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  #21  
Old 10.07.2015, 12:08
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Re: Saving money from Switzerland

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Pre flight passenger information does not mean the person actually took the flight, I have failed to fly on 3 occasions in 2015 after submitting info.

You can also arrive or depart the UK by a private sailing or motorboat, no booking info even exists
Same goes for Switzerland, entry or exit by surface means is not recordered.

Tom
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  #22  
Old 10.07.2015, 12:28
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Re: Saving money from Switzerland

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Same goes for Switzerland, entry or exit by surface means is not recordered.

Tom
Exactly. But not even in airports. You can fly from Switzerland to another (Schengen) country and not have your passport checked once, this has happened to me. You could potentially fly without it/forget it and not encounter a problem.
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  #23  
Old 10.07.2015, 12:34
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Re: Saving money from Switzerland

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I understand your point, but at what time is the passport number and nationality recorded? The passport is not always scanned or its number typed in anywhere at the airport(s).
The airline is required to request them and report them to the authorities before the flight.

As st2lemans says, of course that's a superset of the people who actually do leave or arrive.
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  #24  
Old 10.07.2015, 14:23
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Re: Saving money from Switzerland

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In Switzerland I am like most of you being paid silly money.
I am also paying silly money for most things.
But nonetheless I'm managing to save a half decent amount of cash.
Now that I'm in the green I think its about time I seriously look into saving and maximising that.
The bank account my company sorted for me here...well it has virtually no interest rate and doesn't seem a optimum saving place. Its just a current account.
My initial idea was to send money back to the UK and get an ISA, but it seems you're not allowed to do that if you're living abroad.
I am British and don't intend to stay in Switzerland forever so if I can have my money over there that would be perfect. Though any ways of maximising money here would also be helpful providing there's not too much French involved.
Any ideas?
Beside all the other points made. It might not make sense to have savings in pounds, even (if interest rate is higher) since the inflation rate is higher than the CHF.
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  #25  
Old 10.07.2015, 19:08
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Re: Saving money from Switzerland

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Beside all the other points made. It might not make sense to have savings in pounds, even (if interest rate is higher) since the inflation rate is higher than the CHF.

UK base rate is 0.5%, hardly a reason to make an investment in GBP
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  #26  
Old 11.07.2015, 13:00
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Re: Saving money from Switzerland

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The airline is required to request them and report them to the authorities before the flight.
I don't think passport number and nationality are recorded and/or verified though by the airline. After all, airlines do not carry out immigration checks, they only have to match the name to the ticket/booking/boarding card.

Example: You could have multiple citizenship. You book as a French national (indicating: Nationality: French, on your booking), you fly as an Icelandic national (taking your Icelandic passport with you and forgetting your French passport at home). If the booking does require the passport number also (though I have not come across this), then neither the passport number nor the nationality are going to correspond to what was put on the original booking. But you still fly, as this information is not checked/recorded by anyone. You could even potentially put the wrong nationality and/or passport number on a booking by mistake, but again this would not be queried by the airline.
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  #27  
Old 11.07.2015, 23:36
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Re: Saving money from Switzerland

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Switzerland does not have any CGT so whilst here you get zero benefit from an ISA.
I have a huge investment in www.fundsmith.co.uk, I like equity investments & managed to retire at 52 due to investment performance Fundsmith to me is pretty low risk for the return, I wish it had been around 30 years ago, I would have retired at 42
fundsmith sounds really interesting but their website implies you need to be a UK resident. is that the case?
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  #28  
Old 12.07.2015, 15:26
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Re: Saving money from Switzerland

josquius - I'm assuming you don't want to micro-manage your investments.

Set up a low-cost sharedealing account. In the UK I use Halifax and here in Switzerland I use Swissquote. (I'm sure there are better options than Halifax but they were the best when I started out.) You want low transaction costs.

Then fund the account or accounts every month. Set up a standing order so that you don't have to think about it and to remove discipline and willpower from the equation. The only tricky thing for people in our shoes is how much should be invested in the UK and how much here. I'd suggest you just choose a ratio and stick to it. (Could be 100%, could be 50/50. It won't matter too much.) I mostly invest here (80/20) because I guess I'll be here another 10 years and it's not bad having a big chunk of savings in francs.

Then choose some ETFs. These are really cheap products that track an index. e.g. you could invest in one that tracks the FTSE 100 and 'own' a slice of a hundred different companies.

They are already diversified because of the index they follow, but you could easily add a bit of extra variety.

You could do something like this:

20% ISF.L (FTSE 100)
20% MIDD.L (FTSE 250)
20% CHSPI.SW (top 30 Swiss companies)
20% CSSMIM.SW (next 30)
20% IUSC.SW (S+P 500 in America)

It's also pretty simple to invest in real estate, gold, asian shares, whatever you want.

Set up the trades, fund, forget.
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  #29  
Old 12.07.2015, 19:07
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Re: Saving money from Switzerland

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Any ideas?
I can confirm what's been said, that it's perfectly legal to have a UK ISA while living here but only if it was arranged while officially resident in the UK. You can't add to it while here, but you can buy and sell investments within it if it's a stocks and shares ISA.

I asked a similarly naive question when I first arrived here -- "Does it really matter? Would anyone know if I added to the ISA?" and the response I had convinced me that it would be a very bad idea as you are leaving yourself open to the UK authorities treating you as registered for UK tax. It's not worth the tax risk, plus you're on dodgy legal grounds.

Regarding the wider question, it's perfectly legal to send money back to an existing UK bank account, and it's legal to deposit money in a stocks and shares account and buy stocks and funds etc but a) you will be liable to UK tax (only on those earnings, not on your Swiss income) and b) you have to have those accounts existing before you come here. It's hard to open UK bank/investment accounts while overseas.

Another option is to invest money here. You should use your annual Pillar 3a allowance but that's only 6739 CHFs max. You can open an investment account with SwissQuote or one of the other platforms, and drip-feed cash into it.

Like @fatmanfilms I've invested in Fundsmith here and there. The last year hasn't been so good for them, and their emerging markets fund has underperformed. But I'm sticking with them, mainly because I like Terry Smith. His claim is that while he can't promise consistent market-beating results, his fund will hold its value well in a volatile market as he concentrates on investing in household staples whose demand never diminishes much.

My other "failsafe" (note the quote marks, as nothing is risk-free) are the Neil Woodford funds -- they have done remarkably well over the years. The Vanguard Lifestrategy funds are also solid investment choices as they automatically rebalance very frequently and are low cost.

If you're drip-feeding regular amounts in, you get more units when the market is low and fewer when high i.e. the "dollar cost averaging" effect. It's a pretty good way of looking after your cash.

But YMMV so DYOR!
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  #30  
Old 12.07.2015, 21:06
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Re: Saving money from Switzerland

I just remembered - from 2016 you'll be able to make 5,000 a year in dividends tax-free (in the UK). So that's pretty decent.
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  #31  
Old 13.07.2015, 10:26
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Re: Saving money from Switzerland

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Switzerland does not have any CGT so whilst here you get zero benefit from an ISA.
I have a huge investment in www.fundsmith.co.uk, I like equity investments & managed to retire at 52 due to investment performance Fundsmith to me is pretty low risk for the return, I wish it had been around 30 years ago, I would have retired at 42
Are this guys available for non-UK (still EU) resident or they request a UK bank account?

ninjaEdit: I just saw someone asked the same question above.
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  #32  
Old 13.07.2015, 11:21
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Re: Saving money from Switzerland

Fundsmith. Eu will take euros by bank transfer, the UK usually deals via Debit cards. You would need to ask them directly .
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  #33  
Old 13.12.2015, 14:34
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Re: Saving money from Switzerland

Interesting. If one could only believe in these statistics

http://www.fin24.com/Money/Home/the-...213?isapp=true
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  #34  
Old 13.12.2015, 15:45
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Re: Saving money from Switzerland

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Interesting. If one could only believe in these statistics

http://www.fin24.com/Money/Home/the-...213?isapp=true
I believe that, the all spend their money on iPads, iPhones & lease cars.
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Old 13.12.2015, 15:48
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Re: Saving money from Switzerland

I believe that BWM is quite interesting as far as Swiss investment funds are concerned. They're following value investing principles and seem to be beating the market consistently since 1997. I attended their last shareholders assembly and they made sense to me.

Currently, I'm also looking into p2p lending platforms such as savingstream.co.uk. Does anyone have experience with that?
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  #36  
Old 13.12.2015, 16:02
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Re: Saving money from Switzerland

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I believe that, the all spend their money on iPads, iPhones & lease cars.
Good point. Some peeps live like "there's is no tomorrow" and therefore don't save for the future. Cultural thing. The Anglo-Saxons believe in buying on credit and gamble their savings taking more risk, whereas the Germanics are non risk takers and plan to save for the future (cliche)
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  #37  
Old 13.12.2015, 16:49
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Re: Saving money from Switzerland

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Good point. Some peeps live like "there's is no tomorrow" and therefore don't save for the future. Cultural thing. The Anglo-Saxons believe in buying on credit and gamble their savings taking more risk, whereas the Germanics are non risk takers and plan to save for the future (cliche)
It's a very recent thing for Anglo Saxons as very little credit was available in the Uk 40 years ago. Mortgages were rationed & only offered to people who had saved for several years, max loans were about the MIRAS tax limit of 30k. You have to remember that food rationing only ended in 1955, the UK was a very austere country even into the early 70's with very high tax rates. Things only changed after Margret Thatcher came to power.

Barclaycard (Visa) was the first UK credit card launched in 1968, then came Access in 1972 (MasterCard)
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  #38  
Old 14.12.2015, 13:08
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Re: Saving money from Switzerland

A lot of incorrect/misleading statements are being made in this thread.

If you're filing Swiss taxes, you would also have to declare your UK ISAs so they effectively become non-tax-free.

If you want to move money back home anyway and you're looking for savings account amounts of return, you can play the exchange rate market. Even if you don't want to "play", you should keep an eye on the rates in case the Swiss Bank does something crazy. I know people who made something like 30% or more with the relatively recent EUR/CHF goings on.
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Old 14.12.2015, 13:31
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Re: Saving money from Switzerland

I have bought property via a company.
Directors loans to the company. I plan to repay the loans monthly when I retire (tax free).

Plus side company accountant takes care of the books, not taking anything from the company now, so the rental income is not my income for taxes.

I can gift shares in the company now if I like, they will not be subject to death duties. Estate will not need to be liquidated when I die, company can continue trading.

Down side is running costs until I retire.
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  #40  
Old 14.12.2015, 14:08
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Re: Saving money from Switzerland

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I have bought property via a company.
Directors loans to the company. I plan to repay the loans monthly when I retire (tax free).

Plus side company accountant takes care of the books, not taking anything from the company now, so the rental income is not my income for taxes.

I can gift shares in the company now if I like, they will not be subject to death duties. Estate will not need to be liquidated when I die, company can continue trading.

Down side is running costs until I retire.
If you gift the shared you loose control, not so clever TBH
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