Missing Tenerife - what to do?

[Balcony]

We sold our apartment last December and have postponed buying again due to the workings of the current letting laws. I have absolutely no problem paying tax on income from an apartment, but we want to determine the rent someone would pay and be the ones who determines who will stay in our apartment. That way we can be more certain we don't have an apartment visited by the wrecking crew!

Now I'm over the rant, I can say I'm missing Tenerife. Of course we can rent an apartment, but the psychological barrier of 'not owning' seems hard to overcome. Staying in a hotel would be a totally retrograde step, as I never liked Tenerife hotels much before we bought.

What to do?

[Susief]

What about investing in a caravan? Got a few nice ones for sale on Camping Nauta.
Only 10 mins drive to Airport, 15 mins Los Cris,

[Balcony]

Thanks Susief, but location is way out of my comfort zone.

[seanocelt]

I hope you find a quality holiday let, i know a few, and sit tight with your money for now. Its a waiting game, for many reasons.

[warbey]

.

Why buythen Let.?

What is different from an anonymous Hotel room.

Perhaps this is a cheaper Way to Own in Tenerife, but I personally

would much prefer to have My own Accommodation, whatever it was,

for My Own Private enjoyment, to be found as I left it.

I have been looking at Holiday lets for next February, around Cris to Torviscas.

So far, the convenience of a Hotel outweighs messing around in rented Accommodation.

Takes all sorts doesn't it..?

[candy2411]

It's not just the current letting laws that are a worry, but the whole uncertainty with the Euro and tax regulations , particularly Inheritance Tax that make investing in the Canaries precarious IMO.

I have owned an apartment for many years now and it was always my intention on retiring to downsize in the UK and buy a larger property in Tenerife . However, because of reasons mentioned, this is no longer on my agenda.

I love my apartment and will most likely keep it and on retiring may spend much of my time there, but for now when I make 5 0r 6 trips a year, I use it as a base.It's great to travel with hand luggage only, I use it for the first few days of the trip, but then book a 4 or 5 * hotel for the rest of the holiday.I don't see booking hotels as a retrograde step, I love it. Tenerife hotels offer great value for money compared with the UK or many parts of the world.

[marbro8]

where you looking to just rent or are you looking to buy to let? because i have been looking at those buy to let at club la mar in los gigantes, they are being sold by andy and stuart (C.I.M. and young golfer, they look lovely just refurbed and fully furnished to a high standard, the one's with sea views with 2 beds are selling for 117,000 euros at todays exchange rate around £100,000, and they rent for between £350-£500 a week, if i had the money to invest i would jump at the chance, but they have come at the wrong time for me:(

[Malteser Monkey]

What to do?

gone all Gary Barlow again ............just have a little patience...................:D

[Balcony]

Thanks for some of you thoughts. I would rather own my own place, as it always felt more comfortable (for want of a better reason), but short term we will have to rent to start a search overagain. My wife is not quite so keen to jump back in yet, so keeps booking us away on short breaks! I may venure over and see Clear Blue Skies, who sold our apartment. Sadly, I don't share the enthusiasm for some other agents who lack response, even to a potential purchase. So, I have found the answers myself.

Candy, wherever you go you have to encounter Inheritance Tax Rules. Not sure if you were/are married, but a couple in the UK have a good ceiling of £650,000 before your wider estate may encounter a tax liability. I found this as regards Spain and hope it's up to date http://www.eyeonspain.com/spain-magazine/spanish-inheritance-tax-law.aspx

You might have to be more concerned about Capital Gains Tax if you sell as a non-resident. We had to pay tax and found little in the way of allowances (according to our accountant). Speak to an accountant and he can guide you on the probable liability.

[ribuck]

Candy, wherever you go you have to encounter Inheritance Tax Rules.

Not at all! There's no inheritance tax in Australia, Canada, the Cayman Islands, Hong Kong, India, Israel, Louisiana, New Hampshire, New Zealand, Russia, Singapore or Utah.

Within Europe, there's no inheritance tax in Austria, Sweden or Guernsey.

Source: Wikipedia - Inheritance Tax (http://en.wikipedia.org/wiki/Inheritance_tax)

[candy2411]

, . .

Candy, wherever you go you have to encounter Inheritance Tax Rules. Not sure if you were/are married, but a couple in the UK have a good ceiling of £650,000 before your wider estate may encounter a tax liability. I found this as regards Spain and hope it's up to date http://www.eyeonspain.com/spain-magazine/spanish-inheritance-tax-law.aspx
.

The UK ceiling wouldn't encompass a property in Spain though, if the property is in Spain then it becomes liable for Inheritance Tax under their laws which are not as generous as the UK, even if owned by a non-resident.
It just doesn't seem right that a family member even a spouse, becomes liable for the tax on a death. The allowances seem very small in comparison to the UK,and I certainly don't like the idea of saddling any member of my family with a debt just to take possession of something that is already owned outright.

Anyway, not planning on my demise any time soon! but it's reason enough to make me think again about investing further.

[Balcony]

Jolly pleased to hear it!




Anyway, not planning on my demise any time soon! but it's reason enough to make me think again about investing further.