26th May 2010: Luxembourg’s Jhon Mortensen says:

We have always encouraged clients to do wealth planning and save tax if they could, but always in a legal manner. Now we demand that you can convince us that you are paying tax, if you want to open an account here. It is now purely an onshore model.

26th may 2006: Nordea Luxembourg Jhon Mortensen says:

Borrowers may take up a mortgage loan either at the time of purchase of a Spanish property or after having owned the property for some time. While both possibilities exist, the latter case is more aggresive from a tax point of view and therefore, more uncertain.


According to the information the authors had at the time of writing, taking up a mortgage at a later stage was still expected to be accepted by the Spanish authorities in future.


Generally speaking, the risk of receiving unwelcome enquiries from the Spanish taxman should only exist in situations where the owner is a non-resident who takes up a mortgage loan with the aim of trying to minimize his/her net wealth tax liability.

Message to Mr. Mortensen: you just don’t have a clue on taxes, let alone Spanish. Taking up mortgages to make people, and the Tax Office, think that your property is worth less is like drawing cash from your current account and hiding it under your matress. If we know it and Mr. Thor Möger Pedersen knows it too, then you should know it, don´t  you think?

Your publicity is fraudulent and encourages tax evasion, but you have chosen to cruelly perpetuate this deceipt on mostly vulnerable British expats who trusted your company, Nordea Bank Luxembourg.