Is it legal to acquire a Swiss annuity and send money abroad?
There is no law that prevents a Canadian or a U.S. citizen to acquire a Swiss annuity issued under Swiss law in Switzerland. In many countries, transfers in cash or bearer instruments to foreign countries have the requirement that it is reported to their government if above a certain amount. In the United States the amount is US$10,000. It is legal for you to contact a Swiss insurance company and to purchase an annuity, but it is illegal for an unregistered Swiss company to advertise in Canada. Why have some Swiss insurance companies decide not to register? Simply because if they did, the Canadian rules would regulate and almost totally control its business. (Refer to page 4). Consequently, Canadian law, not Swiss law, would govern each and every contract. That means that you would lose the privacy, and perhaps the lawsuit protection etc., that you would enjoy under Swiss law.
