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You're viewing: SOTOGRANDE PROPERTY MARKET BOOMED WHEN THE BORDER OPENED!
SOTOGRANDE PROPERTY MARKET BOOMED WHEN THE BORDER OPENED!
Today, 31st January, 2010 marks the twenty fifth anniversary of the reopening of the border between Spain and Gibraltar. El Generalisimo Franco, the Spanish dictator had closed the border in 1969. Many apartments and villas for sale in Sotogrande and surrounding area were abandoned, as their owners could not get to southern Spain other than by sailing to Morocco, then catching the ferry to Algeciras. It was a long drive to Sotogrande with narrow single lane country roads.
Property for sale in Sotogrande was at a premium, when the frontier was finally reopened. There had not been much development in the area. Only some Americans and rich Spaniards had holiday homes there. It was not made easy for non residents to purchase. Sotogrande was considered a military area. British purchasers had to seek special permission from Madrid. They were only granted this if they purchased in the name of an offshore company. This gave rise to the popularity of obtaining the title deed in the name of a company and not an individual. No taxes were applicable. In case of inheritance, the shares were simply transferred thus avoiding death duty. Property for sale also had its advantages as the shares were simply transferred which saved the transfer tax.
The border reopened, for pedestrians only, in December 1982, finally just over two years after that, twenty five years ago today, on 31st January 1985, it was reopened completely for traffic.
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