Tax-mitigation fan Mr. Claus Jorgensen, Nordea S.A. Managing Director, had no qualms about giving precise indications on how to reduce Spanish Inheritance Tax by reducing the value of a Spanish property with a Luxembourg mortgage.
In a letter that has arrived in our offices, Mr. Jorgensen confirmed to the Luxembourg regulator, the Commission de Surveillance, that it is better to have a mortgage than to not have one, and suggests that the Spanish Tax Authorities have confirmed the legality of the set up.
We now know that this is not true.
Working closely with Jesper Hertz, the ‘larger than life’ (literally too) Nordea representative in Spain commissioned with exposing the dangers of Spanish Inheritance Tax to trusting property owners in Spain, Mr. Jorgensen has managed to give out over 44 million Euros worth of tax-evading mortgages in Marbella alone, inducing customers to defraud the Spanish Tax Office by -potentially- 15 million Euros.
Are the Luxembourg banking authorities going to turn a blind eye -again- to this obvious crime? They have had this letter since july 2010…can you not hear the clock ticking Mr. Juncker?
The many thousands of elderly people living in Spain who have fallen victim to financial crime may wonder why nearly all the “products” used as vehicles to rob them are based in tax havens like Guernsey, Isle of Man, Luxembourg ….
What are all these places? Secrecy jurisdictions of course! Places that intentionally create regulation designed to undermine the legislation or regulation of another jurisdiction by creating a deliberate, legally backed veil of secrecy that ensures that those from outside the jurisdiction making use of its regulation cannot be identified to be doing so.
Clearly the secrecy process works as they accumulate vast wealth so unaccountably that they claim credit for it without actually accounting for what it is! For example the Isle of Man has been placed in the top 10 by the World Bank out of 214 international economies in terms of Gross National Income (GNI) per head of population. Much of this wealth is generated by helping large corporations and wealthy individuals avoid/evade tax so the “profession” of fiddling tax comes as second nature to them – hence their scheme designed to steal millions of euros of tax from the Spanish Hacienda ….
What to do? Reporting tax evaders to the Hacienda is not regarded as normal “practice” in Spain. …
But if anyone can find out the NIE numbers of those involved in robbing elderly people post it, together with an anonymous note explaining the circumstances (written in Spanish!) through the door of your local tax office. If these people are being paid via tax havens the chances are they haven´t paid Spanish tax on money “earned” in the form of commissions while resident in Spain. A criminal offence.
“What is sauce for the goose is sauce for the gander.” (English refran!)
Looks like they gave one to the Mayoress as well. I wonder if she realised what Nordea were up to. As, has been mentioned, Nordea perhaps received some very bad advice, or did they even bother to get advice, or were they desperate to get on the bandwagon and skim the poor ex-pat pensions. From what I understand, it took Erva just two weeks to receive the Binding Consulta from the Ministry of Tax, once they had submitted the documents. Now that wasn’t very difficult to do, was it?
Can any one tell me what the latest situation is with the Marbella Mayor and Nordea Bank. I notice that the mayor had reported Antonio Flores to the Malaga Law Society. If Mr. Flores picks this up perhaps he will respond.
Hello Berty. I noticed on twitter that Antonio Flores stated that the Opposition Party in Marbella has shown support for Erva against Nordea Bank. Lets hope they will be able to do some good and help all the Nordea victims, including their own Mayor.
I noticed that as well. In fact we should all keep up to date with Antonio Flores blog and twitter, both of which are very enlightening. With all the information that has been posted on this web site there is little doubt that Nordea Bank have sold a fraudulent tax evading equity release product. It seems that if the Opposition Party in Marbella want to get to the bottom of this, not only to the tax evasion side but also what the Mayor has been told by Nordea Bank, then why not, as politicians ask the Public Prosecutor look into this and start a criminal investigation. I would happily support such a petition if Erva could get one started.