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Things You Should Know Before Wishing for a Switzerland-Based Asset Protection |
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You want to purchase a Swiss insurance policy knowing that it is your safest bet in keeping you from the risk of losing your property. Since asset protection in Switzerland is secluded by the Swiss legal system itself, you’re guaranteed that your assets are secured down to the single cent. However, there are still conditions you should be aware of before purchasing a Swiss insurance policy.
As with any other instances, there is also a limitation to asset protection in Switzerland. According to Article 82 of the Swiss Insurance Act, the creditors of a policyholder may seize the latter’s asset or even include it in the estate in bankruptcy if the latter may be proven guilty of fraudulent conveyance, in which case the purchase of the insurance policy and the designation of beneficiaries are considered invalid. This happens when there is any bankruptcy declaration or debt proceeding initiated against you within a year of naming a beneficiary, whether it is your spouse, children or a third party. In other words, if you are in debt when you purchase a Swiss insurance policy or when you name beneficiaries, you are in hot water.
If you are already in debt and you proceed to set up an insurance policy and then give up your right to the policy to your policy beneficiary, your actions will be perceived as a deliberate attempt to save some of your assets. Your creditors can bring this matter to court and the government is likely to side with them in this case. Your attempt to get out of your financial obligations would be painfully apparent.
However, if you took out the policy before you had financial trouble, then your insurance policy is guaranteed safe even if your creditors bring the matter to court. Thus, it is important that you purchase a Swiss insurance policy before anything that could lead to a claim in opposition to your assets occurs.
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