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Churchills Investments

Unregistered financial advisers named by the CMNV.  We have received a number of complaints against these advisers”.

 

Introduction

 

The OPES Pension Trust is a product provided by Close Brothers in Guernsey, the Channel Islands and marketed throughout Spain by Churchill Personal Investments.

 

Churchill are on the Costa del Sol Action Group website and are described as follows:

 

Unregistered financial advisers named by the CMNV.  We have received a number of complaints against these advisers”.

 

OPES

 

It is our opinion that the OPES product is mis-sold in Spain by Churchill. 

 

Our reasons for stating this is as follows.

 

1.         The Channel Islands have no Double Tax Treaties with Spain.

 

2.         The Channel Islands are red flags to the Spanish tax authorities.   There has been considerable tax evasion by Spanish residents in the Channel Islands, and it has a very low reputation with the Spanish tax authorities.

 

3.         The Channel Islands is a named tax haven in Spanish law. 

 

            This means that assets located there (including those in a Trust described as OPES) would be deemed to be continued to be owned by the individual resident in Spain, and thus would continue to be liable to income tax, capital gains tax and wealth tax.  If proper accounts were not provided, the Spanish tax authorities would assume that the income would be at the rate of 15% per annum, and tax the individual accordingly.

 

4.         Churchill make much play of the fact that the OPES is tax free in Guernsey, but are less forthcoming about the tax position in Spain.  Essentially, it depends on misrepresenting the product to the Spanish tax authorities.  If the Spanish tax authorities were fully aware of the product, and investigated it, we believe the tax haven rules would immediately apply.  Presenting it as some form of annuity, or pension (which it is not in terms of Spanish law) might mislead the tax authorities into taxing it favourably.  However, this is obviously an unsafe position for the taxpayer.

 

 
 

 

Unregistered Financial Advisors named by the Financial Services in Spain ( The CNMV).

We have received a number of complaints against these advisors.

 

CHURCHILL INVESTMENTS

Carratera Cabo La Naw

71-6

0730 Javier
Alicante

 

Managing Director Paul Stanfield who is based in Alicante Spain.

Salesman Michael Jarrett

 

This advisors recommended Cranleigh Estates and Hannover Estates who were closed down.

 

 

© COSTA DEL SOL ACTION GROUP
Against Unlicenced Financial Advisers & Product Providers that support them.