Tag archives for Equity Release

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.

 

Rothschild Case: Malaga Court Demands Spanish Address for Summons

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Rothschild Wealth Management & Trust

The Mercantile Courts in Malaga have made a request for lawyers -acting for claimants over the misselling of CreditSelect loans as a means to avoid IHT- to provide a Spanish address for notification purposes.

It is the case that NM Rothschild & Sons, commonly known as Rothschild according to Wikipedia, has a website that boasts offices all over the world, including Madrid and Barcelona.

Should the Court accept any of the above addresses service of process will be duly carried out and Rothschild will have 20 days to respond to the allegations that their company, in their capacity as lenders, a specifically envisaged, designed, marketed and sold a product, the Credit Select Loan Series 4, to defraud the Spanish Taxman.

We must remember that Rothschild has vehemently denied ever providing any type of financial/investment advice. Quite so, the claim has nothing to do with this but with the fact that, in their own words, with the “Rothschild mortgage inheritance taxes would be reduced from a whopping 81,6% to nil”: no more and yet no less.

Rothschild need to be aware that advertising a service or a product is a serious matter because, as you would expect, the public reacts to such offer and acts on it. More so when people rely on Rothschild core principles.

This is exactly what happened with the Credit Select Series 4 Loan: Rothschild, or all companies, offered it as a legal means to avoid crippling Spanish IHT and people bought, because they trusted them.

Now we know different, but so do they…

 

Courts in Fuengirola to Interrogate Danske’s Managing Director

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Klaus M√łnsted Pedersen

Mr. Klaus “Monster” Pedersen has been requested to attend an interrogation at the Courts in Fuengirola in relation to his role in devising, approving and selling a tax evasion Equity Release Product.

Mr. Pedersen is the Managing Director of Danske Bank International S.A. and ultimately responsible for selling mortgages in Spain on the pretext that they would alleviate the burden of Spanish Inheritance Taxes. He is accused by a number of expats of fraudulent publicity.

Marbella Mayor & Nordea Bank S.A. Connection

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Nordea Bank Luxembourg has been reported nationally for helping the Mayoress of Marbella, Maria Angeles Mu√Īoz, avoid Spanish Inheritance Taxes.

According to Interviu weekly Nordea Bank S.A., operating from the tax haven of Grand Duchy of Luxembourg and through an office in Marbella, sold a tax evasion mortgage to Ms. Mu√Īoz.

This story was originally published by ERVA when it detected that a company owned by the Marbella Mayor and her husband, Crasel Panoramica S.L., had taken out an Equity Release in 2010.

Nordea Bank S.A. has been publicly accused of cheating customers by making them believe that their product is a legal vehicle to avoid IHT, when such a possibility is tantamount to tax fraud.

 

 

 

 

MEP Andrew Duff Reports the Equity Release Fraud to the European Commission

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Mr. Andrew Duff, Member of the European Parliament, has written to the European Commissioner for Taxation and Customs Union, Audit and Anti-Fraud explaining the so-called Spanish Equity Release Scheme (SERS) sold by a number of banks.

In his letter he indicates that a number of banks and investment companies may have allegedly cheated hundreds of retired owners of Spanish property with a tax-defrauding financial product.

Will the European Commission finally step in, take the time to read the deceiptful promotional literature offered by top-tier banks and make a recommendation to the relevant authorities to take action?

 

Thanking N.M. Rothschild & Sons

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At ERVA, we wish to thank N.M. Rothschild & Sons. Yes, we are sincerely grateful for allowing our members full¬†access to ‘live’ advertising¬†I¬†(and II) that, introduced in a timely manner as evidence in Court, will dramatically increase the chances of succeeding in declaring the CreditSelect Series 4 sham mortage void.

The advertising, which is being used as the core evidence in support of the victims’ claims that they were ripped off by the Guernsey-based bank, does not talk about investments (and needs not) but it does, an extensively so, about Inheritance Tax mitigation benefits that would come as a result of their ‘specially designed’ CreditSelect Series loans.

The advertising also confirms that Rothschild sells this product “through a handful of selected IFAs”, even if now they claim that the IFAs were selected by their customers.

The only advantage for Rothschild is that they are being tried in Spain, where they can lie as much as they wish!

Is Nordea Bank S.A. helping the Mayoress of Marbella defraud the Tax Office?

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Lars Broberg, constructor, propietario de una inmobiliaria y marido de la alcaldesa de Marbella, √Āngeles Mu√Īoz.

 

Early¬†this week, ERVA had lunch with a Malaga-based lawyer. The professional (cannot be named), who¬†has taken a serious¬†interest in the Equity Release scam,¬†discussed with ERVA members¬†prior¬†investigations into the dealings of the husband of¬†Mrs. Angeles Mu√Īoz, Lars Broberg,¬†notably¬†how¬†a company owned by both benefited from a¬†political decision: the modification¬†of the boundary-line separating the municipalities of¬†between Benahavis and Marbella.

As a result of this wheeling and dealing, the couple ended up dramatically increasing the value of their land.

Now you may ask what does this have to do with Equity Release and Nordea Bank S.A.?

Answers in a follow up post!

SYDBANK AND NYKREDIT IN CLOSE COLLABORATION

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Sydbank has always denied having collaborated with Nykredit on distributing a tax evasion product from Switzerland and Marbella,¬†and Nykredit has always said that “they were only the lenders” and had no association whatsoever with Sydbank, other than the happy coincidence that British retirees happily living on the Costa del Sol introduced them to each other.

As compulsive-lying Nykredit henchman Frederik Meding put it, Nykredit Realkredit A/S only provided the mortgage which your clients chose to use for investment.

Or more appropriately, Morten Larsen and Kennet Nissen, from Sydbank in Aabenraa stated, the bank has not been involved in Nykredit A/S mortgaging of your clients’ properties and Nykredit has not been involved in the investment advice provided by the bank to your clients.

Furthermore, Frederik (who shokingly has not yet been sacked for allowing his firm to operate jointly with a clandestine firm, in Spain) added, as if to show his firm grip on all law matters whether EU/Danish/Spanish-you-name-it, that it is important for me to state that Nykredit is not a party to or otherwise involved in the investment service provided to you by Sydbank AG. Hence Nykredit is not in a joint venture or other kind of partnership with Sydbank AG. 

It is at this point where one wonders whether lying is endemic to bankers or, more particularly, Danish bankers.

The article, currently posted on Sydbanks’ website, states completely the opposite. Who is therefore lying? Sydbank or Sydbank, Nykredit or Nykredit?

Mr. Mogens Asmund, a Dane that seems to tell the truth, states the following:

Sydbank has developed mortgage offer in cooperation with Nykredit.

 

 

In Nykredit we look forward to expanding the cooperation with Sydbank financing solutions to private clients in Germany.

 

Based on experience with the financing of private homes in France and Spain, we can now offer our Nykredit Danish Mortgage to Danish and German Sydbank customers, says deputy director Erik Urskov, from Nykredit.

‚ÄúNo man has a good enough memory to be a successful liar‚ÄĚ
‚Äē¬†Abraham Lincoln

 

 

 

 

 

 

 

 

 

 

Jyske Bank Targeted for Tax Evasion

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Jyske Bank has been targeted by a Danish TV company in respect to advice on how to defraud the Danish Tax Office.

The programme, largely filmed with a hidden camera, shows how Jyske uses the Gibraltar and Swiss branches to conduct illegal activities, described as “disgusting” by the Danish Tax Minister.

El Confidencial newspaper, who a while ago published an article that was inspired partly on an ERVA posting, is again sniping at Jyske Bank.

Great job by Niels Fastrup!

ERVA considering criminal action vs. Rothschild

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ERVA is considering joining criminal case 527/2011 in Denia (Alicante) pursued against N.M. Rothschild & Sons, Steve Dewsnip and others.

The case seems to have stalled after attempts to deliver Court papers to IFAs failed to materialize (as a result of them not living in those addresses).

Joining this case may help the acting solicitors and their clients by pushing proceedings with fresh new publicity evidence, broker affidavits and other relevant information which has already been filed with the Malaga Courts.

 

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