View Full Version : Other A sad comment or sign of the times? Are younger people choosing to holiday elsewhere?
duquessa
31-10-2011, 12:24
We spoke recently to a couple who have a home in Tenerife and in England and have flitted between the two for ten years. They are going to be selling their Tenerife home as they are getting old now and not up to the flying etc. Their children and grandchildren didnt want it as apparantely they go elsewhere now? Didnt get to ask them where they go but seems a little sad to me.:confused::crylaughing::fryingpan:
Leam_Lin
31-10-2011, 12:55
Probably going to live well on the money tied up in the Tenerife property.
duquessa
31-10-2011, 12:57
yes but they will have to live in England full time:wow:
Its just one couples decision. Lots of people sell when the travelling gets a bit much for them. I know a few who sold up here and bought in the mainland as its just a bit quicker to get back and forward. Horses for courses I think. Dont think it says a lot about things in Tenerife really.
garlicbread
31-10-2011, 13:03
They have a choice, they could live in Tenerife permananently:)
duquessa
31-10-2011, 13:12
the point of posting was i thought it was sad that the grandchildren didnt want it?
timmylish
31-10-2011, 13:18
Madam, you do cause confusion, don,t you?
duquessa
31-10-2011, 13:26
no quite a simple thread.
garlicbread
31-10-2011, 13:44
Madam, you do cause confusion, don,t you?
Easy Timmy, easy .......:whistle:
Ecky Thump
31-10-2011, 17:19
yes but they will have to live in England full time:wow:
the point of posting was i thought it was sad that the grandchildren didnt want it?
Look at it from a different angle, maybe its a happy thing that they are selling their Tenerife home.....
They will live in the same country as their grandchildren, full time!
As Young Golfer would say "Glass half full":)
the grand children want the cash,simples
Ecky Thump
31-10-2011, 19:07
the grand children want the cash,simples
Maybe not, as not everyone is money motivated.:dontknow:
caroletenerife
31-10-2011, 19:16
I think times and holidays have changed for the young, my daughter never had one 'beach holiday' anywhere, instead she chose to have long term working breaks in America, French Alps and Switzerland. Some of my former employees bypassed holidays in places like here to save for a year break in Australia and Far East. I think the young are more interested in seeing and living the experiences that the wider world has to offer rather than a two week break somewhere like here, Ibiza or Benidorm. I believe it certainly helps them mature more than a beach holiday x
delderek
31-10-2011, 19:57
I think everyone sticks their head in the sand when it comes to Inheritance tax in Tenerife, 30 percent if non res, no relief between husband and wife,(not on any profit, on the total value of your place) so when you get older you really have to sell up, or give your kids a tax headache, or just give the Spanish Govt lots of money to stay where you are. Now how many people know that, when they buy a place.
slodgedad
31-10-2011, 20:51
I have read this thread through and through and I still don't get the title. :confused:
This post is a bit like a Chinese whisper!
Both questions?? could be right.
Only those involved know the answer.
W"hen the Tax information is added it becomes clearer
Trouble is, I think its a buyer's Market at present isnt it?
slodgedad
31-10-2011, 21:50
Both questions?? could be right.
Only those involved know the answer.
W"hen the Tax information is added it becomes clearer
Trouble is, I think its a buyer's Market at present isnt it?
And the man in the bowler is not to be trusted..............
captain beefheart
31-10-2011, 22:19
I know a couple who have just sold up their property in england and are moving out to the north of tenerife, their kids and grandchildren are all ready booking their flights to come over and visit them. so i suppose you win sum and loose sum.
delderek
31-10-2011, 23:13
I know a couple who have just sold up their property in england and are moving out to the north of tenerife, their kids and grandchildren are all ready booking their flights to come over and visit them. so i suppose you win sum and loose sum.
You don't say if they are buying their place, if they are, and are not young any more, then the only safe way is to actually put the place in your kids name. So the inheritance tax problem goes a very long way into the future.
captain beefheart
31-10-2011, 23:32
they have been looking for the past year and bought their new home a couple of months ago . they are in their late sixties. knowing my mate he will have sorted out best way of saving tax...
Leam_Lin
01-11-2011, 08:11
they have been looking for the past year and bought their new home a couple of months ago . they are in their late sixties. knowing my mate he will have sorted out best way of saving tax...
He may not have, some people wrongly assume the tax laws are similiar to UK - WRONG.
Also putting anything in your children's names brings additional problems, ie the parents would then be presumed as paying rent & that should be entered on UK tax forms., that is definate for UK property, whether its the same for Tenerife I don't know.
He may not have, some people wrongly assume the tax laws are similiar to UK - WRONG.
Also putting anything in your children's names brings additional problems, ie the parents would then be presumed as paying rent & that should be entered on UK tax forms., that is definate for UK property, whether its the same for Tenerife I don't know.
I am not sure whether that is correct, as three years ago we signed our property over to our son and his wife, at the time we had to sign a disclaimer (maybe not the right word) that the property was a gift to them and not for tax evasion, this was done through a financial lawyer, not a accountant.
The easiest thing to do is put your house in trust to your kids until the last one of you dies in Tenerife. That way you/partner still own and live in it until you both kick the bucket and inheritance tax is avoided. I thought it was law here that half of a property has to be left to any children in Tenerife anyway.
Hey Jude
04-11-2011, 13:42
I know exactly how they feel! We have been coming to Tenerife since 1974 and bought our first house 1983. We have moved 4 times and have enjoyed the last 6 years in an apartment (although we never wanted to live in a complex) but now it tends to put pressure on us and at our age would prefer holidays (2-4 weeks) rather then all winter. We have never rented our apartment to anybody and our son only comes for a few days when we are there. If anybody is interested you can PM me. We arrive on Monday till May. Viewing anytime. Here are a few details.
Puerto Santiago, 1 bedroom, fully furnished, top floor, lifts, garage space( sep. escitura) , clean wellkept complex with low community fees. 120.000€ which is less than we paid but worth it.
cainaries
04-11-2011, 17:42
The easiest thing to do is put your house in trust to your kids until the last one of you dies in Tenerife. That way you/partner still own and live in it until you both kick the bucket and inheritance tax is avoided. I thought it was law here that half of a property has to be left to any children in Tenerife anyway.
Interesting, Jackie. Is that done as a Spanish 'trust' or an English one? We have also been told that it is not possible to disinherit your kids in Spain. However, should you want to, you can write a clause in your Will that 'x' should only inherit the minimum required by law. This just came out when I was trying to explain to the lawyer that you can disinherit your relatives in England. I think a lot of Brits have a bit of trouble understanding they can't write whatever they want in their Will like they can in UK. Particularly those with 'blended' families.
First I am not a lawyer and secondly I do not know Spanish law.
However living in central Europe I understand well how different the Inheritence laws are outside England.
In many European country's there are laws in place that ensure that children and other relatives Can not be written OUT of a will. This obviously differs from country to country but the object is to ensure for example a child will inherite something.
Many family's write a Usufruct document that allows the surviving spouse to have continued use of for example of the family home untill their death, stopping the children who may have inherited half the property forcing a sale.
Have a look here http://en.wikipedia.org/wiki/Usufruct
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