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Thanks so much Gianluca, v comprehensive. I've decided to go for ourdomain.com/es/ as a solution for spanish speakers and i'll be sure to use rel=”alternate”hreflang=”x”.

http://googlewebmastercentral.blogspot.co.uk/2009/11/pros-and-cons-of-watermarked-images.html "Will Google rank an image differently just because it's watermarked? Peter: Nope. The presence of a watermark doesn't itself cause an image to be ranked higher or lower."