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.