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Choosing an Adviser in Spain
Article Submitted by: Offshore Money Managers
Offshore Money Managers Correduría de Seguros S.L. (OMM) is an independent firm of insurance brokers dealing exclusively with the retired expatriate market in Spain in the areas of offshore investment.
OMM is regulated by the Dirección General de Seguros in Madrid with licence number J-2126. Our head office is located in Marbella on the Costa del Sol and we have Appointed Representatives covering all the major expatriate centres
Visit OMM's website at www.offshoremoneymanagers.net for further information
“TOO GOOD TO BE TRUE”
QUESTION: “How do you make a small fortune on the Costa del Sol?”
ANSWER: “Start with a very large one”.
Although it breaks my heart to say anything negative about my adopted country, one has to admit that the expatriate areas of Spain are like a candle to a moth for those individuals whose sole aim in life seems to be swindling people out of their money. Why should this be so?
Well simply put, most of the people who come to live here have a few bob. Many of them have a lot of money and many of them, unfortunately, seem to leave their brains behind them in their old country. They do things here, like buying property without the benefit of a lawyer, that they’d never do “back home”.
So if you’re thinking of coming to Spain, are a recent arrival, or even if you’ve been here a long time, bear in mind the heading of this paragraph and realise that if anything seems too good to be true – then it probably is!
“SUNNY CLIMES ATTRACT SHADY CHARACTERS”
The last thing I, or any of the other professionals in Spain, would want to do, would be to put you off coming here. After all, it’s your business that we need to stay in business ourselves. However even if you think you’re the most level-headed and serious-minded person in the world, remember that the best con-men are the best simply because they’re so good at it - and you too could be caught out. It’s human nature to take people at face value and that’s exactly what the con-men bank on.
THE PROFESSIONALS
Now because someone is a “professional” doesn’t mean that he can’t swindle you; however if he’s a professional then he’ll belong to a professional body, will have qualifications, be licensed or be subject to some form of regulation and, more often than not, be obliged to carry Professional Liability Insurance.
So when deciding where to invest your hard-earned wealth, or when buying or selling a property or any of the many other transactions involving large amounts of cash, my advice is to always check out thoroughly the person you’re dealing with.
And don’t be embarrassed by this. If the person is a true professional he’ll actually be delighted to have you check him out because all it will do is reinforce your confidence in him. Don’t be afraid to ask for details of his professional body and of his Professional Liability Insurance -once again he will welcome your question because PI is hard to get and can be very expensive.
Now I’m not saying that simply because the person you are thinking of dealing with can’t satisfy any or all of these factors that he’s a con-man and that you’ll lose money but, in the absence of any other factors, such as a personal recommendation, you’ll be less likely to be “taken” if you deal with a true professional.
The instances of foreigners being defrauded in Spain (mostly by people of their own nationality!) are thankfully, in relation to the number of people here, small. However I’m pretty sure that you wouldn’t want to be one of those few; so take to heart the warnings above and only deal with professionals.
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