A Primer on Swiss Annuities

General Power Of Attorney Form - A Primer on Swiss Annuities

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The universe of offshore tax planning and asset safety is large and complex. There are no "magic bullet" structures; instead there is a myriad of choices. The hallmark of a savvy practitioner is not only knowing of all the available options, but also knowing when to use which option for a particular client. Swiss annuities should be thought about by all practitioners seeing to confer vital tax and asset safety benefits on their clients.

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General Power Of Attorney Form

For tax purposes, changeable Swiss annuities allow for a perfect deferral of the value build-up within the course (similar to domestic annuities that the reader is well-known with). If a trust (as discussed below) is named as the beneficiary of the policy, the trust should be a grantor trust for revenue tax purposes. It should be noted that fixed annuities do not enjoy the advantage of revenue tax deferral as they are deemed primary issue reduction instruments for U.S. Tax purposes. To declare the tax benefits the course owner should not be able to direct how the annuity is invested, but can appoint a "third-party" investment advisor to make the investment decisions.

Foreign annuities are not branch to U.S. Tax reporting requirements generally related with foreign bank accounts (U.S. Treasury Form Td F 90-22.1). Swiss annuities are not branch to the 1% excise tax generally imposed on purchases of foreign life assurance or annuity policies due to the double tax treaty signed by the U.S. And Switzerland in 1998.

Swiss law offers vital asset safety for life assurance products (which includes annuities). Swiss annuities are not branch to collection remedies directed against the owner of the course and are not deemed to be a part of the bankruptcy estate of the course owner. Even if a foreign court authorizes the attachment or other levy of the policy, whether in bankruptcy or otherwise, a Swiss court would not issue an order directing the assignment of the course to the creditor or the bankruptcy trustee. Because Swiss assurance fellowships are not branch to the jurisdiction of a U.S. Court, without an order from a Swiss court the annuities are not reachable by creditors.

Even if a bankruptcy proceeding is initiated against the course owner in Switzerland, Swiss law provides that when the course owner is adjudicated bankrupt, the ownership of the course automatically transfers over to the beneficiaries of the policy. Because the course would no longer be an asset of the debtor, the debtor's creditors would not be able to reach it. Fraudulent change challenges would not apply as the change is automated under Swiss law.

The blanket safety afforded to annuities under Swiss law applies only when the annuity course incorporates an acceptable beneficiary designation. A beneficiary designation that would work has to be whether (i) an irrevocable beneficiary designation with no restriction on the identity of the beneficiary; or (ii) a revocable beneficiary designation with the spouse or the descendants of the course owner named as beneficiaries.

Revocable designations allow for greater flexibility. Spouse and descendants (kids and grandkids) can be named as beneficiaries while there is a pending collection action, and then removed as beneficiaries following the conclusion of the collection action. Irrevocable designations allow for sophisticated estate planning.

An irrevocable trust (preferably a grantor trust) can be designated as the beneficiary of the policy. While that designation is irrevocable, the course owner (who is also the settlor of the trust) can support the quality to designate trust beneficiaries by retaining a power of attorney exercisable on death.
With allowable planning, a Swiss annuity can enhance any asset safety or tax planning structure.

To learn more about Swiss annuities and other offshore investment choices, visit the author's website at http://www.maximumassetprotection.com.

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