#EmbraceSpain: The necessary embrace between Spain and the United Kingdom

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#EmbraceSpain: The necessary embrace between Spain and the United Kingdom

The #EmbraceSpain campaign highlights the need for Spanish-British trade ties and furthers our expansion in the UK despite the uncertainty generated by the Brexit.

At Del Canto Chambers we spent the last week of September in London promoting the #EmbraceSpain campaign with the aim of strengthening Spanish-British trade relations after the uncertainty caused by the Brexit and the forthcoming negotiations in the UK to leave the EU . This campaign is launched from Kairos Strategy, supported by PR and Communication firms, Kysen in the City of London and Gericó Associates in Madrid.

Thus, we met with Igor Urra from the Spanish Chamber of Commerce in the British capital, to whom we presented the #EmbraceSpain campaign, which was received with great enthusiasm. We also visited Peter Robinson, CEO of the International Association of Real Estate Professionals (AIPP), dealing with issues concerning more than 300,000 British property owners in Spain.

One of the consequences of Brexit for British expats in Spain is the uncertainty about the future of their properties (present and future) in our country. We therefore met with Chris Mercer, property owner of Mercers, who has been selling property since 1983 to British citizens in Spain, and he mentioned the increased property sales in recent months.

Defending the rights of the ‘Brexpats’ in the EU, on Thursday we published an article by our managing partner in the British magazine Money Observer entitled “British Expats facing green card Procedures in EU”, which analyzed what the situation will be for expatriates and residence permits in the countries within the European Union post-Brexit.

An incentive to maintain ties between Spain and the United Kingdom was discussed in our article “The United Kingdom, seventh competitive world power.” According to the new ranking published by the World Economic Forum, the UK is the seventh world power seen as it is the most important financial center, which boasts the best business schools, has a high rate of participation in foreign companies, along with digitization and significant technological penetration.

On another point,  in Spain, we have focused on the criticism that the Plan to Intensify Actions (PEIA) has received from the Tax Agency, which will end late next October. This “confiscatory” plan was qualified by the professional associations of tax matters and advisers as the Spanish Association of Tax Consultants (AEDAF).

They have been accused of discouraging the fight against tax fraud in large businesses and focusing on minor frauds that are easier to detect, to remunerate officials in terms of the total amount collected during inspections.

We have also addressed how the amount of toxic assets from banks are one of the causes of Spain’s weak economic recovery. The banks still have to get rid of 350,000 million euros in nonperforming assets as bad loans or deferred and unsold properties (mainly housing developments and land), with the aim of recovering profitability and liquidity.

We finished the week in Barcelona and Madrid, in meetings with media channels, chambers of commerce, business organizations and corporate and professional environments, exploring how to join forces, unite wills and, through the #EmbraceSpain campaign, highlight the Spanish-British trade ties and promote our expansion in the UK.

In the same way that at Del Canto Chambers we do not forget the ties that unite us with the British, we look forward to joining you again next week.

Xavier Nova (@xavinova)

Director of Del Canto Chambers