Financial Articles
Iberia back in the black
Spanish flag carrier Iberia which is to merge with British Airways, flew back into the black in the second quarter after posting net profits of 31 millions euros on an upturn in demand, it said on Friday That compares with a loss of 73 million euros (93 million dollars) in the same period last year […]
More debt worries as Spain jobless rate hits 20%
According to the National Statistics Institute (INE), Spain’s jobless rate has now topped 20% in the first quarter of the year and further fuels fears the country’s public finances which have unsettled global financial markets. The number of unemployed jumped by 280,200 to 4.61 million. This is a higher unemployment figure than Germany which has […]
VAT set to rise in July
The countdown to the rise of VAT has started. It is due for July and businesses are increasingly worried that this will force them to pay the tax, leading to less profit and loss of jobs, so that rising prices won’t scare customers away. The European Commission, which had predicted that Spain will start to […]
Fight bad banking practices
Luis Pineda, the Ausbanc president encourages clients with “abusive” floor clauses in their mortgages to try to negotiate with the bank or go to court He says that rights are not gifted but conquered. The president of Ausbanc, the Association of Bank Users, encourages consumers to launch a “sensible battle” against banks to stop malpractice […]
Banking in Spain
The first thing you need to know about Spanish banks is that they are over 170 banking institutions where you can lodge your savings or open a current account. The banks are separated into two main categories, Bancos (banks) and Cajas (savings banks). Currently, there are around 50 banks and 120 savings banks. In the […]
Quick guide to tax & accounts in Spain
1. Get an NIE number. This is a Spanish ID number which is essential for just about any legal, fiscal or bureaucratic transaction such as opening a resident’s bank account, paying taxes, buying property etc. It’s not essential for a non-resident who simply stays in Spain a few weeks a year but if you want […]