The Mayoress of Marbella has written to the newspapers that published the discovery of an Equity Release contract. In her missive she formally responds to the allegations that the contract was used, as per Nordea Bank S.A. precise indications, to avoid paying taxes and confirms that this is not true and that never intended to pursue such aim.
The recitification can be read in the following link:
It may well be that when the Mayoress took out the Nordea Bank equity release products, the thought of evading or mitigating both Wealth & Inheritance Tax was not forefront in her mind. Who knows?. Only the Mayoress, her husband and Nordea can answer that question. However, there was enough evidence in their promotional brochures, as we have seen on this site, to make any potential customer aware that this was the prime purpose of introducing this scheme. It does make one think what was her main purpose of taking out such a loan. It is important for this to be investigated, if only to uphold the name of the Mayoress, I am sure she would be the first to agree, if she has nothing to hide.
I agree with Berty. If the Mayoress has nothing to be afraid of, she should bring everything out in the open and clear her name before it gets any worse. There is no doubt that Nordea Bank SA through their branch in Nueva Andalucía, sold an equity release product, its main selling point was that under the European Regulations it avoided taxes, i.e income tax, Wealth & IHT. It is a fact that Nordea were aware of at the time. As it has been stated on this web site, it could well be that Nordea Bank, received some very bad advice from their tax advisors. If that is the case then it is sad that Nordea have had all this grief. No matter the equity release product was taken out by dozens of people, in the belief that it did avoid these taxes. I am afraid you cannot blame the victims for this mess. Nordea need to put its ship in order, if not I am sure that both Erva & their lawyers Antonio Flores will keep digging up the dirt. To put it more bluntly, if Nordea would have owned up and settled these claims, the Mayoress would not haver been in this unpleasant situation. Nordera Bank are nobody’s friend, not even their own when the shit hits the fan.
The more I read these articles in the Spanish press and of course the Erva web site, I am inclined to think that the Mayoress is as much a victim as the hundreds of others caught up in this bank scam. On a personal level I only entered into this scheme as I was told that by doing so I would not have to pay Wealth Tax and my husband/children would not have to pay any Inheritance Tax. I was reminded that these taxes in Andalucía were prohibitive and this scheme was a must. Well at least he was right in one sense, my children won’t have to pay any IHT as the bank has taken it all. They are soulless creatures of the worst kind and will hopefully BURN in HELL.
Just wondering what is happening in this case. Has the Mayoress explained her association with Nordea Bank and the reason for taking out the equity release. One would have thought that if she had nothing to hide or fear she would have been happy to talk about it, if not then you can only come to one conclusion.