Tag archives for Rothschild

Madrid Rothschild Offices Evacuated Over Suspected Anthrax Attack

La Policía delante del edificio de Rothschild

According to Spanish news releases, the offices of Rothschild in Madrid have been evacuated due to the delivery of two suspect envelopes with white powder.

More can be read in this link.



Lunch with Stephen Dewsnip, former “Rothschild” Director

The statement below was made by a RV (Rothschild Victim). Names  have been ommited to preserve confidentiality.

This statement fully validates Mr. Nott’s honest and truthful affidavit, and exposes the lies of the “Rothschild” brand.

Mr. Dewsnip, let your conscience be your guide and sever ties with your former utterly dishonest employers. You were economical with the truth on stand once, don’t dig a deeper hole for yourself.

Mr. Donald Nott of Henry Woods, a company trading as financial advisors previously known to us, telephoned to say that he was arranging a seminar in the Javea, Parador hotel and that a Mr. Stephen Dewsnip, a senior director of Rothschild Bank, would be giving a talk on a Rothschild financial product known as the “Rothschild Credit Select Series 4 Equity Release Plan”.

Due to a previous commitment we were unable to attend the seminar and instead asked Mr. Nott to come to lunch at our house, an occasion which would provide him with an opportunity to explain the “Rothschild Credit Select Series 4 Equity Release Plan” in greater detail.

Mr. Nott agreed to this arrangement and then asked if he could bring Mr. Dewsnip, the Rothschild Bank director, with him.  We agreed to this and felt quite honoured to have a director from a prestigious bank in our home.   Both men arrived at 12.30pm and we enjoyed some convivial, pre-lunch drinks together.

The smartly dressed Mr. Dewsnip appeared to be on extremely good terms with Mr. Nott.

Both were very courteous and once lunch started Mr. Dewsnip began to explain the Rothschild Credit Select Series 4 Equity Release Plan.   Mr. Dewsnip advised us that, in view of our well-defined financial circumstances, the Rothschild scheme would be an ideal “investment” as it would release equity locked-up in our home, provide another source of income and reduce inheritance tax.  The entire scheme, he assured us, was underwritten by a Rothschild Bank loan that would be guaranteed for 10 years.

Mr. Dewsnip was aware that my husband John John, a retired Army officer, had a small pension and Mr. Dewsnip also fully understood that the only accessible capital we had was tied up in our home.  He advised both my husband and I that Rothschild Credit Select Series 4 Plan would be financially beneficial to us as the equity released in our home would provide us with an initial lump sum of up to 5% of the value of the house, and the “income” following on from investing the remaining money in a “financial product” would provide an annual net income of up to 3%.

Mr. Dewsnip wholeheartedly assured us that the Rothschild Credit Select Series 4 Equity Release Plan was guaranteed by Rothschild Bank and was particularly appropriate for elderly people not wishing to move house again.  And that Rothschild Bank would not involve anyone, particularly pensioners, in a hazardous financial product that would expose them to unexpected risks.

We are inherently adverse to taking financial risks of any kind but the assurances we received from Mr. Dewsnip, director of Rothschild Bank who was actually sitting in our house and eating our food, was sufficient to convince us that the Rothschild Credit Select Series 4 plan was a safe and appropriate plan consistent to our financial circumstances.  And it was the advice received from Mr. Dewsnip, a director of Rothschild Bank, that finally persuaded us to enrol in the Rothschild Credit Select Series 4 Equity Release Plan.

At no time during our lengthy conversation with Mr. Dewsnip did he draw any distinction between the names “NM Rothschild & Sons” and “Rothschild Bank International”.

 At all times Mr. Dewsnip referred to his employees as “Rothschild Bank” and if there is a legal distinction between the two entities then Mr. Dewsnip failed in his fiduciary duty to disclose this information and in doing so misled us into entering into a contract.

Baron David de Rothschild to Appear in Court


The writ dated 14th of October 2014 -received by lawyers acting for a Rothschild victim yesterday- has ordered the following:

  1. Reopening of the criminal investigation (preliminary inquiries) that was provisionally set aside (the latter status was not made aware to us as we had thought it was ‘alive’; as it happens, it makes little difference from a practical point of view).
  2. Informing the Spanish Prosecutor of the Court’s decision.
  3. Ordering the claimants’ counsel to submit a criminal complaint, making it extensive to Baron David de Rothschild (the POA did not include him as he was initially not listed as a potential defendant) with a view to “guarantee his right to a legal defense”.
  4. Ordering the Police Forces in Madrid and Barcelona to verify whether Rothschild’s addresses in those cities are suitable for summoning Baron David de Rothschild and Stephen Dewsnip, with a view to being interrogated following an official indictment.

It remains to be seen how will the bank tackle this setback; so far, the Rothschild camp have stood firmly by their IHT mitigation CreditSelect loan product, deriding clients’ claims and being dismissive of the authority and capacity of Spanish Courts. 


Rothschild Case: Malaga Court Demands Spanish Address for Summons

Rothschild Wealth Management & Trust

The Mercantile Courts in Malaga have made a request for lawyers -acting for claimants over the misselling of CreditSelect loans as a means to avoid IHT- to provide a Spanish address for notification purposes.

It is the case that NM Rothschild & Sons, commonly known as Rothschild according to Wikipedia, has a website that boasts offices all over the world, including Madrid and Barcelona.

Should the Court accept any of the above addresses service of process will be duly carried out and Rothschild will have 20 days to respond to the allegations that their company, in their capacity as lenders, a specifically envisaged, designed, marketed and sold a product, the Credit Select Loan Series 4, to defraud the Spanish Taxman.

We must remember that Rothschild has vehemently denied ever providing any type of financial/investment advice. Quite so, the claim has nothing to do with this but with the fact that, in their own words, with the “Rothschild mortgage inheritance taxes would be reduced from a whopping 81,6% to nil”: no more and yet no less.

Rothschild need to be aware that advertising a service or a product is a serious matter because, as you would expect, the public reacts to such offer and acts on it. More so when people rely on Rothschild core principles.

This is exactly what happened with the Credit Select Series 4 Loan: Rothschild, or all companies, offered it as a legal means to avoid crippling Spanish IHT and people bought, because they trusted them.

Now we know different, but so do they…


On How Rothschild Vets Investment Providers for Credit Select 4 Series

Below is an example of an email sent by an IFA, recommended by tax-defrauding N.M. Rothschild & Sons, in respect to the abject performance of the Rothschild Credit Select Series 4 Equity Release product.

The figures reflect three things:

Confirmation that Rothschild vets all investment service providers before recommending them to their victims, and confirmation that such powers are hardly consistent with Rothschild’s preferred phrase: “WE WERE ONLY THE LENDERS…”

– The inexistent skills of whoever was entrusted with investing the funds.

– The inability of the Rothschild Equity Release product to ever make any progress in respect of providing an income stream, let alone paying the cost of the mortgage (and the IFA).



Dear Mr & Mrs…,

I hope you are well, please find below the quarterly update on your equity release scheme.

Your investment as at 23rd October 2013 was €138,518.70. Your loan balance as at 23rd October 2013 was €331,628.90 the difference between your loan and your investment is €193,110.20. The loan to value is 45.78%, Rothschild will request additional funds from you if this percentage rises above 35%. Loan to value is calculated using 100% of the value of the investment and 35% of the original property valuation.

The current interest rate charged on your loan by Rothschild is 1.723% (including Rothschild margin of 1.50%) ending the 23rd January 2014.

As discussed previously there is a limited choice of approved investments for this scheme and their performances are detailed below:

Investment YTD 2012 2011 2010 2009
Rothschild Cash account 0.15% 0.30% 1.10% 0.45% 0.75%
Optima 2 Closed 1.90% 2.10% 92.00% 5.70%
Optima 4 +0.89% 3.87% 1.30% 86.00% 8.54%
Aspecta Optima 2 -1.31% 2.05% 2.44% 33.00% 5.46%
Aspecta Optima 4 -0.16% 2.65% 1.70% 0.96% 5.86%
Ashburton Replica 22nd Oct +3.19% 6.29% -0.70% 11.71% 11.43%
Premier Balanced Fund  +0.23% 6.20% -7.74% 5.81% 7.77%
Armstrong CRR -1.79% 0.80% -8.20% 5.67% 12.30%
Armstrong DDS 4.33% 7.20% -0.20% 12.30% 31.30%

If you have any queries please do not hesitate to contact


Rothschild’s Crafty Lawyers Explaining the Creditselect 4 Series: It Was All Clearly Explained

ERVA would like to hire Mr. Shannon as their legal representative. He is a master of magic and can actually make you think that what you read is not really what you read, that what you understood is far from it (and of course, entirely the reader’s fault for being a twit) and that, on the whole, the advertising published by his bosses is fundamentally correct in what benefits them but, at Rothschild’s insistence, not to be relied upon on what it is detrimental.

But leaving that aside, is there a reason why Mr. Shannon has not included a mention to the associated spectacular tax savings that Mr. Steve Dewsnip promises time and time again in his articles, and which happens to be fundamentally inaccurate, incorrect, false and illegal?


Spanish Taxman Warns Again: Equity Release to Mitigate IHT is Tax Fraud

Spanish Tax Office is insistent: customers are exposed to tax fraud if equity release mortgages are deducted from the estate calculation

Tax Office on Equity Release Binding Enquiry (click on image to download PDF)

But then Steve Dewsnip, from Rothschild, used to say the following:

“At Rothschild we are insistent that customers are not exposed to unexpected risks…”

And we now say: Steve, yes they are, so much so that only in respect of the tax matter, where the amount defrauded exceeds €120,000 per annum, there are jail terms ready to be handed down (Alhaurin penitentiary opening its doors to trusting clients?). Not to mention of course other risks that the product had to offer, in spite of Rothschild’s ultra-cautious approach: legal risk, currency risk, investment risk and not the least, health risk.

Barclays’ Senior Client Relations Advisor had stated in a letter published in an earlier post the following:

“We reviewed the ruling to which you refer and note that it relates to Spanish wealth tax only and does not deal with inheritance tax at all. Therefore, whatever conclusions in that ruling, they are not relevant to the issue of inheritance tax…The Bank satisfied itself that the scheme is not illegal.”


Two things on this:

  1. The scheme is not illegal per se, what is illegal is the sale of the scheme as a way to mitigate taxes and the pursuit of a tax benefit, as Barclays did, among other misrepresentations (such as it being a fantastic product for pensioners because it would provide an additional income stream to their retirement income etc.).
  2. The Tax Office has taken exception to the letter by Barclays and has specifically addressed the Inheritance Tax mitigation matter, rendering it openly as “Tax Fraud”. This means that Barclays is, prima facie, guilty of devising, promoting, endorsing and selling a product that is Tax Fraud.

And if the above holds water -which it clearly does- by extension all other schemes promoted by many other banks are illegal.

Explanation of the Rothschild CreditSelect Series 4

This email is a summary of the virtues of the Rothschild according to Stephen Dewsnip. The email, for obvious reasons, left out the “downsides” of this unconventional mortgage, a mortgage that according to him allowed the borrower to not be exposed to unnecessary risks..



From: Dewsnip, Stephen
Sent: 08 November 2006 09:16
Subject: RE: Mtgs.
Importance: High

Thank you for your enquiry regarding Rothschild’s Spanish mortgage service, CreditSelect Series 4, and I am now pleased to provide further information for you.

CreditSelect Series 4 is neither complicated nor expensive, and has been designed to enable you to make the funds invested in your Spanish property work harder for you.  It is not a conventional mortgage facility but rather a financial planning tool that creates liquidity for you by providing a loan for investment purposes.  It provides an initial ‘cash-back’ facility, the prospect of an annual income stream, the opportunity to diversify between asset classes, the prospect of long term capital growth through a diversified investment portfolio and, depending on your personal circumstances, tax planning opportunities.  Most importantly, as far as we are concerned, the investments acceptable to us each have a 100% capital guarantee from highly rated, large European banks at the end of 10 years.

CreditSelect Series 4 is available to both residents, whose who live in Spain for longer than 183 days per annum, and non-residents and in keeping with Rothschild’s cautious and conservative approach has been designed to ensure that you are not exposed to unnecessary risks which, when considering that the product involves registering a mortgage over your Spanish home, we regard to be crucially important.  There are no upper age limit restrictions or documentary proof of income required, although we do consider income and asset levels as part of our underwriting process.  It is available where a property is owned by a company, as well as by individuals, and all paperwork and documentation is streamlined and standardised to make the application and completion process as smooth as possible.

In simple terms, it works by arranging a loan secured by a mortgage over your Spanish home with the loan proceeds being invested in a 100% capital guaranteed investment fund that matures after 10 years.  Since the investment fund does not actually pay income throughout its 10 year period, we are happy for interest on the loan to roll-up and at the end of this period, the principal loan amount (ie. excluding any initial cash-back, rolled-up interest, capitalised fees and annual loan drawdowns that we permit to provide an ‘income’ stream) is repaid from the maturing investment.  Of course, the investment funds are designed to return greater sums that the minimum guarantees and the aim is that the maturing investment fund will exceed the total loan balance, including all of the items listed above.  As Rothschild is neither an investment nor tax adviser in this regard, we distribute the product via a network of financial advisers based predominantly in Spain and, should you wish, I would be pleased to provide you with a list of such advisers, with whom we are comfortable in dealing, in order that you can make direct contact.

Like your Spanish property, CreditSelect Series 4 loans are denominated in Euros, as is the investment, thus ensuring that you are not exposed to any unnecessary exchange rate risks.  We lend up to 75% of the property’s current market value which, from the point of view of Spanish inheritance tax planning (something that, regrettably, is often overlooked by not only purchasers but also estate agents, property developers, and even Spanish lawyers and notaries), is considered to be adequate given the tax rate tapering effect, valuation methods acceptable to the Spanish authorities, and the interest roll-up feature of our facility.  Our loans start from €200,000 with effectively no upper maximum, meaning that the product is available to owners of residential property valued at €270,000 or more.

With a CreditSelect Series 4 mortgage, you can take up to 5% of the property’s market value as initial capital or equity release and each year we compare how the investment fund has performed over the previous 12 months to the interest rate charged on the loan and permit an additional loan drawdown representing the surplus investment return, capped at 3% of the investment fund value.  Since this is structured as a loan drawdown rather than as a withdrawal from the investment fund, it is not classified as income and hence is not liable to income tax assessment.  Depending on your personal circumstances, this may also be beneficial to you.

In summary, CreditSelect Series 4 is not designed to be the most aggressive and risky product in the marketplace, in fact quite the opposite – we aim to help our clients in a conservative, cautious and well-structured manner without exposing them to undue risk.

I am enclosing a copy of our term sheet, which sets out the facility’s terms for non-residents in more detail, together with a copy of an article I wrote earlier this year on some of the tax rules in Spain, which you may also find of interest.

I look forward to hearing from you.

Kind regards


Misleading Publicity Legal Suit to be Filed Against Rothschild

The DGT (General Directorate of Tax) has confirmed that mortgage loans for any other purpose than buying the property on which they are registered, are not deductible for Spanish Inheritance Tax Purposes.

Binding consultation 04423-13 received by Lawbird lawyers today (28th May), refers also to loans granted abroad (such as those by Rothschild, SLM, Nykredit etc.) that are guaranteed by mortgages on Spanish property and is adamant: only real debts can be used to mitigate taxes.

Nobody questions that N.M. Rothschild & Sons could and should have ensured that the product they were selling was legitimate, just like any diligent person carrying out any commecial activity in Spain would do (and indeed any where in the world).

Instead, they chose to make their clients accomplices of tax fraud because some inept lawyer at Gomez Acebo & Pombo decided that it was legal, at the insistence of clowns Mark Coutanche and Steve Dewsnip, to run this circus.

Claimants will demonstrate that all the publicity issued by Rothschild, and the companies they used to sell the product CreditSelect Series (as confirmed by honest and helpful former employees) is false, fraudulent, encouraged tax evasion and has caused untold grief on victims.

The legal suit against Rothschild is to be lodged with the Malaga Mercantil Courts on the 7th of June 2013.

Equity Release for UK Home Owners

Equity Release for UK Home Owners was also publicized for Inheritance Tax mitigation purposes, supposedly in compliance with English tax laws on the matter. But was it also a time-bomb, like the Spanish devious taxman depicted is openly warning us all?

How come no Spanish bank ever offered such a revolutionary product to national taxpayers?

Did they know something the very clever Luxembourg-based Scandinavians milking hard-working Spanish-based British expats missed?

Were Spanish banks so inept at marketing that Rothschild had to fly out to teach them a few things on successful new-product launching?


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