Life insurance coat

from Wikipedia, the free encyclopedia

A life insurance jacket , also called asset management life insurance , is a life insurance policy that only serves as a contract cover for the contribution of the customer's assets. Through this transaction, the insurance company becomes the legal owner of these securities. The aim of this construction is usually tax avoidance or increased discretion by using the banking secrecy of another country.

In English, these constructions are also known as insurance wrappers , asset wrappers or wrappers for short .

Since Switzerland does not belong to the European Economic Area , but Liechtenstein , which is necessary for the Europe-wide distribution of insurance, these products are often sold in Liechtenstein. Sales are also carried out by the Liechtenstein subsidiaries of Swiss banks and insurance companies. The sale of life insurance coats increased particularly from 2005 onwards. The assets managed by SwissLife under such contract covers rose from 200 million Swiss francs in 2005 to 12 billion Swiss francs in 2009.

In connection with the discussion about tax evasion , the former Swiss price watchdog Rudolf Strahm called wrapper products a "smart solution" that would bring Switzerland into political distress again in a few years.

In 2016, KPMG Switzerland pointed out that with the establishment of the global automatic exchange of information (AEOI), for example, German customers with life insurance coats in Switzerland could face considerable tax risks. This agreement came into force in the European Union and other countries such as Liechtenstein on January 1, 2016, and in Austria and Switzerland on January 1, 2017. A total of around 100 countries have committed to the AEOI standard. Data will be collected from 2017; A first data exchange is planned for 2018. Reporting the data of foreign customers is not a problem for Switzerland, as its much- invoked banking secrecy only applies to Swiss citizens.

literature

  • KPMG Switzerland (Ed.): AIA: Possible tax risks in life insurance solutions . October 2016 (Swiss Standard German, online [PDF; 156 kB ]).

See also

Individual evidence

  1. ↑ SF : Extract from the program Eco with the article about tax reduction with the help of wrappers  ( page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. dated February 15, 2010@1@ 2Template: Toter Link / videoportal.sf.tv  
  2. ↑ Fatherland (Liechtenstein): Black money trick with life insurance in Liechtenstein from February 15, 2010
  3. ↑ KPMG Switzerland (Ed.): AIA: Possible tax risks in life insurance solutions . October 2016 (Swiss Standard German, online [PDF; 156 kB ]).
  4. ↑ a b Automatic Exchange of Information (AEOI). Federal Department of Finance, June 16, 2017, accessed on July 17, 2017 .