Latest news with #Mallorca-based
Scottish Sun
2 days ago
- Entertainment
- Scottish Sun
Axed Love Island girl breaks silence after savage dumping and reveals how she really feels about Harrison picking Toni
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE latest dumped Love Island star has insisted they "don't regret anything" and "did what I needed to do" after their fiery villa stint. The beauty, 24, was given the boot in a tense ITV2 re-coupling ceremony which saw newbie Harrison Solomon, 22, choose Toni Laites, 24, instead. Sign up for the Entertainment newsletter Sign up 7 Love Island's latest dumped Islander has claimed they 'don't regret anything' during their short villa stint Credit: Eroteme 7 They have also given their take on US bombshell Toni Credit: Eroteme 7 Malisha Jordan was the third Islander to be given the boot Credit: Eroteme Love Island fans are already demanding Malisha Jordan return to the Mallorca-based show as a Casa Amor bombshell. Yet she has broken her silence about her short show stint - and given her take on Toni, the first American on the UK series. She addressed her gameplan on entering the villa and making a play for Dejon, much to the annoyance of his show partner Meg. Meg's savage attitude towards Malisha - as well as her catty comments towards the late villa entry - caused a stir with viewers. Yet Malisha has told she was intent on giving it back. She said following her exit: "I don't regret anything, I did what I needed to do as a bombshell. "Sometimes the reactions were a bit uncalled for. "I did go into the first chat with an open mind and I said I don't want to have any arguments. "Then it just got heated. I'm not here for the drama… a lot of it was miscommunication. "Dejon was telling her one thing and telling me another. It was a mix up that wasn't necessary. They act like they're not closed, but they are closed off." Addressing her feelings before her exit, she confessed: "I thought, 'You're done, you're getting dumped!' "I didn't obviously know there'd be a shock reveal that someone else would be coming in and I would have a second chance. "All day me and Toni were joking, 'I'll see you in Vegas'. So I just thought, 'Meh, bittersweet.'" DUMPING WOE New Islander Harrison was faced with choosing between Toni and Malisha, after they both found themselves single in the latest recoupling. They both then went on a date with new bombshell Harrison, who ultimately decided who will return to the villa and who will be going home. After the footballer chose Toni and Malisha was dumped, fans went wild. Yet Malisha has now addressed the moment, which has not ye been shown on screen, and said: "He's very good to look at, I feel like we had a lot of chemistry. "Did he make the right choice? We'll soon find out… "But I love Toni, she is an amazing girl. I feel like we have the same banter and the same fierceness about us. "I love how real she is, she's such a lovely girl. So, no hard feelings, no bad blood." The ITV2 matchmaking show's first evicted lad Blu Chegini was revealed last week following a savage villa twist. London construction worker Blu, 26, followed Sophie Lee, 29, out of the villa door. Love Island continues tonight at 9pm on ITV2 and ITVX. 7 Malisha said 'I did what I needed to do as a bombshell' Credit: Eroteme 7 It came after she repeatedly clashed with Meg over her affections for Dejon Credit: Eroteme 7 She told how she has no 'bad blood' with Toni Credit: Eroteme
Local Spain
29-05-2025
- Business
- Local Spain
Foreigners could avoid Spain's 100% tax by buying new builds
There has been anger and confusion following the Spanish government's decision to move forward with a proposal to tax new non-EU non-resident home buyers 100 percent on the value of Spanish property, an idea first proposed by Spanish Prime Minister Pedro Sánchez in January as a way of limiting "foreign speculation" in the property market. However, after experts have consulted the legal text, it has emerged that there may be a way for some of these foreigners to avoid Spain's 100 percent tax: by buying a new build property. Despite widespread confusion online, the draft text clarifies that the proposal is not to double the property transfer tax (ITP, which is 6 to 11 percent of the property value depending on the region) as many had previously thought or hoped. Rather, the draft bill is that the 100 percent tax would apply to the taxable base of the property (the value of the property, in other words), which would effectively double the price for these buyers. The Local has spoken to property experts and reported on this in detail to avoid doubts, which you can read about here and via the link below. The measure will affect 'second hand' properties in Spain but not new builds directly from developers, something that could price people out while allowing wealthier foreigners to bypass the proposal. The price of new build housing in Spain is 44 percent more than second-hand housing on average and 10 percent more than the high it reached during the property bubble, according to a report by valuation firm Tinsa. The tax is essentially a surcharge that doubles the original price but is not without its loopholes: the tax will not affect non-resident non-EU nationals who buy housing directly from a developer. Nor, although only in some cases, will it affect sales when both seller and purchaser are entrepreneurs or professionals. The distinction is due to VAT rules in Spain. This means that only new builds would be safe from the price doubling as "new properties are subject to VAT, and the Spanish legislator can't easily interfere with that," Mallorca-based lawyer Alejandro Del Campo of DMS Consulting tells The Local. Spain's Register of Tax Advisor Economists (REAF) has presented its first assessment of the proposals, and explains that the new tax does indeed contain a legal loophole. Raquel Jurado, a technician in REAF's research department, told Spanish daily El País that "as VAT cannot be touched, because it is aligned, all sales that are taxed by it will be outside the complementary tax." Similarly, Jurado states that transactions in which the seller is a businessman, entrepreneur or professional should not be affected by the new tax either. "If the property is sold by an entrepreneur who is not a developer, the transaction would be subject to VAT in theory, but exempt in practice. And if it were bought by another businessman, this exemption could be waived in order to pay VAT and thus avoid the supplementary tax," she says. It's worth noting that, despite the alarm caused by the proposed measure, the proposal is exactly that for now: a proposal. It will still need parliamentary approval before it becomes law, something far from certain in the complicated Congressional arithmetic of Spanish politics. Sánchez has in the past been accused of performative politics in terms of property market measures, such as with the decision to axe the golden visa. legal experts who also believe the measure will end up in the courts. "When the time comes when someone who has paid double the value of their property wants to sell, will they find someone to buy it? Will they lose money?" Fernández stated, also stressing that the measure "penalises" investment by non-resident non-EU foreigners.
Local Spain
28-05-2025
- Business
- Local Spain
INTERVIEW: 'Spain's 100% tax on foreign buyers will end up in EU courts'
Spain's Socialist-led government has again made headlines after submitting an official proposal in Congress to tax new non-EU non-resident home buyers 100 percent on the value of the Spanish property, an idea first proposed by Spanish Prime Minister Pedro Sánchez in January as a way of limiting "foreign speculation". What has been confirmed now with the draft bill is that the 100 percent tax would apply to the taxable base of the property (the value of the property), which would effectively double its price for these buyers. The legal text presented by the ruling Socialists clarifies that it would not double the property transfer tax (ITP, which is 6 to 11% of the property value depending on the region) as many had previously thought. Such a levy, one of several aimed at addressing Spain's housing crisis, would still need parliamentary approval before it could become a law. Nevertheless, within Spain's legal, fiscal and property spheres, the reaction is one of alarm. "The draft law is very clear: we are talking 100 percent of the highest rateable value," Spanish real estate expert Mark Stücklin, head of Spanish Property Insight, told The Local. "Let's say that's the transaction price of a villa for €300,000€, in which case the tax would be €300,000, minus the ITP deduction. Crazy!" "My reaction is that this would be so ineffective and counterproductive that the PSOE can't really be serious and it's more about trying to outflank Sumar (the Socialists' hard-left junior coalition partner) on the left, but it's getting harder to tell." According to Mallorca-based lawyer Alejandro Del Campo of DMS Consulting, "a State Tax on property transfers which penalises non-residents makes no sense." Del Campo, who has a large portfolio of foreign clients, has appealed in EU courts against several of the Spanish government's discriminatory measures which target non-residents. "The Court of Justice of the European Union has already condemned Spain for discriminating against non-residents with the Inheritance and Gift Tax," the lawyer told The Local, adding that Spanish authorities have also been forced to eliminate discriminating taxes against non-residents vis-à-vis the Wealth Tax and the Solidarity Tax. It's worth noting that many of the laws targeting non-residents predate Spain's current housing crisis, suggesting that Spanish authorities have a longstanding habit of looking at these citizens as a way of filling public coffers. For Del Campo, the 100 percent tax "would flagrantly violate EU law, specifically Article 63 TFEU, which prohibits any restriction on the free movement of capital not only between Member States but also between Member States and third countries." In his eyes, only new builds would be safe from the price doubling, as "new properties are subject to VAT, and the Spanish legislator can't easily interfere with that". Spain's General Council of Economists (CGE) has also spoken out and said that the new supplementary tax on home purchases by non-EU non-residents is "madness," believing it could end up being resolved in court. CGE met with Spain's Registry of Economists and Tax Advisors (REAF) on Wednesday to discuss the Spanish government's proposed new tax on non-EU non-resident property buyers. The general consensus among these experts is that the problem isn't that wealthy foreigners are buying homes, but rather that there is a shortage of properties in certain areas. They therefore doubt the effectiveness of such a "drastic" tax and warn that there are many areas in Spain with significant foreign populations and that therefore there should be some consensus on the issue. For its part, Spain's Registry of Economists and Tax Advisors (REAF) has called the so-called supertax 'shocking' while highlighting that "it's the first time a tax has been established with a 100% tax rate, which raises questions about its potential confiscatory nature". "When the time comes for someone who paid twice the value of their home to want to sell it, will they find someone to buy it? Will they lose money?," said REAF head Agustín Fernández. He therefore considers that were the 100 percent tax to come into force, the subsequent sale of the property by non-resident would be "unviable", as the levy "penalises" investment by non-EU residents. "We imagine the courts will ultimately rule on the tax's confiscatory nature," Fernández concluded.
Reuters
27-02-2025
- Business
- Reuters
Spanish hotel chain Melia's profit up 25% with focus on luxury tourism
MADRID, Feb 27 (Reuters) - Spain's largest hotel chain Melia ( opens new tab on Thursday posted a 25% rise in net profit to 162 million euros ($169 million) in 2024, beating analyst expectations, after focusing on luxury accommodation to better benefit from a record tourism boom. Analysts, on average, had expected a net income of 130 million euros. Melia has invested 400 million euros in the last two years in turning more than half of its hotels into premium destinations. It plans to open more luxury hotels in Barcelona, Malaga and Madrid to boost room rates as smaller rivals also bet on the upmarket sector. Revenues per room at Melia increased by 11% in 2024, and the company said that 75% of this was due to higher room rates. Revenue rose 5% to 2 billion euros, in line with analysts' estimates. Spain, Melia's main market for city and resort hotels, attracted a record 94 million visitors last year, prompting protests from some locals who say excess tourism has made housing costs too expensive. Melia's chief executive Gabriel Escarrer said in January he didn't agree with Spain's ambition to boost foreign tourist arrivals to 100 million a year, arguing that it was best to focus on attracting higher-spending North American and Middle-Eastern tourists to relieve pressure on locals and the environment. Melia expects to open a hotel every two weeks this year and 80% of the pipeline, mostly in the Mediterranean and Caribbean destinations, are premium ones. The company says bookings are growing at a high single-digit rate this year, but its hotels have confirmed 16% more corporate events than last year. The Mallorca-based company reported earnings before interest, taxes, depreciation and amortization (EBITDA) of 575.4 million euros in 2024, surpassing the company's target of 500 million. Excluding capital gains, EBITDA totalled 533.6 million euros. ($1 = 0.9589 euros)
