“Do not lie down but stand up and fight them!"
An Estepona Court has order an indefinite stay of proceedings in respect to a foreclosure case brought by Nordea against a Danish Equity Release victim.
Nordea’s aggressive stance was met with resistance from lawyers acting for the customer, who invoked the abusiveness of the early maturity or redemption clauses and the pending resolution by the European Court of Justice, who will decide on their potential illegality.
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 Spanish Land Registry has confirmed that a company owned by María Angeles Muñoz and husband Lars Broberg, Crasel Panoramica S.L., took out an Equity Release mortgage loan with Nordea Bank S.A., based in Centro Plaza, Marbella.
The mortgage loan capital was €3,100,000 against a property -used as collateral- valued at over 4,5 million Euros.
We cannot confirm whether Lars or María Angeles are keen golfers, the prototypical victims of Jesper Hertz, Nordea Representation Office Manager, but what we do know is that the property was purchased in 2001, and the mortgage loan signed in 2010 (maturing in 2020).
We also know that Nordea Bank S.A. has accurately explained, in a promotional brochure no longer available online since 15 days before the interim hearing in a case against them -for misleading publicity- (although cached by Google without Nordea IT ‘expert’ expecting it), how to go about the business of cheating the Spanish Tax Office.
These are some of the conclusions that must have convinced the Mayoress to buy this product:
Today’s investor is more likely to have amassed a fortune through personal effort.
This booklet has been devised as a basic guide for this new breed of investor and in particular for investors affected by Spanish tax and inheritance legislation.
Failure to take sufficient action of Spanish Inheritance Tax (which may be as high as 34%, or even above 80% in certain situations) in the wealth-planning process, may lead to an unexpected and financially unpleasant surprise for the heirs.
Fortunately, there are ways of mitigating both the wealth tax and the inheritance tax at the same time, one of which is to take up a mortgage.
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.
Clients appreciate our Nordic values – they differentiate us from our competitors.
Our Nordic values: integrity, impartiality, honesty, directness, flexibility, commitment, treating clients as individuals, we can make the difference.
(We are informed that the Somalian Bankers’ Association has announced a job vacancy for an expert on Nordea values…Jesper can you help?!)
It is suspected that they took out the Nordea flagship ‘international wealth and tax planning’ product , the Capital Managed Plan (CPM).
The Spanish Tax Office warned against using this product to reduce Wealth Tax and more significantly, Inheritance Tax.
The question is thereby one: victims or accomplices of a tax fraud scheme?
If the former, they should report the bank to the authorities and where not, we must conclude that they are suspects of a potential tax fraud situation.
Nordea Bank S.A. in Switzerland is in the process of downsizing in the way Sydbank did, we believe. We may recall that this other bank, after cheating the tax offices of several European countries out of millions, was forced to close down (an acclaimed Julie Toft, from the Jyllands Posten, was responsible for the mess Sydbank got involved in).
Now Nordea, keen to cover their tracks, have been erasing very incriminating web-based information so that lawyers acting for Spanish-based Equity Release victims could not prove certain questions of fact, principally related to Inheritance Tax evasion.
These are the links they have erased (in the last few weeks):
Erased link number 1
Erased link number 2
Erased link number 3
Watch this information whilst it lasts in Google cache!
(Naughty Nordea, you did not really have to stoop so low…)
