Swiss Life Insurance Company Charged for Aiding US Tax Evasion

Swiss-based insurance company, Zurich has agreed to pay just over USD $5 million to the US Department of Justice for assisting US citizens evade taxes via the purchase of unit-linked insurance policies for a 6-year period between 2007 and 2013.

The courts heard how the company (which is an extremely popular medical insurance choice for many UK residents and in other European countries also) issued 400 US-related regulations, totalling up to USD $100 million, that did not meet the eligibility requirements for US tax relief, however were not reported to US tax authorities in foreign bank account reports.