Archives for August, 2014

List of Owners With A Tax Defrauding Nordea Equity Release ‘Managed Capital Plan’ Contract

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Nordea Bank S.A.’s Marbella Representation Office has been busy ‘transferring’ millions of Euros worth of Spanish property to Luxembourg, a tax haven in the heart of Europe. The scheme, know as the ‘Managed Capital Plan’, consists in a ordinary mortgage loan offered by Nordea on their unencumbered homes and the investment of the loan in Luxembourg.

Now, for the first time, those millions of Euros worth of tax evading mortgage loans (according to the Spanish Tax Office) have an owner. 

ERVA has had access to a list of property owners in the Marbella area who bought into the Nordea’s scheme. The list was provided to ERVA from a confidential source and has been compiled by accessing Marbella public land registries.

The list includes Marbella property owners who bought into the scheme, for how much and when. It also establishes the date when the property was bought, as opposed to when the loan was taken. One notable client of Nordea is the current Mayor of Marbella, Mar√≠a √Āngeles Mu√Īoz, who alogside her husband took out a loan against their company Crasel Panor√°mica S.L.¬†The disclosure of the information became a regional scandal.

By publishing this list, ERVA does not attribute the commission of a crime or a civil wrong to any of the people and companies, but does wish to issue a warning:

The Spanish Tax Authorities have stated that using mortgage loans, not invested in the purchase of property, for the purpose of reducing the taxable value of the property with respect to Inheritance Tax and Wealth Tax, as Nordea’s Managed Capital Plan formula promised, is Tax Fraud.

List of Owners, Properties, Date of Purchase of Property and Date of Mortgage Loan.

Important Note: The Spanish Data Protection Agency, in a ruling of the 20/12/2006, has stated that the publication of data obtained from Land Registry sources in a TV programme is legally valid and protected by article 20 of the Spanish Constitution and the Mortgage Act.

Stephen Dewsnip and Mark Coutanche Avoid Denia Court

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Stephen Dewsnip and Mark Coutanche, once at the forefront of N.M. Rothschild & Sons in Guernsey, were responsible for selling over 100 tax-evading schemes to mostly British pensioners.

Alerted by the scam, and not the least the loss of their investments, victims of the Credit Select Series sham product filed a criminal complaint in Denia in 2011.

Shortly after, Stephen Dewsnip and Mark Coutanche were requested to attend the Courts; they were to be interrogated by lawyers representing the claimants, the State Prosecutor and the Judge.

What did they do? Avoid receiving service at all costs, even after knowing they were being sought in connection to the Rothschild Equity Release fraud.

3 weeks ago, Stephen Dewsnip attended a hearing in Marbella Courts, as a witness proposed by N.M. Rothschild & Sons in case relating to a civil action brought by a victim. Mr. Dewsnip was very accomodating and happy to assist on this ocassion and help his former employer.

But, as it happens, the Denia Courts are still in the search for an address where Mr. Dewsnip, and his pal Coutanche, can be properly summoned. 

So far, the ‘missing individuals’ have been issued with two “Address and Whereabouts Search Warrants”, failing to turn up.

The above orders could be soon replaced by the more annoying “Arrest Warrant” which, as one knows, implies spending time in the nick ¬†if and when identified.

Claudia Rolf-Urnieta’s Choice of Law Firms for ABN AMRO Gibraltar Branch

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The lady in the far-right we all know: she is the former Head of Private Banking for ABN AMRO N.V. (Gibraltar) Branch and now Depute Chief Executive Office for SG Hambos Gibraltar.

Also, she is the brains behind ABN AMRO’s Gibraltar tax-evading “Equity Release”.

The Mediterranean-looking casually-dressed gentleman is Sergio Urnieta L√≥pez, founding member of Martel & Urnieta, one of two ABN AMRO-appointed law firms that would explain the virtues, advantages and mechanics of the “Equity Release” scheme, from the Spanish perspective.

And he is also Claudia’s loving husband.

The mission of Martel-Urnieta was simple: sit with ABN AMRO potential customers and explain how they could achieve, legally, the reduction or mitigation of the Spanish Inheritance Tax (ISD).

They were also, we believe, commissioned with explaining that ABN AMRO were fully qualfied to operate in Spain, both taking funds from the public (after they had lent them) and investing them, abroad.

For providing the above “advice” they would charge the customer¬†0,5% of the value of the mortgage loan, plus VAT, notwithstanding they represented the “cowboy” bank ABN AMRO N.V. (Gibraltar) Branch at each Notary mortgage signing, with Powers of Attorney granted in Gibraltar.

Proof of their involvement can be read here (for client confidentiality reasons, names of ABN AMRO customers have been deleted).

Claudia, no need to worry, accusations of nepotism are clearly unfounded, ERVA does not believe that the firm Martel& Urnieta was selected because of family ties…nor we believe that they was a real conflict of interest situation.

 

ABN AMRO N.V. (Gibraltar), SG Hambros and Claudia Rolf-Urnieta

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Claudia Rolf-Urnieta

You could just not make this stuff up.

A Gibraltar-based banker approaches the owners of a Malaga countryside boutique rural hotel, both originally from the north of Europe, and shares with them this appalling and fatalistic story that involves an expat, a Spanish unencumbered property (or with a small-ish mortgage), the inevitable life factor other tan taxes (death) and punitive inheritance levies on the designated inheritors that meant they were unable to inherit the family home and consequently, lost it to the Spanish Government.

Imagine then that this banker says that ABN AMRO N.V. (Gibraltar) has a remedy to legally avoid Spanish IHT that involves the following:

  • An offshore company, domiciled in¬†Belize, New¬†Zealand¬†or any other tax haven, incorporated¬†by Gibraltar-lawyers recommended by¬†ABN AMRO N.V. (Gibraltar).
  • A loan to the offshore company, for up to almost 3 million Euros, documented¬†under the laws of Gibraltar and guaranteed with a mortgage¬†on the boutique hotel.
  • An investment porfolio, managed by¬†ABN AMRO N.V. (Gibraltar), where the loan¬†capital is to be¬†invested, away from the prying eyes of the Spanish “Hacienda”.
  • A declaration of trust or of ultimate beneficiary owner, in a separate document, kept under lock and key to ensure full¬†anonimity of¬†the ultimate owners¬†of the funds comfortably invested in a tax haven.
  • Upon death, a taylor-made¬†Spanish IHT declaration that¬†records the¬†fictitious mortgage as a deductible debt. And of course, no mention of the loan capital sitting with ABN AMRO N.V. (Gibraltar), in the name of an offshore company which incorporation was fully recommended, accepted and endorsed by the bank.

We are sure you don’t need more to establish that this is nothing short of¬†a tax defrauding scheme involving customer¬†deception.

And judging by the looks of the lady in the picture, she has got to be the culprit!

Indeed, Claudia Rolf-Urnieta is the brains behind this¬†“Equity Release” artifice, craft or stratagem devised to wilfully defraud¬†her clients and the Tax Office in Spain, in a single act, in a country where she probably lives and¬†enjoys most of her non-working time,¬†and, most fascinating, borrows a surname from: Urnieta.

 

Marbella Courts Accept Criminal Complaint Filed Against Nordea Bank

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Marbella Courts have accepted a claim against Nordea Bank S.A., and former Danish Army Sergeant turned Managing Director, Claus Jorgensen, for misleading publicity and swindle.

The claim comes as a result of new revelations that would prove that Nordea Bank S.A. ran a tax-evasion scheme in Spain, targeting¬†hundreds of owners of unencumbered homes,¬†¬†whereby a fictitious loan would be officially registered with the main purpose, according to a letter signed by Mr. Jorgensen himself and addressed to the CSSF (Luxembourg regulator), of reducing the value of the property for Inheritance Tax purposes. The loan was then invested in a¬†Nordea-backed¬†“Bancassurance” product, capable of protecting and safeguarding your wealth in order to secure an optimal financial existence for you and your family.

According to Nordea’s advertising, the safety of the product was almost guaranteed when¬†admitting that¬†“it is improbable that the Spanish Tax Office will come knocking on your door…”.

Caught with their pants down, Nordea’s alibi now¬†is not unfamiliar: “it’s not what you think, we just gave general tax advice but you were urged to seek your own private advisors…”.

One has serious doubts about the sanity of the people running this bank: they first issue a booklet called “Guide to Wealth and¬†Tax Planning in Spain”, they then state that it was “merely general advice not amounting to tax advice and certainly not to be relied upon”¬†and finally, they withdraw the booklet from internet 15 days before a pre-trial hearing that was specifically targeting the advertising¬†of the booklet.

Mr. Jorgensen, aware or not that this constituted tax fraud, would have been responsible for loan sign-ups totalling 45 million Euros, only in the Malaga province.

If this degree of moral corruption is surely intolerable in the Danish Army, why would it be acceptable for a bank? Claus, did you not learn anything in the Army?

 

Letter to Regulator: http://erva.es/wp-content/uploads/2014/02/NordeaLetter28July2010.pdf

Nordea Tax Booklet: http://belegal.com/equity-release/files/2011/11/Nordea-Brochure.pdf

Letter from Spanish Tax Office: http://erva.es/wp-content/uploads/2013/06/2013-05-27-Tax-Office-On-Equity-Release-Binding-Enquiry.pdf

Bancassurance Product: http://www.nordea.lu/Home/Individual%2bapproach/978032.html

 

 

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