Archived articles from Fuerteventura's popular English Language Newspaper
ARCHIVE OCT /NOV 2007
The “Apañadas” of Puerto
del Rosario
It
is difficult to imagine Fuerteventura without its population of
goats roaming freely on the hillsides of what is one of the flattest
islands of the archipelago.
The dry, barren landscape of the island is home
to around 90,000 goats many of which are allowed to graze the hillsides
of the island apparently without any control, but the practice of
letting the animals roam free dates back centuries and is in fact
very much controlled by the Island Agricultural Department. The
typical goats which from part of the herds on the island produce
between three and four litres of milk every day and the freed goats,
known as “cabras de costa”, are goats which have been set loose
by their owners since they are considered as being of no practical
use at the time as far as milk production and breeding are concerned
and the fact that they can graze freely reduces costs for the goatherd.
The majority of the freed goats are male.
The island is divided into different areas for
the control of the goats with each area being allocated a supervisor.
Although each one is marked with the sign of its
owner at the time of release at the time of the “apañada”
or gathering of the goats any new borns are also marked and the
goatherds also select any older animals to be killed for their meat.
The “apañadas” as well as being the traditional
way of returning the free roaming goats of the island to their rightful
owner albeit for a short time are an excellent cause for a fiesta
since all the goatherds come together for the occasion and food,
carne de cabra (of course) and wine is a plenty. Such was the case
at the end of September in Puerto del Rosario.
Mobile
Phones Not A Health Hazard
Mobile phones have not been found
to be associated with any biological or adverse health effects according
to the UK 's largest investigation into the possible health risks
from mobile telephone technology. The Mobile Telecommunications
and Health Research (MTHR) Programme has published their conclusions
as part of its 2007 Report.
The six year research programme has found no association
between short term mobile phone use and brain cancer. Studies on
volunteers also showed no evidence that brain function was affected
by mobile phone signals or the signals used by the emergency services
(TETRA). The MTHR programme management committee believes there
is no need to support further work in this area.
The research programme also included the largest
and most robust studies of electrical hypersensitivity undertaken
anywhere in the world. These studies have found no evidence that
the unpleasant symptoms experienced by sufferers are the result
of exposure to signals from mobile phones or base stations.
The situation for longer term exposure is less
clear as studies have so far only included a limited number of participants
who have used their phones for 10 years or more. The committee recommends
more research be conducted in this area.
The MTHR programme also investigated whether mobile
phones might affect cells and tissue beyond simply heating them.
The results so far show no evidence for this and the committee believes
there is no need to support further work in this area.
Professor Lawrie Challis, Chairman of MTHR, said
“This is a very substantial report from a large research programme.
The work reported today has all been published in respected peer-reviewed
scientific or medical journals. The results are so far re-assuring
but there is still a need for more research, especially to check
that no effects emerge from longer-term phone use from adults and
from use by children.”
Your savings account
contributes to global warming
There is growing consensus that climate change,
also known as global warming, is becoming the greatest threat to
our environment. It is caused by increasing levels of greenhouse
gases, which trap the Sun's energy within the atmosphere. Did you
know that even your saving account could emit greenhouse gases!
One UK bank will now lead the way by calculating how much greenhouse
gas is emitted from its savings account. The customers' literature
will show existing and potential customers how much carbon their
account produces. The carbon calculation will cover all greenhouse
gas emissions from the initial application to customers' transactions.
Greenhouse gases include carbon dioxide, which is produced every
time we use energy from fossil fuels - oil, coal and natural gas.
Businesses are currently responsible fora large percentage of carbon
emissions. Even one small office can emit three to five tonnes of
carbon dioxide a year.
Starting
on the road to sustainable clothing
Fashion,
clothing, and textile industry representatives have met for the
first time with environmental and ethical groups to look at how
they can work with the government to improve the sustainability
of clothing throughout its life cycle.
Clothing, across its life cycle, generates a range
of environmental, social and economic impacts – with the growth
in fast fashion and consumption being a key factor in this.
In 2006, UK clothing and textiles produced up to
two million tonnes of waste, 3.1 million tonnes of CO2 and 70 million
tonnes of waste water. Clothing imports into the EU as a whole now
account for 42 per cent of the global market. In the UK only 10
per cent of our clothing is manufactured at home, the rest is imported.
Speaking at the event, Katharine Hamnett, one of
the industry's most ethical and environmentally aware designers,
said:
“Sustainable clothing doesn't have to be
more expensive. It can be more affordable and it should be more
affordable.”
Following the event the clothing and fashion industry
are invited to be involved in developing the sustainable clothing
roadmap. The roadmap examines all stages of clothing's life cycle
(from raw materials to end of life), charts the environmental and
social impacts arising at each stage, and proposes ways of limiting
those impacts where most effective.
BRITISH BEHAVIOUR
ABROAD
The Foreign & Common Wealth Office has released
statistics and advice for the thousands of UK citizens who will
be calling upon its services when on holiday. The FCO believes that
many of these problems could be prevented or made easier to deal
with through better preparation by travellers and, by releasing
facts and figures, it hopes to encourage travellers to be more prepared
for their trips and more aware of their environment whilst abroad.
The facts
• Spain has the highest number of reported lost or stolen passports
at 6,078 in this period. As the country most visited by British
nationals (13,795.000) this i s unsurprising. However, in comparison,
France – the second most popular country at 10,984,000 visitors
- had only 713 reported lost or stolen passports.
FCO advice on passports:
• Before you travel, make two photocopies of the page with your
details on. Leave one with friends or family at home and take one
with
you when you travel - this will assist a speedier turnaround if
your passport is lost or stolen.
• Once abroad, keep your passport in a safe place (e.g. hotel safe).
If you need to carry ID when you're out and about, use a photocopy.
• If you lose your passport or it is stolen, report the loss immediately
to the nearest local police station and obtain a police report before
contacting the nearest Embassy. Have your photocopy handy.
The Czech Republic features as one of the countries where most
consular assistance is required with a disproportionate number of
lost passports, arrests and hospitalisations. This is likely to
be due to the massive influx of hen and stag parties to Prague !
Free
dental treatment for kids
News that dental services for
children will be provided free of charge by the Spanish government
by the beginning of next year
for six to fifteen year olds who have, up until now, had to shell
out considerable sums of money to have their children's teeth checked,
filled or extracted.
The announcement, which was made by the Spanish Ministry of Health
at the beginning of September, forms part of the Government's “Plan
de salud bucodental”. It will cover services such as annual check
ups, fillings, the sealing of cracks in permanent teeth to avoid
future decay, extractions, tooth polishing, treatment for teeth
damaged in accidents and the correction of malformed canine teeth.
The National Minister for Health Bernat Soria explained that Madrid
will support each of the autonomous communities which make up the
Spanish territory financially to enable them to set up the new system
even though communities like Navarra, The Basque Country and Andalucia
already operate a similar system financed by community funds.
The new plan will be set up gradually but it is estimated that
it will eventually benefit around four million under sixteens.
If the system is introduced in alphabetical order, it shouldn't
be too long before “Canarias” reaps the benefits of the socialist
government's latest idea.
Second,
phase of hospital revamp under starters orders
The OHL construction
company has been selected by the Regional Government Health Department
to carry out the second phase of the remodelling and extension work
programmed for Fuerteventura General Hospital .
The main objectives of the work, which will be
backed by a 40.6 million Euro budget, are firstly to improve the
organisation of the hospital building making it easier to use for
both patients and visitors and secondly to increase the amount of
space available for consulting rooms.
Once the work has been completed Fuerteventura
General Hospital will boast a brand new Intensive Care unit with
eight separate isolation rooms, an accident and emergency area with
room for twenty patients. Nine separate operating theatres and a
recovery area equipped to deal with ten patients at any one time
as a well as a maternity unit with its corresponding theatres, an
outpatients area and the usual consulting service. The company did
not announce the expected completion date.
Cofete
beaches to house baby turtles
The
beaches of Cofete in the south of Fuerteventura are now littered
with nests. The nests have not however been made by the local birds.
They have been carefully transported from the beaches of Boa Vista
in the Portuguese archipelago of Cabo Verde by helicopter together
with their precious contents – turtle's eggs of the Caretta Caretta
variety.
Experts from the Canary Islands , together with
a contingent from the Environmental Department of Fuerteventura
Cabildo travelled to the Archipelago, which is just off the West
coast of Africa . They selected nests, which they considered most
to survive the attacks of the large number of predators, which are
resident in Cabo Verde and supervised their transfer to Fuerteventura
.
The eight nests, which hold around five hundred
turtle eggs between them, were carefully emptied and their contents
buried “turtle style” at a depth of around fifty centimetres.
The regeneration project, which received a similar
delivery of turtle eggs at this time last year, hopes to help the
population of Tortugas regain strength in Fuerteventura .
Cruise calendar underway
The Silver Shadow cruise liner landed in Rosario
on the 1 st October as one of its stop offs during a nine night cruise.
Other destinations included Morocco , Portugal , Las Palmas , Cadiz
and Malaga . Silver Shadow passengers tend to be well off 40-60+ and
American and European. The ship is classed as luxury rated; the crew
ratio is one to 1 to 1.5 passengers!
First draft
of Island Tourism Plan published
Faced with a drop in
the number of visitors to the Canary Islands the Regional Department
of Tourism has decided to step in and invite each of the island
Cabildos to draw up its own “rescue” plan with the aim of re establishing
the islands as one of the most popular European tourist destinations.
Each island has its own separate
strategy but as far as
Fuerteventura is concerned the Plan Territorial
Especial de Ordenacion Turistico Insular PTEOTI or Island Plan for
the Organization of Tourism concentrates on improving the existing
installations rather than increasing the number of tourist beds
on the island. The controversial plan, a rough draft of which has
already been put into writing, was made public at the beginning
of October. It will not be officially presented to the Regional
Government until the statutory sixty day period established by the
law during which the local town councils and any other persons affected
by the decisions can make allegations against the ruling.
Basically the Plan is centred on establishing five main tourist
areas on the island namely El Cotillo, Corralejo, the area around
Parque Holandes, El Castillo, Tarajalejo-Las Playitas, Costa Calma,
Esquinzo-Butihondo, Morro Jable and Aguas Verdes stating that permission
for touristic constructions will not be granted in other parts of
the island.
The drastic decision is necessary, according to the Tourist Department
of the Cabildo, if the future of the island as a tourist resort
is to be guaranteed. The existing establishments once they have
been renovated and improved, are sufficient to keep the sector ticking
over, allege the councillors adding that any projects in other areas
which have already been authorized by the Cabildo will probably
have the number of beds cut by half once the plan has been approved.
Furthermore, the land in other areas will no longer be classed as
apt for touristic development and promotion companies which have
invested in this land with the idea of building hotels and apartment
blocks will not be compensated by the island government.
In this way, the Cabildo will be stopping the 55,000 tourist beds
currently in the pipeline, which would appear to go against the
philosophy of promoting the island as a tourist resort.
However, the reasoning behind the decision would appear to be the
growing population of Fuerteventura since the Cabildo considers
it to be of paramount importance to reserve large amounts of land
for the future generations.
It does of course remain to be seen what the individual town councils
have to say about the Plan and whether or not the ruling will have
to be rewritten several times and a long list of exceptions drawn
up.
Five
new schools for Fuerteventura !
Only
one day before the demonstration organized by the Fimapa Parents
Association of Fuerteventura to protest about the lack of adequate
infrastructure and the subsequent poor standards of education on
the island was due to take place the Regional Government announced
that emergency measures will be taken to remedy the situation.
Although the situation in the islands as a whole
is problematic with a good deal of overcrowding in the classrooms
and the need for extra schools on the larger islands has been recognized.
The parents of Fuerteventura felt that neither the island Cabildo,
nor the Regional Government had taken into account the increase
in the number of children on the registers of the island's schools
in their plans for this school year. Large numbers of children had
been allocated prefabricated buildings as classrooms and no provision
had been made to take on extra teachers to cope with the increase
in numbers.
Hopes were raised at the beginning of October when
Milagros Luis Brito, regional minister for education announced that
to find a solution to the educational problems of Fuerteventura
had become the number one priority of the Regional Education Department
acknowledging the size of the problem caused by the massive growth
in the population of the islands over the last decade. In the period
between 1998 and 2006 there has been a population increase of 103%.
It is predicted that the population will increase by a further 82%
by 2015, Brito commented that the existing educational infrastructure
quite simply cannot cope with so many pupils and a sigh of relief
was breathed on October 3 rd when the president of the islands explained
that five new schools were to be built on the island. CEIP primary
schools in Los Pozos, San Jose de Calasanz, El Castillo Antigua(2)
and Pajara plus an IES Secondary school in Puerto del Rosario.
The construction of all the schools will be funded
by the regional government.
Adverts to
prevent illegal immigration
The Spanish government has begun
airing television adverts across West Africa to try and stop the
flow of illegal immigration. The $1.4m media campaign is to run
for six weeks and has begun in Senegal . The aim of the campaign
is to discourage potential migrants from attempting the dangerous
12-day voyage by boat to the Canary Islands . In the past two years
Spain has signed cooperation and repatriation agreements with Algeria
, Morocco , Senegal , Mauritania , Gambia , Guinea , Mali and Ghana
. Repatriation, together with tougher policing, including European
naval patrols, have led to a sharp fall in arrivals in the Canary
Islands this year. However last month, 10 people drowned off Gran
Canaria when a boat struck rocks close to shore. In July, about
50 people drowned when their boat capsized.
Corralejo port
project
Following the success of similar projects in other islands, the
Cabildo of Fuerteventura and La Oliva town council decided to join
forces to propose a competition to be held for architects and construction
specialists to be able to present their ideas for the future port
of Corralejo .
In this way, explained the councillors, we can be sure that all
the possibilities for developing the area will be looked into before
opting for one particular project but the overall idea is to increase
the space available for mooring boats.
The General Regional director of ports Jose Manuel Soto, who visited
the port area of Corralejo accompanied by the president of Fuerteventura
Cabildo Mario Cabrera, the island councillor for transports Ana
Padilla and the Mayoress of the borough of La Oliva Claudina Morales,
explained that there is a high demand for mooring points in Corralejo
in recent times which it has not been possible to meet adding that
it is hoped that the winning project will take into account the
future expansion of the harbour.
It is also hoped that by opening up the competition the remodelling
of the port will have less of a negative impact on the coastline.
We
only need a small pool, please!
The Fuerteventura Association of the Parents of Handicapped Children
(Adisfama) is determined to convince Puerto del Rosario town council
of the real need to construct a specially designed swimming pool
in the Special Needs Educational Centre which situated in the island's
capital.
The success of the swimming project for the handicapped, organised
back in 2003, explain representatives of the organisation, was undeniable.
The children who participated in the project grew in self-confidence
and their physical abilities improved due to the water exercise
programme. However, the project, which the Cabildo had originally
planned to repeat each summer, eventually came to a halt and the
children were left without their favourite activity.
The ideal solution would be to construct a therapeutic pool in
the centre, added the president of the organisation Sergio Leon,
given that in this way the children would be able to benefit for
the exercise on a regular basis all year round.
In fact, the pool proposed by Adisfama would only measure ten metres
by six with a depth of between 45 centimetres and one metre twenty
at each end, needing only 18,000 euros for its construction.
Unfortunately, it would appear that Puerto del Rosario town council
has not been very cooperative so far and the construction of the
pool would not seem to be high on the list of priorities. Despite
the clear physical and psychological benefits. The programme increases
their self-confidence and helps them relate to other children with
similar problems.
Adisfama, although not willing to back down, would be prepared
to accept the “loan” of one lane at the municipal swimming pool
until the special pool has been completed but the council has rejected
the proposal explaining that “ there are no qualified supervisors”
for the activity.
Checking
on the Chinese
Faced with a notable drop in the number of tourists visiting the
island the Tourism Department of Gran Canaria has decided to carry
out campaigns to promote the island as the perfect location for
conferences and congresses further a field than the usual German,
French, British, and Italian markets.
The department has decided to make the most of the tour of the
Gran Canaria Philharmonic Orchestra, which is currently on tour
in China to propose the island as an alternative to the major European
locations usually chosen by the Chinese for their conferences.
Gran Canaria, assured the Minister for Tourism Roberto Moreno,
is in the ideal position. The island is near Africa , and has an
“exotic” appeal to the Chinese yet it is in Europe with all the
commodities of the West. It is just what the Chinese are looking
for, continued the minister adding that meetings with the main Chinese
travel agencies, which are known to deal with more than 150,000
travellers on a yearly basis, have already been held.
The Chinese are not looking for sun and sand, explained Mr Moreno
and Gran Canaria as a typical beach resort has not appealed to them
in the past. What must be carried out is a campaign to promote the
island as a cultural location offering alternative leisure activities
and water sports as well as traditional golf courses and luxury
accommodation added Mr Moreno and this is just the nature of the
project.
Mr Moreno expressed his satisfaction with the progress made so
far explaining that the Chinese have shown a great deal of interest
in the island but added that it is too soon to tell if the initial
steps of the campaign have been successful.
Welcome
to Fuerteventura !
Hundreds of tourists who arrived in El Matorral airport at the
end of September were given VIP treatment as part of the International
Tourism Day celebrations in Fuerteventura .
Amid the tones of local folklore groups, the island councillor
for Tourism Agueda Montelongo, accompanied by the current Miss Spain
Natalia Zavala, gave out eye catching strelizia flowers and straw
hats bearing the name of Fuerteventura . Other promotional gifts
were also given to all those arriving at the airport on September
27 th inviting everyone to sample some typical island wine, cheeses
and fruits which were attractively displayed in the airport building.
Fuerteventura is leading the way in the archipelago as far increased
tourist numbers are concerned and the councillor could not help
but express her satisfaction at the decision taken by the island
cabildo to give such a warm welcome to both national and international
tourists in this way assuring that they take a “good” impression
back to their home countries. A permanent
reception party could be an excellent idea for the future
Which
way round?
Caleta's got one now and since
its construction in the middle of September it has caused no end
of problems for drivers. The era of the “glorieta , rotonda” or
roundabout as we know it has arrived.
The civil engineers of the Canary Islands have, over the last five
years or so, become “obsessed” with the idea that traffic problems
can be solved by the simple inclusion of a roundabout where a problematic
but straightforward junction once existed. In theory the inclusion
of a roundabout should alleviate traffic flow problems always supposing
those who use the miracle structure actually know how they are supposed
to use it and manage to work out why there are two lanes and not
only one .
It must be remembered that the laws affecting roundabouts are new
to Spain and just the same as any other law will be subject to change
without warning but the norms are as follows.
Anyone wishing to turn left at the roundabout “should” indeed use
the inside lane and change to the outside lane approximately one
exit before they intend to turn left demonstrating their intentions
by using the indicators. However Spanish law will also permit all
road users to drive right round the roundabout in the outside lane
never using the inside lane even if they wish to turn left at the
very last exit. Furthermore, these outside lane users have priority
and are only required to use their indicator just before they intend
to leave the roundabout.
The result is chaotic. The outside laners will undoubtedly toot
their horns at anyone trying to change lanes on the roundabout or
will dangerously slam on the brakes giving the driver behind a heart
attack all to avoid the crunch when the inside lane user suddenly
tries to leave the roundabout directly from the inside lane in what
is known as a right angled turn, which is also permitted by law.
In short, anything goes except sticking the nose of the car into
the roundabout to oblige those using the outside lane to let you
in. There IS a law against that.
Roundabout users. Go for it. Roundabouts are progress and remember
that if you pass your exit because no one will let you out go round
again and again if necessary. Next time join the hoards and use
the outside lane!
New
look stadium for Gran Tarajal
After a long
three-year fight, the Gran Tarajal Sports Stadium is sporting a
brand new look.
Work on laying the new racing track, which consisted of installing
a 12mm layer of “Sportrack” combining the P30 and P60 pigments,
was completed at the end of July and the video finish tower the
construction of which was included in the 270,000 Euro budget is
also ready for use.
The whole project was planned and carried out according to the
instructions of the Fuerteventura Athletics Delegation and the result
is so impressive that the Stadium is to be awarded the category
of an official athletics track, which means official regional and
national athletics events will be held in Gran Tarajal in the future.
Canaries
lead the way for clean energy
The huge ecological challenge of generating clean energy using
only renewable fuel sources in the future was taken up by the ITC
Canarian Institute of Techonolgy several years ago when the entity
financed and coordinated the construction of two hydrogen-generating
plants in the islands.
In an ideal world hydrogen, a clean easily renewable energy source
which does not put the world's supply of fossil fuels in danger,
would be used to power all kinds of vehicles and machinery. The
problem however has been to discover efficient ways of producing
enough hydrogen to keep the world moving.
The Canarian project, which will be officially opened this October,
is now ready to be put into action and in fact although it will
be a surprise to the majority of those living in the area Pozo Izquierda
in Gran Canaria will be housing two of the most important hydrogen
generation plants in the world.
The smaller of the two plants, which has been financed completely
by the ITC Canarian Institute of Technology, has cost around 300,000
euros and works using a hybrid system combining 10kw eolic or wind
power with 3kw solar energy and will eventually, be able to produce
25m3 or 2 kg of hydrogen per day.
The larger plant, which has been financed with European funds,
works by using a 225kw air generator, producing ten times as much
hydrogen, and storing it as a compressed gas and not as a liquid.
The hydrogen produced in this second plant will be used mainly to
charge hydrogen batteries.
There are two ways of producing hydrogen, the traditional method
where hydrogen is produced using fossil fuels, and the “green” method
which will be used in the Canarian plants and which produces hydrogen
by separating the oxygen, and hydrogen molecules in water.
The green method is not normally used in other parts of the world
since a great deal of energy is needed to carry out the process.
However, the grand quantity of sun and wind available in the archipelago
makes the process much easier and keeps the costs down.
Although the production of hydrogen in the islands will not change
the energy panorama overnight it is hoped that eventually, more
of the vehicles using the roads will be hydrogen powered. Hydrogen
is much cheaper and does not contaminate the air we breathe. We
have the technology it is now a question of changing attitudes.
House
purchase. The notarial deeds of sale
Once
a contract of purchase is signed with the vendor, that represents
the closing of the agreement between buyer and salesperson, but
the transaction can only be completed and legal to other parties
by its conversion to a notarial deed.
The signature of the contract of sale of a property supposes to
capture the agreement in writing by which buyer and salesperson
establish the terms and conditions of the sale done. In this document,
it is itemised who are the buyers and who the salespersons are.
What it is that is being sold, the sale price and the form of payment
together with dates and all conditions of the sale etc.
Usually, in the signature of the contract of
sale a percentage of the total agreed sales price is specified,
it can be between 10 and 30%, of the payment of the property, which
is declared to the public notary and to the taxman.
As we see, the contract of sale is an agreement between parties.
However, what validity does it have in front of any third party?
To make sure that the sale is total validity before any other party
i.e financial, future buyers, etc, we proceed to what the Spanish
call “the elevation to notarial instrument” of the contract. With
this, it will be possible to have the sale inscribed in the general
records of the land property registry and therefore after this stage
the position of the new owner is secured within the Spanish legal
system.
What does it mean to “elevated” to
notarial deeds?
Simply, as commented on earlier, it is going to give full legal
validity of the sale done since it registers the new ownership in
the land property registry and from that point on any other claim
over the property, any rights or any kind of ownership over the
same property will be not considered as valid since the first person
registering it, as they are the legitimated owner(s).
When doubts arise over who can be or not be the proprietor of a
house or land, those interested goes to the General records which
are used as the basis to determine and decide against any other
company, person, or institution who is the owner of a real estate
property.
On the another hand, an important topic of the deed is that the
notarized amount will constitute the base for the fiscality of the
house. Points to note:
- The buyer, investing in real estate should keep in mind the value
given in the notarial deeds of the purchase, because it is the money
that is declared what the buyer would have paid for it and it is
value taken in consideration for fiscality and taxes in any resale
on a later basis.
How to make a notarial deed?
The vendor and purchaser sign the notarial deeds, usually after
the signature of the private contract of sale. Buyer and salesperson
go to a public notary with the original contract of sale that you
have signed so that the agreement can be inspected. If these corroborate
that it is legal and valid, the notary public signature process
of the deeds will proceed.
The public notary makes sure that everything is acceptable by undertaking
certain procedures. These are:
- To read the agreement in appearance of the parts confirming that
both agree and they understand everything they are signing.
- To make sure that the salesperson gives a note of the community
of neighbours (signed by the Secretary of the same one) in the one
that figures that he doesn't have debts with the community (in the
event of signing the operation and book credit debts, the new buyer
becomes responsible).
- To make sure requesting for fax to the General records of the
Property that the buyer buys the housing free of any debts, encumbrances
or lies (any mortgage, etc), or that in the event of any in the
same act you proceeds to his cancellation.
The amount that is pending of payment for the buyer to the seller,
should be done in this act and on the another hand, the salesperson
will make the made "delivery of keys" that is considered
as the delivery of the property that he sells.
The notary public points the hour in which one makes the Deed.
From that moment, the buyer is the new proprietor. Later on, your
lawyer will take care of consigning copy from the deeds to the General
records of the Property that corresponds so that it is registered
the ownership change.
And when does the buyer finance the
purchase of his housing with a mortgage?
If it has to be paid to the vendor by using a mortgage facility,
the same day of the sale deed being signed, the lender's representative
will be present to formalise a second deed that is the "mortgage
deed", at the same time. The representative of the lender will
give the cheque to the salesperson and will realise the signature
of the mortgage. This deed has also to be registered at the land
properties registry.
Due to the complexity of the whole process, it is strongly recommended
by the buyer of a Spanish property to seek specialised legal advice
on these matters.
Diversify… Diversify…
And then Diversify Some More….
by Bill Blevins , Financial
Correspondent
When it co me
s to saving and investing, your overall objective should be to minimise
risk while reaching long-term financial goals. These goals need
to include your require ments for income and growth; ensuring your
money is protected, as much as possible, from inflation, taxes and
exchange rates and that you will have sufficient money to see you
right through your retirement years.
The answer to “minimising risk” is rarely to leave
all your money in the bank. If you want a better return than inflation
– which will ensure that you maintain your spending power throughout
your life - the only way to get it is through investing. For cautious
investors, a broadly diversified, well balanced portfolio should
be the core element for savings. There are three main levels of
diversification you should consider adopting:
Asset allocation
Different assets classes have different risk and return characteristics.
Your portfolio should combine them in a way that me ets your objectives
and need for stability. Asset classes include US equities, UK equities,
e me rging markets, bonds, property and cash.
Investing solely in low risk invest me nts will give you lower
returns. Taxes and inflation will also eat away at much of these
returns, making it hard to reach your invest me nt goals. Investing
solely in higher risk equities exposes you to volatility. But by
combining different assets you can earn higher returns that you
would from a single low risk invest me nt, but with less risk than
equities.
Diversifying across styles
The equity section of your portfolio also needs to be diversified,
this ti me across styles and sectors and sectors. These include
growth, value, market oriented, and large and small capitalisation.
Such diversification me ans your portfolio will benefit from any
upswings and be cushioned when one particular style goes out of
favour.
When it co me s to investing in bonds, owning a bond fund will
provide you with this diversification.
3. The multi manager approach
This third layer of diversification can help increase returns and
out pace inflation, at the sa me ti me as lowering risk still further.
The multi manager process places assets in any one style with multiple
management firms. Managers rarely outperform consistently and they
all have their own approach which works better in some market conditions
than in others. This could mean that your funds will suffer if they
are managed by just a few managers, even if their past record was
impressive when you chose them.
The opportunity to have a large number of the world's leading managers
looking after your capital is one everyone should consider. Multi
manager firms research thousands of invest me nt managers each year.
They are constantly monitored and replaced where necessary.
Funds held in such an invest me nt can be bought and sold without
incurring any capital gains tax. You can also place the invest me
nt within a Personal Portfolio Bond, whereby if you do not make
any withdrawals you do not pay any tax.
Multi manager investing is an all-in-one solution which combines
diversification, active management and risk control in a simple,
tax efficient, cost savings vehicle. The wide range of diversification
it offers serves to reduce the risk associated with one market or
one fund manger and increases the opportunity to benefit from upturns
in different markets around the world.
Combined with appropriate asset allocation it me ans that your
money will be working hard to achieve your objectives, while you
can be secure in the knowledge that you have neither taken on too
much risk nor ignored hidden risks like inflation.
We will be supplying El Sol News with regular
financial editorial from now on, dealing with subjects of particular
importance to expatriates living here. I hope you enjoy these features
and find them useful. For further information on any of these topics
you may contact our Canary Islands Partner, Paul Montague , on telephone
922 716 079 or email paul.montague@blevinsfranks.com
.
To keep in touch with the latest developments in the offshore
world, check out the latest news on our website www.blevinsfranksinternational.com