It is not clear how much of it was used to finance property acquisitions (some of it was actually used correctly) and how much to defraud the Spanish Tax Office via the renowned Equity Release Scheme programme, consisting of a Spanish mortgage loan and a Unit-Linked insurance policy called Capital Managed Plan.
ERVA is aware that at least 6 Equity Release contracts exchanged in the years 2006-2008, ¬†totalling 9 million Euros.
However, the¬†Spanish Land registry tells us that there are far more, many more…
As an ERVA member put it: “My, my, haven’t they been busy…!!”