Six Year Battle sees British Expats Reunited with their Money


47 expats, together known as the Finca Parc Action Group, have won their six year battle to get back their deposits they put down on a “luxury development” near Murcia, Spain. Each expat put down between €10,000 and €70,000 for a new home promised to them by a developer that suddenly disappeared and a bank that withheld their deposits after his happened.

What Happened?

Keith Rule had put down a deposit of €53,000 and led the other 46 people in action to fight for their money back. He said, “For far too long Spain has alienated the very people who once helped the country prosper. Now the Spanish Government must learn important lessons from this case.

“If these types of cases are dealt with in a fair and speedy manner then maybe some of those people who have been the victims of negligence and malpractice may once again have the confidence to invest in Spanish property.

“After all that is what Spain wants and more importantly, desperately needs.”


The bank that withheld their money, Caja de Ahorros del Mediterraneo (CAM) was the only financial entity that was funding the project. This meant they were responsible for collecting the deposits, giving out the bank guaranteed certificate which is legally required and financing the development.

The 47 British expats handed their money over in 2005 and by 2009 the developer had disappeared with only a small amount of the properties built and the expats were left with no homes and no bank guarantee certificates.

Mr Rule added, “We did everything by the book before buying into these properties so felt particularly let down when the bank pulled the rug from under our feet.

“The development was advertised in Easy Jet magazine, the sales agent was British, the developer even stated on the reservation forms that is was represented by a UK lawyer, the project was launched with a champagne reception at Chelsea Football Club surrounded by sporting celebrities – we didn’t think for a minute it would all go so disastrously wrong.”

The CAM bank said that they were not entitled to receive their deposits back as they did not have the guarantee certificates even though they were meant to issue them.

After a ruling by a judge in Spain all the buyers were reimbursed with their deposit which gives hope to other expats in Spain who are facing similar situations. The amount of people who are predicted to be suffering after investing in property and banks in Spain is said to be in the thousands.

With costs such as landlord insurance coupled with a whole host of other outgoings, those involved will certainly have felt the pinch.

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