Law 57 of July 27th 1968 on the receipt of amounts prior to construction for the sale of dwellings (amended by the First Additional Provision of the Construction Sector Act). Payments made in cash or by other documentary means shall be deposited in a special account opened for that purpose in Banco Santander Central Hispano.

Construction Guarantees – These are 10 years for structure and foundations, 3 years installations guarantee (pipes, cabling etc), 1 year for all fittings (appliances).

 

Arcos Gardens Community Charges, Local Council Charges and Hotel Services

Community Charges are reviewed each year and may marginally fluctuate depending on the needs of the estate and on the size of each property. Per month, community charges are anticipated to be approximately €185-€195 for the Townhouses and approximately €300 for the Villas and this will include General administration of residential common areas:

• Residential common area landscaping and maintenance.

• Residential common area pest control.

• Maintenance of any community swimming pools and sporting facilities.

• Insurance, for common areas only.

• Refuse collection.

• Gated community security

• Street lighting and road maintenance.

Local council charges – These are anticipated to be in the region of €400-€500 per annum for local services, police, school, library etc.

Hotel Services – In addition, the following Hotel related services are included in the community charge:

• 24 hour front desk service.

• Concierge services.

• Tennis, Padel Tennis, Football and Gym access (a small nominal charge will be required for equipment hire).

• Access to resort common areas and grounds.

Optional services with additional charges:

• Golf – please contact the golf department for membership packages.

• Spa treatments.

• Restaurant and in-residence dining.

• Housekeeping services.

• Personal grocery stocking.

• Laundry and dry cleaning.

 

Taxes

We recommend all clients seek independent tax advice. As a general guide please see the information below:

If you spend more than 183 days of the year in Spain you are officially classed as a tax resident and liable to pay tax on your worldwide income. If you are not a tax resident, you will only be taxed on income arising in Spain.

Income Tax – The owner is liable to pay tax on profit generated by any income derived from rental of the property. Currently the tax rates are 15% for Spanish residents and 25% for non-Spanish residents.

Wealth Tax – This is payable annually on December 31st on the value of all assets in Spain for non-residents, and all assets worldwide for residents. The amount of this tax will vary depending on individual circumstances. This tax is calculated on the amount of equity that is held in the property. For example, a townhouse with a value of €350,000 that has 100% equity will levy a tax of approximately €700 per annum. The same property that has only 50% equity will levy a charge of €350.

Capital Gains Tax – For residents and non-residents CGT is a fixed 18%.

 

Mortgages & Foreign Currency Exchange

All properties will be offered with a mortgage by Banco Santander (mortgage offer will still depend on individual circumstances). However, this is not obligatory and you are free to select any provider you wish without penalty. Arcos Gardens work with many banks and brokers who offer mortgages and foreign currency exchange and we will be happy to provide recommendations should they be requested.

 

Are the properties freehold and can I resell my property?

Yes, all the properties are freehold. Resale of properties can only happen once the property is completed and title deeds have been exchanged.

 

Do I have to make a specific Will in Spain?

You are advised to make a Spanish Will to cover your Spanish estate. Whilst a foreign Will is recognised this may lead to delays and prove more costly in the long run. Wills in Spain are usually drawn up by a lawyer and executed before a Notary.

 

What are the legal costs that I will incur with a purchase?

We recommend budgeting an additional 10% of the purchase price for conveyance costs. This is constituted of 7% IVA (vat), 1% Stamp Duty, 1% Legal fees and 1% to cover Notary and Land Registry fees.

 

Can you recommend a lawyer to act for me on the purchase?

Arcos Gardens has experience with numerous good and efficient lawyers, and we will be happy to recommend one on the basis of what language the buyer speaks and where they are located. Please ask for details in the information centre.

 

FOREIGN EXCHANGE

You are free to select any provider you wish, and we will be happy to recommend one to you. As the money markets change so frequently, we actually solicit quotations from 6 different companies, and recommend the one that gives you the best rate.

 

FURNITURE PACKAGES

Are the homes provided with furniture?

The homes will be built to the highest specification and come complete with fully equipped kitchen and bathroom furniture. This is the only “furniture” included in the sale price, albeit we are happy to recommend furniture packs offered by various suppliers in the region, depending on the taste of our client.

 

RENTAL PROGRAM

Is there a rental program?

Yes, in addition to owners being able to rent their own property independently, Arcos Gardens will run a rental pool program. For further information, please click here!

 

 

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Property Enquiries Tel: +34 956 701 694 | Hotel Cortijo Fain Tel: +34 956 704 131 | Golf Enquiries Tel: +34 956 704 207

Denominación social: PROMOTORA GOLF FAIN, S.L.CIF: B-91380584 Datos de inscripción: Registro Mercantil de Sevilla, en el Tomo 3.975 de Sociedades, Folio 51, Hoja número SE-58307, Inscripción 1ª Domicilio Social: C/ Luis Fuentes Bejarano nº 60, 7º - 41020 (Sevilla)

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