When we say that ERVA has first-hand evidence on how Danske Bank International S.A. -based in Luxembourg- sold their diabolical Capital Assurance Equity Relase we are not referring to the fraudulent promotional literature, even if such documentation openly admits to offering a tax evasion product.
Actually, first-hand information means rather from the horses mouth, or more appropriately from Mr. Glente’s mouth, who openly confirms in a telephone recording how the product was sold.
In the conversation, Mr. Glente confirms the following:
- The product was âfor sureâ loss making at low risk but that the inheritance tax benefits outweighed such losses (16â).
- Many of clients were not aware that the product was going to run at a loss, that it was in negative equity, âwhich it actually wasâ in his words, without taking risks (19′).
- The product is currently the best âtax avoidanceâ product in Spain, and that it has been confirmed by several top firms, PWC included (33â)
- Danske Bank International S.A. sold the product in Spain to optimize the situation for Inheritance Tax, and that was the only real benefit.
The couple settled out of Court at a loss of circa âŹ400,000, not before an apology was extracted from them.
Listen to this revealing conversation here, after obtaining clearance from a law firm.Â
(the last 2 minutes of conversation relate to a recording between the owner of the tape and Danske’s lawyer in Fuengirola).
OMM, or Offshore Money Managers, has been living very well for far too long on theÂ back of a lie: that it is registered to conduct investment business.
But they are not, and dishonest Mr. Colin McCready knows it far too well in spite of which he has managed to get away with his insurance broker “DGT license” -which he is fully credited with having allowing him to sell car/house/life insurance policies- to conduct investment business, which he holds no license for.
That said, Mr. McCready has also been an exceptionally efficient tax-evading Equity Release travelling salesman (Jyske Bank, Landsbanki…), and that has placed him in the spotlight. Unfortunately for him, he has left a trail of incriminating obnoxious publicity that is causing anguish to countless pensioners.
According to the law under which he is regulated, the following needs to be observed:
Insurance brokers will provide truthful and sufficient information in the promotion, offer and subscription of insurance contracts and, in general, in all its advisory activities.
In the next posts we will publish part of Offshore Money Managers publicity to see if it at all, it does in fact comply with the above.
We can today say that Danske Bank Luxembourg, operating from their offices in Centro Comercial Idea, Carretera Fuengirola Mijas, was definitely successful in spreading the story that taking out a mortgage on your home to avoid Spanish taxes was the best thing since sliced bread.
A great deal of the business carried out by Danske Bank in Spain was Equity Release though straight loans to purchase property were also signed.
However, judging by how many equity release contracts we have knowledge of, in so many different places in Spain, we can say Danskeâs scaremongers managed to make their lie, no matter how outrageous, a truthful story by repeating it often enough.
Interesting letter sent by Nicky Flux, from SLNMB, setting out the requirements to become one of their Panel Solicitors for representing them in signing up customers for their Turnkey Cash Release Mortgages. Alas, Nicky has forgotten to mention that they cannot operate in Spain because they have not duly applied for regulatory authorization!
Nicky, you should have made your Panel Lawyers aware that your company furthered a type of banking âpiracyâ in Spain because your company robbed innocent people of their wealth and health, not to mention the implications of making peaceful British expats accomplices of a tax fraud scheme.
Oh, we forgot to add that âŹ500 to represent your company for acting illegally in Spain is hardly a fair emolument, SLMBâs so tight that it squeaks!
ERVA would like to hire Mr. Shannon as their legal representative. He is a master of magic and can actually make you think that what you read is not really what you read, that what you understood is far from it (and of course, entirely the readerâs fault for being a twit) and that, on the whole, the advertising published by his bosses is fundamentally correct in what benefits them but, at Rothschildâs insistence, not to be relied upon on what it is detrimental.
But leaving that aside, is there a reason why Mr. Shannon has not included a mention to the associated spectacular tax savings that Mr. Steve Dewsnip promises time and time again in his articles, and which happens to be fundamentally inaccurate, incorrect, false and illegal?
Equity Release for UK Home Owners was also publicized for Inheritance Tax mitigation purposes, supposedly in compliance with English tax laws on the matter. But was it also a time-bomb, like the Spanish devious taxman depicted is openly warning us all?
How come no Spanish bank ever offered such a revolutionary product to national taxpayers?
Did they know something the very clever Luxembourg-based Scandinavians milking hard-working Spanish-based British expats missed?
Were Spanish banks so inept at marketing that Rothschild had to fly out to teach them a few things on successful new-product launching?
The farcical testimonials are testament to the immense deceit rained on unsuspecting punters. We just wonder what happened to themâŠ
A great anonymous piece that explains how it all happened.
It could have not been written better by Rothschild.
Can we really add anything to this?
No, not really, it speaks for itself!