Many Germans have invested money in life insurance in Liechtenstein and lost money in the process. If you were wrongly advised, you have a good chance of getting the money back.
Peter M. is now almost 90 and has been retired for more than 20 years. He was an entrepreneur for a long time. He spent around 20 years of his professional life abroad, including ten years in Switzerland. From this time there was a sizeable balance at the Deutsche Bank in Zurich, “all taxed money,” as he emphasizes. In 2004, the bank’s advisor gave his client a supposedly lucrative tip that would have catastrophic consequences. M. should take out unit-linked life insurance with Swiss Life in Liechtenstein. This is like a normal investment in funds, only with one advantage: the income is tax-free when paid out. M. followed the advice and Deutsche Bank transferred 400,000 euros to Swiss Life Liechtenstein, a subsidiary of Swiss Life in Zurich. It was once known as the Swiss Pension Fund and was considered a haven of respectability. However, the behavior of the Liechtenstein subsidiary suggests that there are problems at least there.