Swiss taxes for foreign bank accounts?

Do I have to include money kept in bank accounts outside of Switzerland when I list my personal wealth on a Swiss tax form?

Hi there,

The wealth declaration in your tax return must include your total worldwide assets - not just those held in Switzerland.

Switzerland has mutual tax agreements with many countries, and if you have already paid tax on your assets in another country, you may not have to pay tax on those assets in Switzerland. However, you are obliged to declare them on your Swiss tax return.

Best regards from Moneyguru

More on this topic:
Forum Swiss Taxes

Hi Moneyguru (or whoever helps instead),

First of all thanks for helping and hope you are fine,

I have few questions related as i am a bit lost

-I was mentioned that for wealth taxes on foreign accont the rate is 5%, is that true or how much it is (I am in Vaud, but an example such as Zurich is fine too)?

I am residentially in Swiss but i have some savings (from working activity with already paid income tax) In another EU country. How does this should be managed and what is the fiscal imposition (i guess it applied the same tax mentioned earlier) ?

Should i need to pay it even if i already paid taxes at source when in my original country ?

Hi Moneyguru (or whoever helps instead),

First of all thanks for helping and hope you are fine,

I have few questions related as i am a bit lost

-I was mentioned that for wealth taxes on foreign accont the rate is 5%, is that true or how much it is (I am in Vaud, but an example such as Zurich is fine too)?

I am residentially in Swiss but i have some savings (from working activity with already paid income tax) In another EU country. How does this should be managed and what is the fiscal imposition (i guess it applied the same tax mentioned earlier) ?

Should i need to pay it even if i already paid taxes at source when in my original country ?

Hi Moneyguru (or whoever will help)

First of all thanks for helping and hope everything is fine,

I have few questions related to the same topic, as i am a bit lost...

-  I want to understand what is the tax rate applied to foreign bank account in another EU country? I search a lot but found nothing (i know it depends on canton but you could maybe mention Zurich as example) 

- I have savings abroad in my home country in EU (from working activity already taxed at source), should i still pay taxes on that? if yes, what is the rate applied? It was mentioned about 5% (which sounds too crazy high to me if compared to the 0-1% of wealth tax on local savings)

- there is any option i could take to maybe reduce it ? I was said i could move the money to a EUR account in Switzerland to reduce the tax impact and avoid conversion rate, although i would prefer to leave it in the foreign account (if rate is not too crazy high as mentioned)

hope anyone could clear it,

Many thanks

KR 

In Switzerland, you are legally required to declare your worldwide income and wealth along with your Swiss income and wealth. The same rates apply to all your income and wealth. Where the income was earned or the assets are kept does not make a difference.

Real estate in foreign countries is generally exempted from Swiss taxes, but you still have to declare it.

The Swiss federal tax office publishes the official exchange rates every year. You must use these official rates when declaring foreign-currency income and wealth. The currency exchange rates are close to interbank exchange rates, so you aren't losing much on the currency exchange.

Wealth taxes vary between cantons, but are generally quite low. Part of your wealth is exempted from wealth tax, but the exemption varies between cantons (50,000 francs or 100,000 francs, for example). In every case, wealth tax is quite low (normally in the 0-1% range you mentioned). But it makes absolutely no difference whether your money is in Switzerland or another country. You have to declare your worldwide wealth.

So the condensed answer is:
There is no difference between a foreign and a Swiss bank account when it comes to Swiss taxes.

So basically, just to double confirm, i will pay the same rate which is between 0 and 1% on both local and foreign account, correct ? (if yes, in that case i would not really need to relocate my money to Switzerland to avoid higher rate)

Thanks again

Rgs

The rates are based on your (worldwide) income and wealth. It makes no difference where your money is located. So no, you don't have to move your money to Switzerland. You can have it anywhere you want. Tax-wise it makes no difference. But you always do have to declare it in Switzerland.