Rules to Remember with Switzerland Asset Protection

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Rules to Remember with Switzerland Asset Protection

Under Switzerland jurisdiction, rules on fraudulent conveyance could have an affect on asset protection. What this means to you as an owner of assets is the fraudulent conveyance rules may be used by creditors to recover debts made on transfers made with the end of depriving creditors from collecting on outstanding debts.

The key factors with these rules rely on the time frame when the transfers were made in relation to the time a court ruling was filed, insolvency of the transferor and the intention of the transfer in going through with the transfer. Asset protection may be lost if the fraudulent transfer rules are considered applicable, which tips the balance in favor of creditor protection.

It is overridden in case the time the transfer was made and filing of bankruptcy occurred within a year of both events or if the contract rendered the owner insolvent. The one-year period is extended to five years under the Switzerland courts if the owner bought the life insurance policy or annuity with the intention to prejudice creditors. These conditions though are difficult for creditors to prove with conviction and beyond reasonable doubt. In addition, creditors must prove that beneficiaries had knowledge of the owner’s original intention to commit fraudulent conveyance.

In the US, significant benefits can be seen from recent occurrences where debtors are viewed with a discerning eye. Debtors who tend to purchase trust offshore are viewed with cynicism and prejudice. Especially after the September 11 attack, U.S. has begun to tighten its laws affecting financial institutions. With this in mind, obtaining annuities which is less offensive than offshore trusts is considered more acceptable. They find annuities more common and considered safer and easier to track compared to offshore trusts which are less seen or less common in other jurisdictions aside from the U.S.

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