The currency blog

In a measure to designed stimulate growth in the Island’s property sector by reducing the cost of home ownership, Cypriot MPs unanimously agreed to abolish or reduce Property Transfer Fees at a meeting of the House of Representatives earlier today.

 For those who do not pay VAT when they buy their house, property transfer fees are to be reduced by 50%. For those who pay VAT on their house purchase, no transfer fees will be payable.

The House also approved an amendment to the bill enabling those who submit applications under the provisions of the Town Planning Amnesty to enjoy the same benefit. The draft law will be effective for six months, until the Island’s Government submits a full proposal to the House.

This will be a welcome boost for the beleaguered Cypriot property market.

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Vive Recession Proof Hotspots

Savills Private Finance

Traditional prime property hotspots which attract wealthy, lifestyle buyers have been more resilient in terms of capital values. They include areas of southern France, the Alps, the Algarve, Tuscany and high-end locations in Spanish islands such as Mallorca. France has shown itself to be the most resilient second property market in the recession.

Although overall investment in overseas property has decreased, 2009-2011 sales data shows that France, which is also the world’s most popular tourist destination (according to UNWTO), has retained its popularity for buyers). France did not see the dramatic house price decline of neighbouring Spain and its banks have continued to lend on second homes thereby stimulating the market. The relative stability of this market and its ease of access from the UK mean that buyers remain confident to invest.

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Vincent Amari

SpanishVillas.Com

“The worldwide financial problem that we face requires a big solution. Every worker in every business has to do their bit in order to reduce the risks for their clients and provide a trustworthy service”.

Gareth Jenkins has been in the Spanish property business for over 10 years and knows that in order to be able to assist and attend his clients; you sometimes have to rely on the services provided by your suppliers.

Being proactive is not the only thing that you have to bear in mind when trying to run a business in Spain today. You have to work harder to earn trust of your clients. You then have to work even harder in order to maintain it.

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Jose Ivars-Lopez

Head of Marketing

In a world where customers’ ability to find your business online is often a crucial factor in your success, Currencies Direct have developed a range of tools and widgets which are easy to upload onto your site;  giving you free currency rates and market data which could increase your rankings in search engines through credible links.

Having FX tools and news available for your clients to use adds value to your business as the client perception is that you are offering an additional service. The online tools and widgets do contain your own tracking codes. This ensures that when a client clicks and requests more information or registers with Currencies Direct, we know they came via your website. This in terms enables us to pass on the profit share once those clients have traded through their dealer or on iPayFX – even if they don’t use any of your other products or services. 

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Jo Malkin

Business Development Portugal

What is your role at Currencies Direct?

I am office based helping people with their currency exchange needs whether they live in Portugal or have a second home here. They may, for instance, be buying or selling property, commissioning building work, paying bills or transferring pension funds. My job is to assist them with their foreign exchange and ensure they get an excellent service from us, from the initial registration process, through to offering competitive rates for their transfers and the prompt deposit of their funds at the end of the process. Having lived in the Algarve for 7 years now, I spent 6 years selling property across the region so I have a good understanding of how we can help people purchase their dream home, advising them of the best time to do their transfers to achieve the rates they require to complete their purchase. A small movement in the rates can make a big difference to the affordability of their property and it is good to know we can help the client and also the affiliate to see the sale through. One transaction, two satisfied parties.

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Price Bailey Private Client is the wealth and tax management division of a Top 40 UK Accountancy Practice.  We offer a wealth management service which includes lifestyle planning, financial advice, tax advice and discretionary management service.  Our discretionary management service includes treasury, enabling us to move funds between a number of banks on your behalf.

Many of our clients have assets abroad and the ability to offer competitive currency exchange is a very useful addition to our overall service.  In the current climate and with sterling exchange rates as they are it is even more important to reduce costs where possible and efficient, competitive currency conversion is important to them. When you need to transfer funds to Banks abroad we recommend the services of currencies Direct who can help you make significant savings.

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