The high sensitivity beta-gamma spectrometer ELEGANTS V (ELEctron GAmma-ray Neu Trino Spectrometer V) has been developed primarily for studying rare double-beta decays. It is a low background high sensitivity detector for low energy beta (beta), electron (e) and gamma (gamma) decays. ELEGANTS V is shown to be useful for the study of ultrarare nuclear beta(e), beta-beta(ee), beta(e)gamma and beta-beta(ee)gamma decays with decay rates of the order of T approximately 10(-27-30) s-1 (t1/2 approximately 10(20-23 yr).