N E W S L E T T E R
D I G E S T
SPAIN January 2007
Presidents Farewell Letter
Dear Members, Ambassador, Jose de Carvajal, and all the ISEA President
staff of the Spanish Embassy for their Jacqui Cross
This year’s annual dinner marked the end of valuable support of the Association. I am Tel: 01 619 9000
Fax: 01 619 9010
my term as President and I’d like to thank certain that we can continue to count on
you all for your support over the past two their support for years to come.
years. I have now handed over the reins to ISEA Secretary
Jacqueline Cross and I would like to take this Most importantly, my thanks go out to you, Alice Orr
opportunity to wish her every success in her the Members, for all your support over the Tel/Fax: 01 235 2842
new role as President. I’m sure Jacqui will years. Without you the Association would
relish the challenge and take ISEA to new not exist. Traditionally the links between Spanish Commercial Office;
heights. Ireland and Spain are strong, and with ISEA 35 Molesworth Street,
as a forum, we can all come together and Dublin 2.
It goes without saying that running the continue to grow in numbers and develop Tel: 01 66 16 313
Fax: 01 661 0111
Association wouldn’t be possible without the links culturally and economically to the
the hard work and dedication of a number mutual benefit of us all. Embassy of Spain.
people. In particular I’d like to thank Alice 16a Merlyn Park,
Orr, our secretary, for her tireless work I look forward to Ballsbridge, Dublin 4.
organising the events and taking care of all seeing you all Tel: 01 269 1640
Fax: 01 269 1854
the administration behind the scenes; throughout 2007.
Jacqui Cross, for all her support and Enterprise Ireland.
encouragement over my term, and all the Casa de Irlanda, Paseo de la
members of the committee for their time, Pablo Vallejo Castellana, 46-3 piso,
help and advice. Finally I would like to President of ISEA. 28046 Madrid,
2007 Tel: 0034 91 436 4086
extend my sincerest thanks to H.E. the
Fax: 0034 91 435 6603
New President for 2007 to strength under his direction. I am delighted to have the
responsibility and the challenge of taking over the
Dear Members Presidency from him.
I am delighted to have the honour of I look forward to continuing to work with the Ambassador,
becoming President of the ISEA. I the Committee, the Spanish Embassy, the Spanish
have had tremendous support and Commercial Office and the ISEA members going forward.
assistance throughout my
involvement with the Association, in ISEA is a wonderful Association which brings together a
particular, over the last number of wide range of Spanish and Irish businesses and professional
years both as a member of the bodies. I hope throughout my Presidency to see the
Committee and as Vice President. Association continue to grow.
In particular, I would like to thank the Spanish Ambassador, Finally, I would like to wish you and your families a happy
H.E Jose de Carvajal Salido and his wife Señora Cebrian New Year. I will be in contact with you early in 2007 and
who have been very supportive of the Association, not only look forward to seeing you at our first event in January.
in attending ISEA events, but also in welcoming members to
events in their own home. I would also like to thank my Regards
fellow Committee members and our Secretary Alice Orr for Jacqui
their tremendous work, together with the members
themselves for their best wishes and kind words of support.
Finally, I would, in particular, like to thank Pablo Vallejo, who Patron Members
has been an excellent President. Pablo has put a lot of hard
work into ISEA and the Association has gone from strength
Annual Dinner 2006 Ambassador to Ireland presented the award to Mr Tom
McGrath, the firm’s Managing Director. Tom McGrath &
This year’s Ireland Spain Economic Association Annual Associates Solicitors was incorporated in the year 2000 and
Dinner was held on the 1st December at the O’Reilly Hall, provides legal services to those looking to invest in property
University College Dublin. This venue was being used for abroad. Over the last couple of years the firm has branched
the first time by the Association for such an occasion and into Eastern European and Latin American markets as well as
proved an ideal setting to kick off the festive season. consolidating its position in traditional
Guests were welcomed to a drinks reception in the Western European markets, in particular Spain, from which
Conservatory overlooking the lake and fountains in the over 50% of its business is derived.
University’s grounds, accompanied by music from the
Millennium Quartet, and dinner followed in the main hall. The evening marked the end of Pablo Vallejo’s two year term
as President of the Ireland Spain Economic Association, and
The Association was very fortunate this year to have a very announced that he was handing over the presidency to
distinguished speaker in Mr Peter Sutherland, Chairman of Jacqueline Cross of Matheson Ormsby Prentice. Pablo
BP and Goldman Sachs International, who was Vallejo thanked members of the committee, H.E. the
accompanied by his Spanish wife, Maruja. Ambassador, the Spanish Embassy and all the members of
the Association for their support, after which Jacqueline
Mr. Sutherland was educated at Gonzaga College, Cross reciprocated in her acceptance speech and, together
University College Dublin and the King’s Inns, graduating in with H.E. the Ambassador, presented Mr. Vallejo with a
Civil Law. His distinguished career has encompassed the parting gift of some Waterford crystal.
world of law, politics, trade and commerce both here and
abroad. Amongst his remarkable achievements include the Mr. Victor Toral, a Spanish guitarist from Sevilla, rounded off
positions of Attorney General of Ireland, EU Commissioner the evening with a recital on classical guitar. Mr. Toral is here
and Chairman of Allied Irish Banks to name but a few, and in Ireland, on a scholarship from Salamanca University,
his outstanding contributions have been rightly recognised studying under the tutelage of the well-known guitarist
worldwide. John Feeley. Mr. Toral performed a couple of classical pieces
as members and their guests mingled together after a very
In addition to his chairmanships, Mr. Sutherland is currently successful and enjoyable evening.
UN Special Representative for Migration and Development,
and it is in relation to this role with the United Nations that
he delivered with traditional humour
a thought provoking speech on the value of migration to
national economies, with particular relevance to those of
Ireland and Spain. Migration is so often viewed in negative
terms but Mr. Sutherland left his audience in no doubt that
the movement of people between countries is important
and essential for the growth of economies.
The presentation of the ISEA Business Award followed,
which this year was awarded to Tom McGrath & Associates
Solicitors. His Excellency Jose de Carvajal, Spanish
(L-R) Mrs. Nora Vallejo, Mr. Pablo Vallejo, Mr. Peter Sutherland, Mrs Maruja Sutherland, Mrs de Carvajal Salido,
Jose de Carvajal Salido, His Excellency the Ambassador of Spain, Jacqueline Cross and James Hickey
Ambassadors Reception 2006 Spanish Commercial Office and the cooperation between
itself and the Association.
On the 27th February H.E. Jose de Carvajal, the Spanish
Ambassador to Ireland, hosted a reception for members of Pablo Vallejo wrapped up the proceedings by presenting
the Ireland Spain Economic Association at his residence in the programme of events for the year, copies of which were
Ballsbridge. made available for everybody to take, and guests then
proceeded to enjoy the tapas and wine kindly provided by
The objectives of the evening were twofold. Firstly, to our host H.E. the Ambassador. The evening proved to be a
present the programme of events for 2006 and secondly, to great success, well supported by members and their guests,
promote the Association and it’s work. ISEA is continuously and it is hoped that just such an occasion can become a
looking to expand its membership base and this evening regular fixture in the year’s calendar.
provided an excellent opportunity for current members to
enjoy the Ambassador’s traditional fine hospitality and to
mingle with other distinguished guests from the world of
commerce between Ireland and Spain.
Following the customary introductions, Mr. Pablo Vallejo
gave a short overview of the history and objectives of the
Association for the benefit of those guests present that were
not familiar with ISEA. Miss Jacqueline Cross then followed
with an account of her experiences and involvement as a
committee member, and finally Mrs Ines Perez-Durantez, the
then Economic and Commercial Counsellor for the Spanish
Commercial Office, explained a little about the role of the
Mr. Brian Ranalow & His Excellency Jose de Caravajal
Business Award 2006 associate offices in Spain alone - work together to safeguard
the interests of clients wishing to invest in property overseas,
On the 1st December, Tom McGrath ensuring that developers own the land they propose to
& Associates was awarded the build on; that they have licenses; that planning permission is
Ireland Spain Economic Association complied with and that money paid is secured by bank
Annual Award, traditionally guarantees. They also act on behalf of the client, ensuring
presented at the Association’s Annual that they do not need to travel overseas.
Dinner to the company believed to Through his associate network, Tom has also established
have made a significant contribution links with key reputable developers and estate agents both
to the trade links between Ireland at home and abroad. The specialised service that he
and Spain. provides has been extended to help investors also in UK,
Portugal, Madeira Island, Cape Verde Islands, France,
Tom McGrath is Principal of the Dublin based firm of Germany, Poland, Turkey, Bulgaria, Romania, Morocco,
solicitors Tom McGrath & Associates. Educated at Rockwell Montenegro, Italy, Florida, Mexico, Panama, Brazil and
College, Co Tipperary and later at UCD and the Dominican Republic.
incorporated Law Society, he was a partner in a number of
large law firms in Dublin before establishing his own legal On legal matters relating to overseas properties Tom has
practice in 2001. He met his wife Asun, from Bilbao, while written numerous articles for Irish and UK magazines and
he was still at school when she came to Ireland as a student newspapers; appeared on radio and has lectured at the Law
to learn English and they have two children Eric and Society of Ireland both to solicitors and trainee solicitors, and
Cristina, both studying at UCD. at various property seminars. His appointment as a Notary
Public last year has allowed him to authenticate documents
A fluent Spanish speaker and keen enthusiast of all Hispanic for use in foreign jurisdictions thus saving the clients from
related matters, he is a former President of the Ireland Spain having to travel overseas to sign documents.
Economic Association (ISEA) and continues to be an active
member of its council. In 2006 Tom McGrath and Associates were asked by a
number of large reputable estate agents to service their
Tom spent most of his career both in the Four Courts and in clients and participate in seminars with them to support their
many of the Circuit and District courts around the country exhibitions, an invitation Tom was happy to accept as he
practicing as a litigation solicitor before deciding to capitalise believes that the service his firm provides is of great benefit
on his Spanish links to establish a niche service for clients to the investor and holiday home buyer abroad. Tom
wishing to buy property in Spain in 2001. He has extended McGrath and Associates has also recently been asked to
the service to other parts of the world and now he and his provide the legal information for the various countries
network of overseas associates – he now has some 20 featured in the overseas property program on TV3.
The Specialists in
The only suppliers in Ireland offering a
comprehensive range of ground-breaking
labels produced by some of the top
wine-makers in Spain today...
Ask for our Wine List
Approach Trade Wine Merchants
Mill River, Business Park, Carrick-on-Suir. Co.Tipperary
Tel.051.640164 Fax 051.641580
Wine Tasting Evening 2006 detailed notes provided by the Spanish
Commercial Office, including an
On Wednesday the 26th of April 2006 attracting chefs, wine experts & food & impressively detailed map of Spain & its
ISEA hosted a Spanish Wine Evening in drink journalists from around the Denominations of Origin.
the Wellington Room of the Merrion globe.
Hotel at which a range of fine Spanish The event was well supported by
wines were on offer for tasting. On this occasion the Association was members & their guests who were able
honoured to have the evening’s to enjoy the fine wines on display,
The wines being sampled covered the proceedings directed by Ms. Jane accompanied by a variety of cheeses, &
traditional red & white as well as cava, Boyce MW, highly reputed wine thereafter indulge themselves with
sherry and dessert wine. All were journalist, & one of only four people in their favourite tipple of the night. All
selected from a range of quality wines Ireland to hold the prestigious Master the wines on show are available in
showcased at last year’s Madrid Fusion of Wine qualification. Ireland & can be sourced through a
International Summit of Gastronomy. number of wine merchants, including
Madrid Fusion is one the most Ms. Boyce expertly guided members & the Association’s very own members
important food and wine events in their guests through each of the 9 Approach Trade Wine Ltd & Cassidy
Spain with an international dimension, wines, outlining the qualities and Wines.
& takes place every year in Madrid, characteristics of each, & supported by
ISEA Lunch with Enda Kenny TD
On Wednesday 14 June 2006, ISEA held a lunch in the name], the President of the [Ireland Portuguese Association]
Conrad Hotel. The guest speaker was the Fine Gael leader also attended the lunch as a guest of ISEA. It is hoped that,
Enda Kenny TD. Deputy Kenny spoke in detail about the in the near future, both Associations will be able to host a
close economic, historical and educational links between joint event for their members.
Ireland and Spain. On a domestic note, Deputy Kenny
noted that, although the country would probably be going Following the lunch, a presentation was made by the ISEA
to the polls in about a year’s time, that in fact the election President, Pablo Vallejo to [Ines Peres] , a member of the
campaign had already begun. Deputy Kenny said that he ISEA Committee, who was coming to the end of a 5 year
looked forward to the challenge which lay ahead! posting as the Economic and Commercial Counsellor at the
Spanish Commercial Office in Dublin. We wish Ines well in
The lunch was attended by the Spanish Ambassador, H.E her return to Spain and thank her for all her help and
Jose de Carvajal Salido, the patron of the Association. [Insert support during her time in Ireland.
National Gallery the remainder of the collection at their
team at the Instituto Cervantes for all
their help in organising the event,
On Tuesday the 21st of November which tied in neatly with their series of
2006 ISEA hosted a private guided tour Due to the excellent turn out, two lectures on the Spanish Masters, one of
of the collection of Spanish paintings tours were organised during and after a number of cultural events that we
on exhibition in the National Gallery of which members and their guests were can look forward to.
Ireland. The Association’s guide for the able to enjoy the Gallery’s fine
evening was Ms. Marta Bustillo from hospitality in the Yeats Room with a
the National College of Art & Design. drinks and food reception provided by
With over 50 paintings on display it Fitzers, a member of the Association.
would have been impossible to do Everybody had the opportunity to put
justice to each and every exhibit in one questions to Ms. Bustillo as well as
evening. Ms, Bustillo therefore covered enjoying a social evening in one
a cross section of the collection in another’s company.
detail, including works by Murillo, El
Greco, Goya, Zurbarán and Ribera, A sincere appreciation should be
after which members were free to view extended to Ms. Aurora Sotelo and her
Ms. Marta Bustillo & Mr. Pablo Vallejo
Celia Pérez Ibáñez
Born in 1963 in La Coruña, Spain. She holds a Cum Laude bachelors degree in Economics
and Business from the Autonomous University of Madrid. She entered the Central
Administration as an Economist of the State in 1990 and has worked for UE matters and for
the Antitrust Division in the Ministry of Finance. Her former position was with the Tribunal
for the Defence of Competition in the capacity of Head of the Studies Unit.
Eurolink Motorway Operation major construction groups.
The concessionaire company was responsible for the design
EuroLink Motorway Operation Ltd is an incorporated Irish and construction of approximately 36 km of motorway and
company that holds the concession contract for Design, other works, including 4 km of standard dual carriageway
Build, Finance and Operate and Maintain the N4-N6 and 17 km of side roads. The N4-N6, the largest toll road in
Kinnegad-Kilcock Motorway. The partners of EuroLink are the country, was opened in December 2005, ten months
Cintra Concesiones de Infraestructuras de Transporte SA, a ahead of schedule.
subsidiary of Grupo Ferrovial S.A, and SIAC Construction
Limited. Eurolink has also been selected as
provisional preferred bidder for
CINTRA is one of the world's leading private developers of another toll road project, the M3
transport infrastructures. Clonee to Kells, involving an
The company has over 35 years' experience and a business investment of 600 million euros for
strategy based on growth. Cintra presently manages 21 toll a 45-year concession;
highways (more than 2,000 km) in Spain, Portugal, Ireland,
Italy, Chile, Canada and USA.
SIAC, with a turnover of ¤200 million, is one of Ir eland's Eurolink C.E.O.
Alvaro Blasco Solicitors and the individual clients. Since its launch the law firm has
found considerable success in the area of Spanish Property
Alvaro Blasco a native of Madrid is a Law in which it specialises. Alvaro Blasco works with a
qualified Spanish lawyer (abogado) wide network of law firms throughout Spain. The key to
since 1995, living and working his success is providing a personalised service to each
permanently in Ireland. He is one of client, ensuring that every detail of their legal case will be
very few European lawyers to have taken care of.
qualified also as a solicitor with the
Law Society of Ireland. His well CONTACT ALVARO BLASCO SOLICITORS on 016293886,
established law firm provides legal e-mail firstname.lastname@example.org or visit
advice on all aspects of Spanish law www.blascosolicitors.ie (appointments can be arranged
to both the business community for Dublin and Maynooth).
AQUARIUS PROPERTIES AQUARIUS PROPERTIES is a member of FOPDAC, the
Federation of Overseas Property
AQUARIUS PROPERTIES which was
established in 1999,is owned and AQUARIUS PROPERTIES established a separate Investment
managed by Irish professionals and Division IN 2003 to cater for those who want to put
was established to market together a property portfolio for Investment purposes.
international including Spanish Declan Hynes B.Comm, FCA, heads up this division, and has
properties in Spain (Costa Del Sol, over 25 years experience in business having been Chief
Costa Blanca, Costa Calida, Costa Executive of some of Irelands leading companies prior to
Almeria, Costa Dorada, Costa Brava, joining AQUARIUS PROPERTIES. Declan also has extensive
Costa Azahar Valencia, Costa Brava, experience in corporate finance having successfully acquired
Extremadura, Costs de la Luz, and disposed of companies during his career, and has hands
Castellon, and the Canary Islands), Majorca, Malta, Hungary, on experience of investing in property abroad having done
Croatia, Montenegro, Bulgaria, Turkey, Portugal (the so successfully himself. We offer a range of investment
Algarve) and the USA (Florida), Poland, Cyprus,Slovakia, opportunities in select locations, including residential,
Latvia, Estonia, Morocco, Dubai, to both the Irish and commercial, leisure and the opportunity to invest in
international markets. Noreen Hynes B. Comm, FCA, AITI, ‘greenfield’ projects, thus participating in the acquisition of
Managing Director, is a Chartered Accountant with over land and development and sale of residential units.
twenty years experience in business at senior management
level and several years’ experience in both commercial and Contact: AQUARIUS PROPERTIES
domestic property. She is a Director of IAWS Group PLC one Tel: +35312782900
of Europe’s largest food companies. Email: email@example.com
New rule for capital gains derived from the asset has been held. This means
items acquired before 31st of that the total or partial exemption of
December 1994 those Capital Gains generated until the
Tom McGrath & Associates
20th of January 2006 will be
At present, Capital Gains from non- respected; however, Capital Gains
New developments regarding Spanish business assets acquired before the generated from that date will be totally
Non Residents Income Tax (NRIT). 31st of December 1994 obtained non- subject to taxation. It may therefore be
residents individuals without a important to analyze the merits of
Non-residents operating without a permanent Spanish residency are disposing or holding these assets
permanent establishment. subject to a special method of before the end of 2006, considering
computation in the NRIT. The gain is both the obsolescence and the
Income obtained in Spain by non- calculated in accordance with the estimated appreciation of those assets
residents without a permanent Spanish general rules of PIT, which can in the future.
residency is subject to Non Residents subsequently be reduced through the
Income Tax (“NRIT”). The amount of application of special percentages NRIT withholding tax on the sale of real
taxable income will continue to be depending the length of time the asset estate located in Spain by non-residents
determined according to Personal has been held up to the 31st of operating in Spain without a
Income Tax (PIT) regulations; however, December 1996, and the nature and permanent Spanish residency:
there will be a number of different tax type of the asset held. The percentages
rates from the 1st of January 2007. The are 11.11% for each year exceeding 2 Anyone purchasing real estate which is
general tax rate for non-residents years for immovable property, 25% for located in Spain from a non-resident is
operating in Spain without a each year exceeding 2 years for EU- currently obliged to withhold and pay
permanent residency will be 24% as quoted shares, and 14.28% for each to the Spanish Treasury 5% of the
opposed to the 25% which was year exceeding 2 years for all other agreed purchase price. This payment is
previously levied; for dividends and assets (including foreign-quoted considered, in the case of the vendor,
interests it will be 18% (previously 15%) shares). Consequently, Capital Gains as an advance payment of part of
and capital gains tax (“CGT”) will be derived from real estate acquired his/her NRIT liability derived from the
reduced from 35% to 18%.The before the 31st of December 1986, transaction. From 1 January 2007, the
reduction in the CGT rate represents a EUquoted shares acquired before the rate of this withholding tax will be
significant reduction in the amount of 31st of December 1991 and all other reduced to 3% of the agreed
tax paid i.e. 17% reduction. Thus it assets acquired before 31st of purchase price.
would make sense to defer selling your December 1988, are totally exempt
Spanish property until the new tax from NRIT. The new development
Tom McGrath & Associates
rates are introduced in 2007. The determines that the above rules will be 37 Upper Mount Street,
reduction in the rate of CGT was applicable only to the gain arising until Dublin 2, Ireland
brought about in order to balance the the 20th of January 2006. From this
level of taxation charged to both date onwards, the Capital Gain will be P: +353 1 661 0707
residents and non-residents, according taxed (at 15% until 31 December F: +353 1 611 4975
to the European Commission 2006, and 18% from 1 January 2007) firstname.lastname@example.org
requirements. in proportion to the duration for which www.tmsolicitors.ie
Rioja wine amongst the best wines of 2007 in Ireland (Dublin)
The DO Rioja Muga Special Selection Reserve 2001 to seven other categories. John Wilson, an
wine has been awarded the title of “Red Wine of influential Irish wine prescriptor, publishes “The
the Year” November 2006. Best of Wine in Ireland” on a yearly basis. This
publication is considered to be a referent within
The DO Rioja Muga Special Selection Reserve 2001 the sector, reviewing seven hundred of the best
wine has been awarded the title of “Red Wine of wines available in Ireland (two hundred more than
the Year” on the occasion of the 12th Wine of the last year) by country and by variety. Likewise, the
Year Awards organised by the wine guide “The guide also provides proposals for combinations,
Best of Wine in Ireland 2007.” This Spanish wine, advice on selecting wines outside of the
imported by Commans Wines, was chosen for household, judging panel recommendations and
being the most “full-bodied and sophisticated” observations on different types of grapes, amongst
wine in its category. These prizes are also awarded others.
LUXURY, LOCATION & LIFESTYLE…
SET TO BECOME
ONE OF THE MOST
THE COSTA DEL SOL
ANOTHER SMART INVESTMENT
FROM ALANDA HOMES
Alanda Homes - a McInerney company - introduces its prestigious development Alanda
Cortesín, due for completion in late 2008. Avda. Severo Ochoa 28, Planta 8
29600, Marbella, Málaga, Spain
Located within Finca el Cortesín - a country estate of over 200 hectares - Alanda
Cortesín will feature a Cabell Robinson designed 18-hole golf course, Jack Nicklaus golf Tel: + (34) 952 90 26 99
academy, club house, five star hotel & spa and boutique shopping centre.
The development will consist of 45 luxury two and three bedroom apartments and
penthouses. Each unit, built to the highest standards, will have underground
parking and a variety of golf, sea and garden views.
Only a short drive to the beach, Sotogrande's exclusive marina and the charming
towns of Estepona and Casares, Alanda Cortesín ticks all the right boxes when
it comes to location, location, location.
With the emphasis on quality of lifestyle that surpasses the ordinary,
Alanda Cortesín is set to become another award-winning project.
Prices start from 368,000 Euros
Events from 2006