Cheaper rents for many Spanish bars and restaurants

Minister Montero
Minister Montero made the announcement Credit: La Moncloa flickr

SPANISH Minister of Finance, Maria Jesus Montero has announced that rents of properties used in the hospitality sector must in certain circumstances be cut by 50 per cent until the national state of alarm is ended.

Landlords with more than 10 properties in town centres who have not already offered a temporary discount will be affected in order to try to help the struggling hospitality industry which has already seen numerous closures.

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Bar and restaurant owners will receive tax credits against rent and will be able to hold back certain payments whilst landlords will receive tax incentives when they lower rents.

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