does anyone know the ins and outs of this apartment rental buisness - who can market properties and who cant? Do you need a tourist licence. am hearing companies are being fined - what is going on?
The letting issue has been rumbling along for a while now, but the way i understand it after speaking to my solicitor friend in Santa Cruz, is that if you are a management company you need 50%+1 in any complex, the complex should be one that allows tourists, not a residential complex unless you are doing long term rentals, any company needs a tourist licence for each of the apartments it lets, my friend has said that there are lots of people who are confused by this, she deals with both the tax office and tourist office on a daily basis, she says for an individual owner you can rent out in a complex that allows tourists along as you submit your tax returns, and therefore you do not need the licence, if you decide to go through your onsite company you will then need to get one, the onsite company will be glad to do this for you, hope this helps.
Tell the inspectors you dont need to be registered see what they say as what you say about a individual doing there own holiday lets and not registered is not how they see it. David
Last edited by fixer; 04-02-2012 at 18:57.
If you own on a complex that is residential you cannot let to tourists but you can long let your property to residents.
If you own on a complex with a tourist license you can let your apartment through the onsite management agent who will register your apartment with the tourist board.
This is on the wrong thread but I will ask the question. Loaded do you deduct tax on behalf of your owners before payment is made to them or do they have to declare earnings themselves!!!
Thank you for the reply, i have spoken to friends who are getting mixed advice from lawyers, the fines i am aware of are for people in residencial complexes, and also companies without tourist licences, i everyone wants the same thing, that is for the Island to boom and all this is just killing tourism and killing businesses on the island, lets hope they see the error of their ways before it is to late.
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