Swiss Annuity or Swiss Bank Account.

Finance, Taxes, Banking, Insurance and Retirement
1
Hi,

Im a Canadian Citizen living in Canada, basically im starting to plan for retirement. I wanted some information on Swiss Annuities for non residents.

Can a foreign national buy Swiss Annuities, if so does it have to be in Swiss Francs? Or can i buy it in Canadian Dollars? What is the minimum requirements?Im looking to buy in the range of $80,000 CAD or 65,000 CHF

Also if you could provide some information on the best Insurance Companies to buy these Annuities from? And do i have to buy these insurance products from brokers or can i deal straight with Swiss Insurance companies.

Would prefer service and paperwork in English.

Thanks for any help.

2
Welcome to the forum.

3
Thank You.

4
Dont want to put you off, but it may not be enought for a swiss company to be interested. I had an account with an investment company, when I moved to Zurich I contacted the Zurich office to transfer my account. They said no, sorry we dont open accounts for less than CHF100,000.00

5

Here is a link for Zurich Annuities https://www.zurich.ch/en/private-cus...mediatepension

Any investment for retirement has to be considered carefully in the context of the tax system where you buy into it (for example you may get tax relief on contributions ) and where you draw the money out of it on retirement (you may pay a full or maybe reduced rate income tax).

You've also got to consider exchange rate implications (CAD/CHF) and residency implications.

If you're thinking of retiring in Switzerland, the amount of money you mention will not go very far.

Incidentally, Annuities are not considered here as very attractive. Links in German (use google translate if necessary) . . .

http://www.beobachter.ch/geld-sicher...kaum-rentabel/

http://www.saldo.ch/artikel/d/die-le...ehende-greise/

http://www.blick.ch/news/pk-geld-fue...e-id40403.html

6

Ok, thx for the reply. I was under the impression that $50,000 (USD) was the minimum for a non-resident to buy an annuity in Switzerland.

http://www.swissannuity.ch/faqs.htm

Also as a non-resident can i buy directly from insurance companies like Swiss Life or do i have to go through a Swiss Advisor or Broker?

I plan on visiting Zurich later this year, so trying to get as much information as possible.

7
Hi, thanks for replying. I do not plan to retire in Switzerland and im also hoping to buy the annuity in Canadian dollars. Will exchange to CHF only if i have to.

My biggest reason for the annuity is the protection that it offers. Im looking to park my savings in a guaranteed safe investment that i can pass on to my kid.

8
I would seriously consider keeping your money in Canada and avoid the exchange rate risk and all the high fees charged here. As me.anon said annuities are not very attractive here and it is true. If it's security you are after there are plenty of very good options in Canada.

9
Well buying a Swiss annuity sure is not the way to go! Seek proper financial in Canada, these kind of DIY jobs for small amounts almost always end in tears.