Having been made aware that NORDEA BANK LUXEMBOURG may be assisting inheritors on the delicate issue of filing IHT returns in respect of deceased subscribers of the tax-evading Nordea Mortgage + Unit Linked Policy package, it was deemed convenient to report this to the Spanish Tax Office.
The ‚Äúdenuncia‚ÄĚ informs the authorities that NORDEA Bank Luxembourg S.A. could be advising inheritors on how to fraudulently register the mortgage loan in the tax form, as a real debt, also fraudulently leaving out the value of the unit-linked policy altogether, even though the sums obtained by the inheritors are fully taxable in Spain whether the inheritor is a resident, or not, contrary to Nordea‚Äôs publicity.
Tax Fraud is a crime prosecutable in Spain where the sums defrauded exceed ‚ā¨120,000.
A unit-Linked policy worth ‚ā¨500,000 inherited ‚Äúabroad‚ÄĚ and not declared in Spain, that is, with the assistance of Nordea‚Äôs Jesper Hertz (Marbella) and Jhon Mortensen (Luxembourg), would defraud the Spanish Tax Office ‚ā¨125,805.34‚Ä¶
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…!
The Malaga Mercantil Court accepts a claim brought against Nordea Bank Luxembourg for misleading advertising after having verified,¬†ex officio, that the document complies with procedural rules and regulations on the matter.
¬†Service of process will now follow upon which, the defendant will have 20 days to prove that the rubbish that is still on offer on the Nordea website is entirely correct, accurate and not misleading; Mmmm, tough task for the Madrid high-flying legal-eagle snobs…
Let’s just remember one of many:
We are proud of our NORDIC VALUES, they differentiate from our competitors-
Latest news: the Somali Bankers’ Association has taken exception and they too wish to contest it vigorously.