Tag archives for Nordea Bank S.A.

93-Year Old to Bring Criminal Action Against Nordea Bank S.A.

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No, we are not mistaken with the age of the soon-to-be claimant. She is very much 93 years old but  insists, quite rightly, that she still has a sharp mind; sharp enough to take on Nordea Bank S.A. for having encouraged her to buy the infamous CPM (Capital Managed Plan) Scheme.

The lady in question lives in Marbella and is of German nationality.

ERVA will soon report on case progress.

 

 

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.

 

 

 

 

Busy Nordea Bank Covered Spain with Equity Release

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According to an envelope received in the offices of ERVA, Nordea Bank S.A. gave out 75 million Euros worth of mortgage loans in Spain.

It is not clear how much of it was used to finance property acquisitions (some of it was actually used correctly) and how much to defraud the Spanish Tax Office via the renowned Equity Release Scheme programme, consisting of a Spanish mortgage loan and a Unit-Linked insurance policy called Capital Managed Plan.

ERVA is aware that at least 6 Equity Release contracts exchanged in the years 2006-2008,  totalling 9 million Euros.

However, the¬†Spanish Land registry tells us that there are far more, many more…

As an ERVA member put it: “My, my, haven’t they been busy…!!”

 

Non-Residents to Pay IHT on Unit-Linked Offered in Spain

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A 2002 ruling states it clearly: where an insurance company is offering life insurance in Spain, the beneficiary of the policy is to pay taxes in Spain, whether his status is one of residency or non-residency.

According to the ruling:

Where the policy holder and the beneficiary of the policy are different persons, any payments made under the policy will pay Spanish IHT, irrespective of whether the beneficiary is a tax resident in Spain, or not, pursuant to the provision of Act 29/1987 of the 18th of December and the Royal Decree 1629/1991, of the 8th of November, which approves the Inheritance Tax Regulation.

Of course, it was not in the interest of Lex Life, Nordea Life and Pensions, Jyske Bank etc. to tell people the truth, was it?

How best to further your business in this country by cheating foreign property owners, hey?

At least, you did study carefully and took into account the legendary Spanish laid-backness, we’ll give you that, but for sure, this scam will soon be properly picked up…!

Bank of Spain Says Nordea and Nykredit Break the Law

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The Bank of Spain has confirmed that Nordea Bank S.A. and Nykredit Realkredit A/S are abusing the Spanish legal system by selling mortgages and other bank products from their Representation Offices (Oficina de Representación) in Spain.

Because whilst both entities are registered with the Bank of Spain to carry out most of the banking activities throughout the UE via cross-border transactions, they are illegally selling banking products using their representation offices, for which article 10 of the Decree 1245/1995 provides that:

‚ÄúOffices of representation will not be able to carry out credit operations, accept clients funds or offer financial intermediation, nor any other type of banking services, limiting the scope of their work to informative or commercial activities in respect of banking, financial or economic matters.‚ÄĚ

Jesper Hertz, the man fronting Nordea Representation Office in Marbella and whose picture features on this site, has probably lost count of how many fraudulent equity release mortgages he has personally sold, through his Marbella office, and signed, via Spanish Notary Publics throughout Spain, despite this being strictly forbidden to him.

The reason they would do this is that it was cheaper for obedient Jesper to run around hunting potential victims and signing them up at the Notary offices, than to have Claus Jorgensen or Anders Woideman fly out to Spain to do the dirty job. They have been operating in this manner since 13/03/2002.

Christel Mark Hansen, working from the Nykredit Realkredit A/S Representation Office in Marbella, should have not lost count of the number of British clients she has personally advised on in respect of fraudulent equity release product as she personally visited their homes, would have a glass or two of wine and then sell them, with voracious appetite, very large non-status mortgages despite this being strictly forbidden to her.

The reason for this is that sweet-looking Christel would have hardly come across as someone selling a life-destructing financial product, in contrast to the Sydbank-tax-evading-thirsty-Swiss-based co-conspirators. They have been operating in this manner since the 14/09/2004.

And Danske Bank International, also running their activities supposedly from Luxembourg, chose to set up a bogus “Representation Office” in Fuengirola to, as with competitors Nykredit and Nordea, sell and execute Equity Release Mortgage loans via the servile services of Henrick Hjerrild Hansen and John Lundskov Larsen. They have closed their office on the 15/01/2009.

So much for the Nordic Values…

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