Tag archives for Nordea Bank Luxembourg

NORDEA Bank Topping the Dishonest Bank’s List

Nordea Bank Luxembourg must feature top of the list in this imaginary list of indecent foreign banks that once operated, and still do, in Spain. From a tiny office in Marbella, Centro Plaza, they have scammed untold numbers of otherwise happy British (and probably many fellow-nationals) property owners.

This booklet will soon be studied by investigators in tax evasion criminality, scholars and Universities of all over Europe. Across the Atlantic, the US Attorney’s Office in Manhattan is being sent a full dossier of the incriminating paperwork for their consideration, as it appears that Nordea Bank Luxembourg also felt the need to cheat the US Internal Revenue Service.

Rothschild and Landsbanki have packed up, knowing the extent of the damage.

Judicial action will soon catch up with these banks.

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

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…!

BFI Consulting, Swiss Life, Nordea Bank Luxembourg and…Allan Graydon!

SwissChoices is about Swiss Quality. And that is how it will be delivered to SwissChoices clients.

At ERVA, we often visualize Allan Graydon sitting at his kitchen table, in his underpants, thinking about how to drive new business in, and, upon coming up with new brilliant ideas, dialling one of the following numbers:

  • Nordea Bank (Luxembourg) S.A. Jhon Mortensen
  • Peter and Jane, caught up in the Landsbanki scam, asking for €500 to negotiate with infamous Yvette Hamilius.
  • BFI Consulting Frank R. Suess
  • Swiss Life Ivo Furrer
  • Mercadona Calahonda home delivery service.
  • Spririt Hairdressing and Beaty Salon, Nueva Andalucia
  • Norman Steele, long-standing pal and former partner, who fell foul of some national authorities for fraud.
  • Morten Remo Sorensen, current partner fined by the Spanish financial regulator (CNMV) for illegally offering financial investment services on behalf of consumers.


Nordea Bank Luxembourg Lawyer’s Principles

The attached picture corresponds to Mr. Jesus Pérez de la Cruz Oña, acting lawyer for Nordea

Bank Luxembourg S.A., nothing wrong with that. In fact, his austere expression conveys seriousness and rectitude, qualities that these days are in short supply.

Mr. Pérez Cruz represents a company, Nordea Bank Luxembourg S.A., that produced what is probably the most comprehensive tax-evasion brochure ever to be published by any company, and perhaps the only bank to have done so, so far with little consequences for them. And he defends its content vigorously, for which he gets paid nicely, as a result of his swear-in ceremony, wherever it took place; again, nothing wrong with that.

Let’s remember what Nordea said:

Borrowers may take up a mortgage loan either at the time of the purchase of a Spanish property or after having owned the property for some time….the latter case is more aggresive from a tax point of view and therefore more uncertain…taking up a mortgage loan at a later stage runs the risk of the Spanish authorities questioning the purpose of the mortgage…as this publication was being prepared, mortgaging Spanish property some time after its original acquisition was a matter of some debate in Spain…according to the information the authors had at their disposal 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.

But one thing is not right: Mr. Perez Cruz says in his CV that he practiced for prestigious Uria & Menendez, a company that said about these products – before removing the paragraph following a phone call from Rothschild- the following:

It may not be discarded that the Spanish Authorities may try to challenge the deductibility of a loan granted to a non-resident for IHT purpose under the arguments that either (i) the debt has been “simulated” for the exclusive purpose of reducing the Spanish IHT liability or (ii) because the lack of connection of the debt transaction with Spain, the Spanish elements of the debt have been artificially incorporated to the debt…

Groucho Marx: Those are my principles, and if you don’t like them… well, I have others

Malaga Court Accepts Misleading Advertising Case Against Nordea Bank Luxembourg

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.


Claim Against Nordea Bank S.A. Luxembourg

Six Erva.es associates have just launched a claim against Nordea Bank Luxembourg for misleading advertising, pursuant to the 2009 Unfair Competition and Publicity Act.

Anyone interested what the Act says can access a summary of it offered by a top UK law firm, or the contents of it, as published by the number 1 law firm in Spain (and who incidentally happens to represent one of the Equity Release banks, one which is willing to negotiate though).

And anyone curious to know which advertising is considered misleading can go to the Exhibits section of the writ, where a coloured full-copy of the law-infringing brochures are displayed.

The message Nordea put out to people was clear: if you have property in Spain and don’t have a mortgage registered against it, you are endangering the future of the generations to come. On the contrary, if you take out a mortgage loan and invest it with Nordea Luxembourg, you will enjoy the life of Riley, just as the Nordea satisfied family placidly enjoying a catch up and a picnic day out.

So much for the Nordic Values…that differentiate Nordea from their competitors.

Nordea Bank Luxembourg Equity Release Solution for Those Affected by Spanish Tax…

Nordea Bank Luxembourg has persistently excused itself from any wrongdoing by stating that, although they do not confirm nor deny that abundant Equity Release advertising misrepresents the truth, “…ultimately, it was the choice of the consumer to rely on the representations made, or not, having been previously warned that they should seek independent advice.”

This is like British Airways or P&O Ferries saying that, although they promise that they will carry a British family safely from Spain to England, the ultimate choice of travelling with them lies with the consumer and therefore, if the plane falls out of the sky over San Sebastian or the ferry sinks in the Gulf of Biscay, there is no such thing as compensable lack of air or seaworthiness because you should have brought in your mechanic to look out for faulty turbines or pistons, rusty rivets, low oil levels etc.

Or that if go to McDonalds and the meat tucked into your burger you thought was beef just happens to belong to a rodent, there is clearly no responsibility on their part because “ultimately it was your decision to attend the fast-food chain, or not”.

So it is the ever-widening gap between who they really are and who they wished they were that is forcing Nordea Luxembourg to resort to self-deceptive excuses to carry on.

And baffling as it may be, whilst they avidly foreclose on victims’ properties throughout the Spanish geography with Nordic efficiency after cheating them, Nordea Office Luxembourg is still offering a second to none tax-evasion booklet to British expats.

You are now warned: don’t leave it till the last minute and order your Nordea Luxembourg Inheritance Tax Manual for Spain today!


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