The hallmarks of a Swiss annuity generally include the ability to invest in multiple currencies, the custody of assets within Switzerland, and the flexibility of withdrawals.
Often touted benefits of a Swiss annuity include the safety of Switzerland plus some degree of asset protection.
Variable annuities issued by non-U.S. insurance companies may permit tax deferral in the same manner as an annuity issued by a U.S. domestic insurance company presuming the diversification requirements[1][2] and investor control limitations[3] of the code and as articulated by the IRS are respected.
A Swiss annuity is considered a foreign financial account and reportable to the U.S. Department of Treasury each year by filing Form TD F 90-22.1 (the "FBAR").
Further, a Swiss annuity generally is considered a specified foreign financial asset, which must be reported annually using IRS Form 8938 assuming the value is above certain thresholds.