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The origin of the Swiss position is that it is a vestige of a much larger CHF holding which, while reported to the IRS etc., I was no longer allowed to hold in Switzerland (Swiss banks got paranoid about Americans after the UBS thing and after moving from bank to bank, it just didn't work anymore) .

My Swiss Franc position originated over two decades ago when I wanted geographical diversity in my cash assets. The Swiss were not welcoming US dollars, although they did not refuse them. On the other hand, they charged 2% negative interest on bank accounts owned by US citizens. So I bought a single payment deferred annuity, denominated in Swiss Francs, that paid 2% guaranteed interest and an additional interest payment of about 2% most years. I reported all that interest as accrued, the 1% excise tax for buying a foreign annuity to the IRS, and all that. I also report the payments the annuity now pays me annually.

My approach has worked well for me, but would not be suitable for someone who wanted access to the funds at any time.
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