Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation
Reply
 
Thread Tools Display Modes
  #21  
Old 05.06.2013, 18:28
Corbets's Avatar
Forum Legend
 
Join Date: Mar 2007
Location: Zug, CH
Posts: 2,836
Groaned at 155 Times in 111 Posts
Thanked 5,378 Times in 1,837 Posts
Corbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond reputeCorbets has a reputation beyond repute
Re: Swiss Banks that allow accounts for US Residents

Quote:
View Post
They're just in the process of sending out the now standard "If you're a US citizen, sign the W-9 or we can't do business with you anymore." letter. Someone over at IBS has just received theirs; it has to be sent back by the end of June.

Is Credit Suisse doing the same?
When I applied to CS at the Zug branch on 31 December 2012, they told me that they cannot open an account for me unless I commit to having a tax consultant verify my US tax compliance within one year. Given that I had researched that previously, and know how ridiculously expensive it is and opted to do it myself, I decided to stay with UBS and their W-9 requirement.

I don't know if CS has changed their policy in the meanwhile.
Reply With Quote
  #22  
Old 05.06.2013, 18:35
jbarwig's Avatar
Junior Member
 
Join Date: Dec 2012
Location: Nashville -formerly Feldmeilen
Posts: 89
Groaned at 2 Times in 2 Posts
Thanked 76 Times in 50 Posts
jbarwig is considered knowledgeablejbarwig is considered knowledgeablejbarwig is considered knowledgeable
Re: Swiss Banks that allow accounts for US Residents

Quote:
View Post
When I applied to CS at the Zug branch on 31 December 2012, they told me that they cannot open an account for me unless I commit to having a tax consultant verify my US tax compliance within one year. Given that I had researched that previously, and know how ridiculously expensive it is and opted to do it myself, I decided to stay with UBS and their W-9 requirement.

I don't know if CS has changed their policy in the meanwhile.
No, they still require a tax consultant to sign off. Since our Swiss income officially started Jan 1 of this year, we will have company tax accountant review and sign off on our self-prepared US 2012 tax return to present to CS. Tax reviews were included with our relo package. If not, we'd be at USB too.
Reply With Quote
  #23  
Old 05.06.2013, 20:14
Forum Veteran
 
Join Date: Dec 2010
Location: Zürich
Posts: 708
Groaned at 12 Times in 9 Posts
Thanked 428 Times in 246 Posts
Brooks85 has an excellent reputationBrooks85 has an excellent reputationBrooks85 has an excellent reputationBrooks85 has an excellent reputation
Re: Swiss Banks that allow accounts for US Residents

I've been at CS for 5 years. I have yet to hear a peep out of them for being a "US person".

Dan
Reply With Quote
  #24  
Old 05.06.2013, 20:28
anowheels's Avatar
Forum Veteran
 
Join Date: Mar 2011
Location: Not Zurich
Posts: 988
Groaned at 1 Time in 1 Post
Thanked 668 Times in 401 Posts
anowheels has an excellent reputationanowheels has an excellent reputationanowheels has an excellent reputationanowheels has an excellent reputation
Re: Swiss Banks that allow accounts for US Residents

Quote:
View Post
I've been at CS for 5 years. I have yet to hear a peep out of them for being a "US person".

Dan
Yep, me too. (2 years)
Reply With Quote
  #25  
Old 10.08.2013, 20:58
Dru Dru is offline
Newbie
 
Join Date: Jul 2013
Location: Geneva
Posts: 5
Groaned at 0 Times in 0 Posts
Thanked 2 Times in 1 Post
Dru has no particular reputation at present
Re: Swiss Banks that allow accounts for US Residents

Quote:
View Post
Re- Bumping.

If a new Swiss Resident is a US citizen, where can they still open an account?

Julius Bar is in the news now, CS and UBS have been...

Have any of you new people from the US been able to open an account, say.. this year?
As a recent arrival from the U.S., I can attest to how difficult this is. First we tried Raiffeisen, as my husband is a Swiss citizen and already had an account there. They were a resounding NO. In fact we were told technically they'd not accept a new customer such as him, as he has significant U.S. ties.

Next we tried BCGE where once I received my B permit I could get a basic account and debt card, but the lady explained how complicated it would be. Also she had just come from working at UBS where they had been in the process of weeding out the accounts of U.S. citizens--she said she wouldn't be surprised if things changed there at anytime in the future to follow suit.

She suggested Post Finance and Migros Bank--we went to both and each had the same offerings as BCGE, but not the same cautions/reservations...
Reply With Quote
  #26  
Old 10.08.2013, 21:21
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Misery-Courtion
Posts: 13,513
Groaned at 170 Times in 135 Posts
Thanked 9,643 Times in 5,507 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Swiss Banks that allow accounts for US Residents

I had the by now standard "are you a US citizen" letter and forms from UBS earlier this year, but I'd literally just renounced a few days before I got it so was able to tell them I wasn't any more. They put any decision on their part on hold for a few months to allow time for the CLN to arrive, but once it did and I sent them a copy they were fine because I'm no longer American. So whether they are still accepting new US clients I don't know.

Credit Suisse is another one to try, though note their tax compliance requirements mentioned earlier, and I believe both Zurich and Basel Cantonal Banks are still accepting Americans.

Dru, I'm surprised that Migros Bank didn't seem worried about your US status because they were one of the first to send out letters/W-9 forms to their US clients.

Migrosbank - Americans should avoid it

I must say there often seems to be no clear policy by the banks and their various branch offices. Some say you can't open an account, others are fine. It seems to be the smaller bank branches that give you a definite no, whilst visiting a larger town/city branch will get you an account.
Reply With Quote
  #27  
Old 10.08.2013, 22:36
3Wishes's Avatar
Moderately Amused
 
Join Date: Jul 2010
Location: Bern area
Posts: 6,522
Groaned at 43 Times in 39 Posts
Thanked 9,156 Times in 4,356 Posts
3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute3Wishes has a reputation beyond repute
Re: Swiss Banks that allow accounts for US Residents

Migrosbank has no problems because they force every customer that is a U.S. person to buy one share of GE stock, which also by default means opening an investment account. Of course with the associated fees. Then you're easy to flag in the computer system, and they contract with a U.S. company to generate documents for the IRS. I don't have time to dig up the thread now, but I covered my experience with 20 cents in interest received on this investment account, yes that is $0.20. Plus all the paperwork. At least I still have an account.
Reply With Quote
This user would like to thank 3Wishes for this useful post:
  #28  
Old 11.08.2013, 02:22
Forum Veteran
 
Join Date: May 2009
Location: suburbs of LA, USA
Posts: 934
Groaned at 11 Times in 10 Posts
Thanked 873 Times in 439 Posts
BrianJW has a reputation beyond reputeBrianJW has a reputation beyond reputeBrianJW has a reputation beyond reputeBrianJW has a reputation beyond repute
Re: Swiss Banks that allow accounts for US Residents

We have been told we can keep our UBS account open for at least two months after we leave. Not sure they will open an account for a few months only.

We had to sign off a lot of W9`s a few months ago for UBS.
Reply With Quote
  #29  
Old 11.08.2013, 11:14
Dru Dru is offline
Newbie
 
Join Date: Jul 2013
Location: Geneva
Posts: 5
Groaned at 0 Times in 0 Posts
Thanked 2 Times in 1 Post
Dru has no particular reputation at present
Re: Swiss Banks that allow accounts for US Residents

Quote:
View Post
I had the by now standard "are you a US citizen" letter and forms from UBS earlier this year, but I'd literally just renounced a few days before I got it so was able to tell them I wasn't any more. They put any decision on their part on hold for a few months to allow time for the CLN to arrive, but once it did and I sent them a copy they were fine because I'm no longer American. So whether they are still accepting new US clients I don't know.

Credit Suisse is another one to try, though note their tax compliance requirements mentioned earlier, and I believe both Zurich and Basel Cantonal Banks are still accepting Americans.

Dru, I'm surprised that Migros Bank didn't seem worried about your US status because they were one of the first to send out letters/W-9 forms to their US clients.

Migrosbank - Americans should avoid it

I must say there often seems to be no clear policy by the banks and their various branch offices. Some say you can't open an account, others are fine. It seems to be the smaller bank branches that give you a definite no, whilst visiting a larger town/city branch will get you an account.
Oh, you are right,he did give me a W-9 along with plenty of other things to read and fill out--I just meant that he gave us the impression they wanted to remain an option for Americans considering the general climate of things with the main banks.
Thank you, I will check out that thread!
Reply With Quote
  #30  
Old 13.08.2013, 18:47
Newbie
 
Join Date: Aug 2013
Location: Slovakia
Posts: 1
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
Janoz has no particular reputation at present
Re: Swiss Banks that allow accounts for US Residents

Quote:
View Post
In your shoes, guys, i would try my absolute best to shake off this 'freedom', get rid of your citizenship, get another one and then go to the bank. Don't tell me it's difficult - i have three myself, two of them acquired thru naturalization. Otherwise, good luck coz you'll need it, esp. outside your sweet home country.
It's hard to open bank account for US citizens. I thing official swiss banks policy is "no account for Americans". But you can close citizenship like many did before you. Here is video from RT on the topic:



Mike Gogulsky lives near by Swiss - in Bratislava.
Reply With Quote
  #31  
Old 30.06.2015, 17:29
rollins's Avatar
Newbie 1st class
 
Join Date: May 2008
Location: Kreis 11
Posts: 18
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
rollins has no particular reputation at present
Re: Swiss Banks that allow accounts for US Residents

Quote:
View Post
For those interested, here's the "Geneva Lunch" article from Nov 2012 on UBS sending the IRS W-9 form and the infamous form where US Persons "agree to renounce protection under Swiss data protection laws “to the extent necessary for reporting …”."
Thanks, that was helpful. I have legacy accounts from when I lived in Switzerland, and I need to go back to cleanup the mess. Here's what I am hoping for:

-PostFinance closes my account and gives me cash (currency)
-UBS allows me to keep my cash account and lockbox, provided I complete more paperwork (all the assets have been declared, and I have 20 years of past FBARs to prove it) and pay additional fees
-LLB (Schweiz) closes my investment account and I move the money to UBS

Here's my worst fear:
-everything must be closed, and they refuse to wire it back to the US

Hopefully it will be somewhere in the middle. Any advice appreciated.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
which banks allow for paypal money transfer? tigris330 Finance/banking/taxation 24 15.11.2015 17:31
Swiss media blame banks for caving in to US pressure The Local Swiss news via The Local 0 06.02.2012 09:41
US presses Swiss banks for tax evasion data The Local Swiss news via The Local 0 05.09.2011 10:23
US regulators eye Cantonal and smaller Swiss banks for tax evasion jrspet Swiss politics/news 0 27.12.2010 06:17
Swiss banks holocaust dormant accounts ch-expat International affairs/politics 26 06.07.2009 08:12


All times are GMT +2. The time now is 22:00.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0