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| Indeed. I just spoke with Baseler Kantonalbank today. My wife is a US citizen and was only able to open what was referred to as a "Payroll" account. This is nothing more than a basic account which functions as a checking account.
I was informed today that now these accounts are not even available to US citizens.
If this information is true and applies to all Swiss banks, then I can't see how new residents could function with only non-Swiss bank accounts. Let alone the transfer fees and exchange rate costs, how can one function as a resident?
As for the tax implications; unless your only income is from your payroll and you are on a B-permit being taxed at source, I would assume there would be problems explaining to the tax authorities why you don't have a Swiss bank account.
My banker admitted that this is a new procedure, and may change. However, it may change for the worse. He warned that it may be possible that existing US account holders like us may loose their banking privileges entirely.
Has anyone else received this information? | |
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Switzerland has always been easy on money transfers, foreign accounts, etc. The authorities are not bothered where your Bank is in the world. They are also acutely aware of the skirmishes with the US IRS and the reluctance of Swiss Banks to get involved with US clients.