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MORTGAGE in another country? talked into it

then you lose your home? Read about Spain & foreign pensioners.

BUYING A MORTGAGEE IN ANOTHER COUNTRY

COULD THIS HAPPEN TO YOU

In Spain a fraud involving 800 people across Spain now find themselves out of pocket. Called a Foreign Reverse Mortgage, it had nothing to do with the Reverse Mortgages available in Spain .

«The Foreign Reverse Mortgage invited foreign pensioners to defraud the SPANISH Tax Office.” explains Antonio Flores, a solicitor from Lawbird Legal Services who is representing 20 cases on the Costa del Sol. The scam was headed by foreign banks and financial advisors, most being Danish, who had been working in Spain for several years, many without authorisation of the CNMV (National Market Securities Commission).

Their objective was to raise large amount s of money which was then invested in tax free havens like Luxembourg and the Channel Islands. The victims were established retired foreigners from the Costa del Sol to the Costa Blanca and in the Balearic and Canary Islands who were offered the possibility of a mortgage for more than the value of their home. The money would then be invested outside Spain, preferably Luxembourg, and they could live off the comfortable cushion that that would provide. ”The victims were sent leaflets saying: that the Spanish Tax office charged abusive amounts of tax and warning of the high inheritance tax, of 70 – 80 per cent that would be due on their properties if they did not have a mortgage, said Flores.

It is estimated that between 2004 and 2009 about 800 contracts were signed in Spain, with a Spanish notary.[ Rule 1: never believe this is full proof with any notary ]?????.

Thousands of Britons have bought Spanish properties in good faith, only to find they were illegally built on protected land. Demolition orders were issued for eight expat-owned homes in the nearby town of Albox and some of these homes are worth £350,000. All eight of the affected home owners did everything required of them by Spanish law to ensure their properties were legal.Ley de Costa establishes that the coastline land defined as ‘dominio público marítimo terrestre’ can see no homes or swimming pools, but that those built before 1988 will move into state ownership but will give the owners a 30 year use of the property, which can be extended to 60 years in some cases.

Its getting worse in Spain. The unemployed are becoming homeless and eating in soup kitchens in Spain, where the global economic crash put a million out of work in 2008 & 2011 up to 4million out of work & 5 million immigrants in the last decade coming in. What does that tell you?? Spain offers an extreme example of problems brewing across Europe as economies face unprecedented strains from the implosion of a prosperity built with easy money and millions of low-skilled service jobs, many held by immigrants.

THAILAND & OTHER COUNTRIES:

In Thailand scrupulous foreigners sell condos and homes not even built on websites then get a depsoit from the buyer out of Thailand. Once the buyer sees their condo is not even built and complains the Thai authorities can do nothing as the transaction was made out side their jurisdiction. The frausters live to play another day and it still happens around the world in many countries. This is a warning to foreigners who decide to buy in other countries & read and listen to hyped advertising too good to be true.

GREECE:

Thousands of foreigners with real estate in Greece have been caught up in the country's debt drama following the government's announcement of a new property tax touted as the only way of plugging a €2bn (£1.7bn) budget shortfall. Tens of thousands of UK citizens have settled in Greece, with Corfu and Crete being especially popular among British retirees.

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