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Old 03.02.2015, 18:51
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What needs to be declared when moving to Switzerland from the UK?

Hi,

I'm new to this forum and wondered if anyone could help clarify what finance and investments need to be declared when you move to Switzerland from the UK?

I'm assuming all current and saving accounts must be declared, but what about tax free investments such as ISA's and bonds?

Many thanks.
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Old 03.02.2015, 19:01
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Re: What needs to be declared when moving to Switzerland from the UK?

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Hi,

I'm new to this forum and wondered if anyone could help clarify what finance and investments need to be declared when you move to Switzerland from the UK?

I'm assuming all current and saving accounts must be declared, but what about tax free investments such as ISA's and bonds?

Many thanks.
If your on withholding tax, you won't get a chance to declare anything unless you earn over 120K (500k Geneva).

ISA's are only tax free in the UK, so are of no advantage to a Swiss resident.
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Old 03.02.2015, 19:10
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Re: What needs to be declared when moving to Switzerland from the UK?

I am not earning at the moment but my husband is. So are you saying that if you earn less that 500K CHF you don't need to declare any savings or investments held outside of Switzerland?

I was under the impression that you had to declare savings no matter what the value, as part of wealth tax. Is that not the case?
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Old 03.02.2015, 19:32
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Re: What needs to be declared when moving to Switzerland from the UK?

As fmf said, the 500K is only valid for Geneva. It's 120K everywhere else.
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Old 03.02.2015, 19:41
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Re: What needs to be declared when moving to Switzerland from the UK?

OK, thanks for the clarification. So if you earn over 120K then you will need to declare. Therefore I just wondered what exactly needs to be declared when you move to Switzerland from the UK?

Do savings and investments such as ISA's and bonds need to be declared even though they are tax free?
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Old 03.02.2015, 19:44
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Re: What needs to be declared when moving to Switzerland from the UK?

I believe you declare all assets for purposes of the wealth tax, regardless of whether the asset generates taxable income. The wealth tax is rather small.
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Old 03.02.2015, 20:02
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Re: What needs to be declared when moving to Switzerland from the UK?

As said above, you need to declare all as part of wealth tax- that also means any property in the UK or elsewhere, be it rented or empty (it is the rental value that counts- even if you choose to leave it empty). Wealth tax is however very low.
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Old 03.02.2015, 20:33
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Re: What needs to be declared when moving to Switzerland from the UK?

Thanks very much everyone.
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Old 03.02.2015, 20:50
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Re: What needs to be declared when moving to Switzerland from the UK?

But to be clear, you don't need to declare these kinds of assets when you cross the border (unless you're carrying a truckload of cash). You declare it on your tax returns.
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Old 03.02.2015, 21:30
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Re: What needs to be declared when moving to Switzerland from the UK?

That's good to know, thanks
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