SWISS ANNUITY - LEGAL - ASSET PROTECTION
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Learn the Legal Procedures to Protect Your Swiss Annuity.
There are two requirements: A
person who buys a life insurance policy from a Swiss insurance company
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must designate his or her spouse or descendants, or a third party (if done so irrevocably) as beneficiaries. |
And, to avoid suspicion of making a
fraudulent conveyance to avoid a specific judgment, under Swiss law,
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the person must have purchased the policy or designated the beneficiaries not less than one year before any bankruptcy decree or collection process. |
The policyholder can also protect the policy by converting a designation of spouse or children into an irrevocable designation when he becomes aware of the fact his creditors will seize his assets and that a court might compel him to repatriate the funds in the insurance policy. If he is subsequently ordered to revoke the designation of the beneficiary and to liquidate the policy he will not be able to do so as the insurance company will not accept his instructions because of the irrevocable designation of the beneficiaries.
Article 81 of the Swiss insurance law provides that if a policyholder has made an irrevocable designation of spouse or children as beneficiaries, they automatically become policyholders and acquire all rights if the policyholder is declared bankrupt. In such a case, the original policyholder automatically loses control of the policy and his right to demand the liquidation of the policy and the repatriation of all funds. A court therefore cannot compel the policyholder to liquidate the policy or otherwise repatriate his funds.
If the spouse or children notify the insurance company of the bankruptcy, the insurance company will note that fact in its records. Even if the original policyholder sends instructions because a court has ordered him to do so, the insurance company will ignore those instructions. It is important the insurance company be notified promptly of the bankruptcy, so that they do not inadvertently follow the original policyholder's instructions. This is also true for pending legal action or judgments.
If the policyholder has designated his spouse or children as beneficiaries of the insurance policy, the insurance policy is protected from his creditors regardless whether the designation is revocable or irrevocable. The policyholder may therefore designate his spouse or children as beneficiaries on a revocable basis and later remove this designation before the policy expires if at such time there is no threat from any creditors. These laws are part of fundamental Swiss law. They were not created to make Switzerland an asset protection haven.
PORTFOLIOS
SUMMARY OF BENEFITS
Full Creditor Protection
No Swiss Estate, Inheritance, or Transfer Taxes
No Foreign Income Taxes
Private & Safe
First-Class Swiss or Liechtenstein Insurance Company
Each Investor Assigned a Personal Certificate Number
Certificates are Denominated in Your Choice of Currency
Reference Currency is the Swiss Franc or US Dollar
No Limits on Duration of the Investment.
[5 Years is the Recommended Term]
Add more funds and/or request partial withdraw of funds anytime without fees or penalties
