Investment Cons and Misleading Deals
Social Media is now a prime area that investment scams are targeting. Be careful of very clever advertising using your friends to lure you in.
I was made aware of one very recently on Facebook, where a friend of mine had supposedly ‘liked’ a company that claimed to compare rates of investment interest from all providers available for Expats in Spain. The rates offered looked extremely good. As an IFA I am supposed to know all the best rates available, so I was intrigued to know more.
It transpired that no matter what type of investment I requested (Income, growth, 5 years, 7 years, 9 years) I was offered the same provider (which company name sounded good, but I know is not). All of these investments were offering me guaranteed returns, with high rates of returns which are not possible in my opinion. They all offered NO access during the term and I wouldn’t be 100% sure the company would still be around at the end of the term.
I put my email details and phone number to request personal information – I now find myself getting several calls per week and at least one email a day from this company.
Scammers will use household names in an attempt to lure you into thinking it must be ok; respected names like Martin Lewis or well-known sportsmen. I have seen scams even using National Savings Guaranteed Pensioner Bonds as their headline to try and make you believe in their safety.
When I asked the friend, who had supposedly ‘liked’ the page about this, they had never even heard of the company. Companies are now investing £1000’s into what is known as PPC campaigns (pay per click) which is why you might often see ‘pop ups’ on your social media for no reason at all. If you have done recent Google searches for products, the adverts that pop up will match your recent search.
What I would always urge anyone to do is always get a second opinion of anything that is advertised, especially through social media.
What is available for Ex-Pats living in Spain are the Spanish Compliant Bonds that can offer security as well as a very good rate of return and can cater for all risk profiles from the Cautious Investor to the more Speculative Risk Taker. These can be very tax-efficient and offer an excellent vehicle for clients wanting to take a regular income, or if you just want to let your investments grow over time.
If you would like a brochure or more information on Spanish Compliant Bonds, or just simply want a sit down and have a face-to-face discussion about your savings, then do not hesitate to email or phone me. Often just a reassuring discussion is all that is needed for some people.
Remember the old adage; ‘If something looks too good to be true it probably is.’
Please remain safe with your health and your wealth and contact us if you want to have a review of your portfolio or would like to look into the opportunities ahead.
120 Avenida Dr Artero Guirao 2C
San Pedro Del Pinatar
Our office suite is easy to find on the main N332 through-road of San Pedro del Pinatar with easy parking.
If you want more information or wish to make an appointment to discuss your own situation please email firstname.lastname@example.org or visit www.theblacktowergroup.com
Blacktower Financial Management (International) Limited is licensed by the Gibraltar Financial Services Commission. Licence 00805B and is registered with both the DGS and CNMV in Spain.
Blacktower Financial Management Limited is authorised and regulated by the Financial Conduct Authority in the UK.