Translated German text to English:
Bermuda-trick: convert black money to white money
With the appearance of insurance products is the Credit Suisse Life, headquartered in Bermuda.According to insiders, to Normal accounts have been disguised as a tax free life insurance. Unlike most investments are tax-exempt life insurance during the term of at least twelve years.
In principle, such a trick is a legal construct in order to save taxes. Instead of a bank account or a deposit, the customer pays his money into a life insurance policy.The insurance company in turn puts the money in an asset management company. During the term of the policies, the income is tax free. Even with the withdrawal, they remain tax-free under certain circumstances. The customer is always fiscally better off than normal investment accounts.
These so-called insurance wrappers can also make money from untaxed black money white. This works on the running times. A customer pays his black money into a life insurance policy with a term of 12 years, is barred tax evasion, because the statute of limitations is only 10 years.
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