Klaus Mønsted Pedersen, Managing Director of Danske Bank International (Luxembourg) and the man behind the products developed to provide efficient cross-border tax-planning seemingly ensured that, prior to launching his state-of-the-art Capital Assurance, a thorough compliance job had been carried out.
To that effect he tied up loose ends, dotted the i’s and crossed the t’s, and attended to detail. Because detail mattered.
And to not leave anything to chance, the website conveys a clear message: that tax benefits adapt to local legislation, and to make sure that there is no mistake, such benefits for Spain are confirmed by no less than a Big Four, KPMG.
Spectacular display of Danish efficiency, in case we had any doubts; and not a chance in hell for those who signed up for the Capital Assurance + Spanish Hipoteca, two air-tight contracts drafted by top law firms that are virtually unbreakable.
Such is life.
Or so we thought…
Now I am confused, you may have just spoilt my day. I could not wait to get up in the morning turn my computor on and see what else this site has discovered. Up to this day it was a “Comedy of Errors”
We now see a document which on reading seems to break most of the laws in Spain regarding IHT, Wealth Tax and the like. However this scheme has now been approved by KPMG one of the largest and most respected firms of accountants in the world. Surely before they approved it their lawyers would have gone over the regulations with a fine tooth comb. Certainly if they had given it their seal of approval then I would certainly have been interested in signing up to what appears to be a fantastic scheme “A no brainer” I would call it. Then when I get down to the small print. It states:- I won’t use small print.
DANSKE BANK INTERNATIONAL DOES NOT ACCEPT ANY RESPONSIBILITY LEGAL OR OTHERWISE FOR THE CORRECTNESS OR COMPLETENESS OF THE FACTS OR FIGURES CONTAINED HEREIN AND NO LIABILITY IS ACCEPTED FOR ANY LOSS ARISING FROM RELIANCE ON THIS DOCUMENT.
Now I ask myself someone must be lying is it Danske Bank or has the onus now been transferred to KPMG as they have not bothered with a disclaimer. I will let you decide. Perhaps this needs to be sent to KPMG for their comments. I will be interested to hear what they have to say.
You see Harry, you are not reading the small print again. They can lie to you as much as they like, they can pay for the services of top lawyers and accountants like KPMG. Then, when you are all hooked up and wriggling they cut the line with a disclaimer. What I don’t understand, why produce such a document with household names on it, if they can just say. We told you not to really believe us, you should have got your own advice. One would imagine using KPMG, that would be sufficient legal & tax advice for me.
This cannot be correct, KPMG could not have approved this scheme. Something is terribly wrong here. Danske Bank must be lying to get people to sign up. This would certainly make me think that everything was correct and legal. We have seen on this web site the various documents posted. Perhaps someone could post the Government Regulation Tax Directives on site for all to see so muich has been said of them.
Having thought about this, surely the scheme that Nordea Bank sold is the same type of product although it uses another name Unit linked life insurance, or something like that. If this is the case then they are just as guilty for their fraudulent scheme. In fact all the banks schemes that have some life insurance policy attached are in the same boat. I am sure the lawyers acting for these victims are aware of this. I wonder what else will be exposed.
You were all right KPMG are not resposible for this document and apparently did not endorse this scheme. Danske Bank lied again. In fact if I have read the other post correctly, KPMG would not endorse it perhaps they knew it was fraudulent.and informed Danske Bank accordingly, moreover they told Danske Bank not to use their name. Perhaps the bank did not believe that KPMG would do anything, may be KPMG were appointed auditors or something of some subsiduary to the banks. If that is so then KPMG are to be applauded for their courage to speak out against Danske Bank. KPMG you are a true professional organisation and give us all hope.