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23 Jan 08 - Investors Warned About Spanish Laws
Property investors increasing their portfolios with homes
in Spain are in danger of losing out because they fail to
understand the different regulations, a new report claims.
The University of Portsmouth's business school found people
often lack basic skills such as an understanding of the
language, while fraudsters are also targeting naive Britons.
Researcher Laura Wilson-Edwardes said businessmen and women
are also unaware of how Spanish employment and business
laws differ to the UK.
She said: "We quickly found British entrepreneurs
who had lost everything on failed business ventures.
"In one of the worst cases we found, a family was
reduced to living in a rented caravan too embarrassed to
admit their situation to their family back home.
"In this case, an entire family, including children
who should have been in school, were scratching a living
as cleaners.
"The parents had owned a hotel in the UK, but had
sold up this profitable livelihood to live the Spanish dream.
Sadly, we found this was not an isolated example of just
how badly things can go wrong."
News items supplied by SelectNews, produced by PA Business,
part of the group that owns The Press Association, the UK's
national news agency. Copyright (c) PA Business 2007.
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