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Lombard International Assurance S.A., a leading provider of cross-border insurance-based wealth, estate and succession planning solutions for high net worth individuals, families and institutions, today announced the launch of its Wealth Passport for the Swedish market. The new offering is designed to address the specific wealth planning requirements of Swedish residents moving temporarily to the US, or US citizens and permanent residents (“Green Card” holders) living and working in Sweden or in certain jurisdictions.

Luxembourg Unit-Linked life insurance is an established and internationally recognised tool for wealth preservation, firmly embedded in the legal systems of countries across the world. The Wealth Passport provides a comprehensive, flexible and dual-compliant insurance-based wealth planning solution, meeting the requirements of two different sets of regulations across the two sides of the Atlantic. Leveraging on Lombard International Assurance’s 30 years’ experience in designing cross-border solutions to protect, preserve and pass on wealth, it takes the form of a single-premium contract that is designed for treatment as a Whole of Life, Unit-Linked life insurance policy in Sweden [Swe: kapitalförsäkring] and as a deferred variable annuity from a US federal tax perspective.

For any scenario, the policyholder enjoys full benefits of this solution, including succession planning, asset and investor protection, tax deferral on income and gains, consolidated tax reporting, international portability and access to international investments opportunities. It provides access to a range of 800+ asset managers and 200+ custodian banks, via a multi-support contract including internal dedicated funds, internal collective funds and external funds.

Jurgen Vanhoenacker, Executive Director, Sales and Wealth Structuring, commented: ‘High net worth individuals and families are becoming increasingly global, living and working across multiple countries, seeking diverse global investment alternatives and subsequently facing ever-changing regulatory environments. That is the case for Swedish residents moving temporarily to the US and who face difficulties finding a wealth planning solution that is effective in the US and will retain its advantages upon their return to Sweden.’

Madelene Gorbutt Hägg, Country Manager Sweden, added: ‘The same would apply to US persons living and working in the EU. Our innovative Wealth Passport is a unique solution that complies with two different sets of regulations, which are not usually compatible, further supporting the wealth planning needs of US connected clients and helping them navigate the complexity of cross-border compliance.’