A fairly simple answer to that question is that Spain is Spain. Everything takes longer and involves more red tape than most other countries in the civilised world.
Spain is very active in signing new tax treaties and updating some old treaties, unfortunately not necessarily for the benefit of the individuals investing in Spain.
There is much in the news today about various firms of auditors being appointed to analyse the real bad debt situation that has caused the banking crisis. As a small scale Spanish auditor myself, I can't help think that something has gone seriously wrong in the audit profession in Spain and it amazes me that no one is pointing the finger at the big firms that have been responsible for the audit of the Spanish banks in recent years. Amazingly, it is the same firms that are now being appointed to carry out a new review of the bank's balance sheets.
An article in a blog I was reading this weekend caught my eye and I decided to do some digging. After a few minutes, what I have long suspected about the bank's holdings of defaulting loan assets became crystal clear.
Election day on Sunday 20th November should produce a dramatic change in Government for Spain. But what will this mean?
Thoughts on alternate realities...
Or was he thinking of the Maginot line? Lets hope Sarkozy's imaginary line will hold for longer than the Maginot line that proved useless within a few days to repel a German invasion. The phrase 'wishful thinking' comes to mind.
Many will remember that happy day in December 2008 when the Spanish Government eliminated Wealth Tax, or so it was thought!
The idea in 2008 was to make Spain a more attractive economy and do away with an archaic tax that has its roots in 1977 when inflation and interest rates were in double figures, the fledgling Spanish democratic state was crying for financial air and so an 'extraordinary tax' was born.
In yet a further attempt to stimulate small business growth, from 15 June 2010 and until 31 December 2011, small companies and self employed would now be able to receive finance easier from ICO (Instituto de Crédito Oficial) than a bank.
The Spanish Government has enabled its ICO (Instituto de Crédito Oficial) to grant loans of up to 200.000 € directly to small businesses, bypassing the high street banks. The question is will a Government department do any better at providing financial help to small businesses than a typical bank? We shall see...
The Spanish Government, currently the PSOE which is the main centre left party, announced on 1 March 2010 a number of proposals to stimulate the creation of employment and the economy in general. The main proposal is to incentivise property refurbishment which the Government believes will create 350.000 new jobs. Official figures show current unemployment at 20% nationally, (25% in Andalucia).
Since the publication of the 'grey list' by the Organisation for Economic Co-Operation and Development (OECD) in April 2009, the number of countries included on the list has decreased from 35 to 16. 19 countries have signed at least 12 different agreements of exchange of fiscal information with different countries. The signing of these agreements results in their removal from the 'grey list'.