What about the use of offshore companies to hold my Spanish Property?

TThis used to be a very tax efficient way of holding a Spanish property, the title to the property being registered in the name of the company and the owners holding the shares in the company. On sale or on a death the shares in the company were transferred and as there was no change in the registered owner of the property, i.e. it remained in the name of the company, taxes were avoided. The Spanish authorities realized that this was losing them a considerable amount of revenue and accordingly a Special tax of 3% per annum is now imposed on such properties.