Monday 16 January 2012

Bad news for foreign victims of Costa del Sol mortgage scam

23:36 |


The National Court will not be investigating the mortgage fraud which was reported last year by twenty foreign residents of the Costa del Sol and which affected victims all along the Spanish coastline. Most of the banks and foreign financial advisors involved were from Denmark who informed their clients that, if they died without a mortgage on their Spanish property, their heirs would be subject to hefty inheritance taxes which they would never be able to pay. They were then offered a mortgage on their property, with the money invested outside Spain, mainly in Luxembourg. El Mundo reports that the investments did not however go well, and the victims are now in danger of losing their homes. The Málaga victims are represented by the Marbella law firm Lawbird, who told El Mundo, ‘This is complete judicial apathy from this court, which considers the complaint as lacking in relevance.’ ‘It contrasts,’ they said, ‘with the rapid response from the Danish government which has announced that it will investigate the manoeuvres which invested the funds from the loans in fiscal paradises.’

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