Regulatory Alerts2011-07-07
Royal Decree-Law 8/2011, July 1, on Support for Mortgage Debtors, Public Spending Control, Local Entity Debt Cancellation, Business Promotion, Rehabilitation, and Administrative Simplification (Correction of Errors)
The Spanish Government, through Royal Decree-Law 8/2011, enacts urgent measures to support mortgage debtors by raising the non-seizable income threshold and ensuring fair compensation for foreclosed properties. It introduces fiscal discipline by limiting public spending growth and facilitates local entities' debt cancellation to companies and self-employed individuals through a new ICO financial line. Additionally, the decree promotes business activity via tax incentives and administrative simplification, while enhancing legal certainty in real estate by clarifying rehabilitation actions and mandating the registration of potential property litigation.
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