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  #21  
Old 20.09.2015, 20:12
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Re: Bank account for resident abroad - can I add as joint?

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BTW Belgianmum, if the money was moved in Jan 2014 it should have featured in your 2015 tax return, yes?
I didn't say January/February 2014 so no it hasn't figured on any tax returns yet.

The 2015 forms won't be sent out until the beginning of 2016 so we won't be able to declare it before then.
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  #22  
Old 20.09.2015, 20:31
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Re: Bank account for resident abroad - can I add as joint?

Odile, they told me to ask in UBS Zurich as they don't do that in Zug. Never bothered as I am 99% sure it's a no and want to save myself the trips.
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  #23  
Old 20.09.2015, 20:33
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Re: Bank account for resident abroad - can I add as joint?

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I didn't say January/February 2014 so no it hasn't figured on any tax returns yet.

The 2015 forms won't be sent out until the beginning of 2016 so we won't be able to declare it before then.
Sorry misread your post- so yes- my point being it could still be questionned, or not, when it features in your tax return for 2015 in 2016- which in your case will not be a problem (as long as it was declared and tax paid on it as part of fortune wherever it was previously). Not at all the same case as OP though.
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  #24  
Old 20.09.2015, 21:25
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Re: Bank account for resident abroad - can I add as joint?

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Well yes and all legal and above board, in your case BM- but tax people have developed a 6th sense re things which don't sound quite right- and 3rd party involvement especially with the new rulings. Reason why we were told it was essential we declare the value of our flat in the UK, as if we ever sold it and brought the money over, questions may well be asked about where and why. They might not- they might. I wouldn't do it - Your choice.

Or we would all be accepting to put money into our accounts for relatives all over the world, no? We did ask our accountant as sil and bil were very interested- but he told us not to take the risk, which we accepted seemed right. Your choice.

Surely it amounts to tax evasion abroad, which is clearly what the 2014 law is meant to stop?
If you ever sold an un declared asset in another country, just open another account in CH & forget to put the details on your tax return, not even a criminal offence in CH. so not a big deal.

If you accept money from friends & relatives you should tell the bank your not be beneficial owner,

It's only tax evasion abroad if any interest paid is not declared, perfectly possible to have an account in CH that does not pay any interest. Withholding tax is another option for UK tax payers, all quite legal.
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  #25  
Old 20.09.2015, 21:40
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Re: Bank account for resident abroad - can I add as joint?

Not the way we choose our lives - and as we are honest, we do not have undeclared assets abroad- because it is illegal to do so - as far as we are concerned, our accountant and tax office. What else can I say - call me stupid- I sleep at night!

How can it not be an offence? Certainly not the advice our accountant gives us, and he is very much on our side and an old school friend of mine. If he felt it was acceptable, he would have certainly said so.
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  #26  
Old 20.09.2015, 22:22
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Re: Bank account for resident abroad - can I add as joint?

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Not the way we choose our lives - and as we are honest, we do not have undeclared assets abroad- because it is illegal to do so - as far as we are concerned, our accountant and tax office. What else can I say - call me stupid- I sleep at night!

How can it not be an offence? Certainly not the advice our accountant gives us, and he is very much on our side and an old school friend of mine. If he felt it was acceptable, he would have certainly said so.
It's not illegal in CH, just an administrative matter like a parking ticket.

If no tax has been evaded, then merely parking it in CH in a bank account is not evading tax. I can't believe how someone with reasonable education can't grasp this simple point.

If I were you I would be more worried by the days you spend in the UK, it's very easy to be UK tax resident by accident. An existing resident who retires abroad
would need to spend less than 16 nights in the UK for the first 3 years to be conclusively non resident for each of those 3 years.
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  #27  
Old 20.09.2015, 22:32
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Re: Bank account for resident abroad - can I add as joint?

No idea where the OP's relative come from- but would it be wrong to summise he wants to 'parc' the money in Switzerland because he does not want to pay tax on it back home?
If relatives of mine in the UK or the USA 'parked' money here- it would be to avoid tax, what other reasons would there- when they could get 5 to 6% in the UK.?

Not going to turn this into a competition, but I'd say my OH has more than a good education and more than a good brain on him- and is totally honest. I like that.

It is illegal to not declare assets you have abroad- whatever you want to say. I'll trust our accountant on that rather than EF, or you, for that matter.
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  #28  
Old 20.09.2015, 22:40
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Re: Bank account for resident abroad - can I add as joint?

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No idea where the OP's relative come from- but would it be wrong to summise he wants to 'parc' the money in Switzerland because he does not want to pay tax on it back home?

Not going to turn this into a competition, but I'd say my OH has more than a good education and more than a good brain on him- and is totally honest. I like that.

It is illegal to not declare assets you have abroad- whatever you want to say. I'll trust our accountant on that rather than EF, or you, for that matter.
Being Swiss you should understand the difference between being illegal which is a criminal offence & an administrative matter which is not.

The whole reason people used to evade tax by hiding it in CH as Switzerland would not cooperate with foreign governments as it was NOT A CRIMINAL offence in CH.
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  #29  
Old 20.09.2015, 22:42
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Re: Bank account for resident abroad - can I add as joint?

Was (later edit 'had been' and 'recently')

Last edited by Odile; 20.09.2015 at 23:15.
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  #30  
Old 20.09.2015, 22:48
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Re: Bank account for resident abroad - can I add as joint?

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Was
Sorry, that not true.

Switzerland had been the tax evaders paradise of choice for a very long time. Only very recently have deals been done with foreign governments, the law in CH has not changed,

Why not check your facts first, this is not the first time you have talked complete nonsense.
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  #31  
Old 21.09.2015, 13:41
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Re: Bank account for resident abroad - can I add as joint?

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Was (later edit 'had been' and 'recently')
Haha, so you think by editing an old post I won't notice! Even with your edit, still untrue

You should know that the Strict Swiss Banking laws were put in place to protect Germans who hid money in Switzerland. The punishment in Germany was the death penalty. Obviously if tax evasion was a criminal offence in CH then the Swiss would have to cooperate with German authorities.

I will accept 1940 as recently so please provide a link to confirm that Switzerland has reduced tax evasion from a criminal offence to an administrative matter 'recently'
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Old 24.09.2015, 13:05
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Re: Bank account for resident abroad - can I add as joint?

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Physical borders: germany, france, italy.
I had a response from the Postfinance headquarters. Only a Swiss Citizen living outside of the bordering countries can open an account.
They did say that if I open the account details are sent to hmrc in the UK. I was wondering if anyone had any experience of this and what level of details are sent? Is it just purely name and address, or is it account number, yearly statement etc? I'd be grateful for any help.
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  #33  
Old 24.09.2015, 13:23
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Re: Bank account for resident abroad - can I add as joint?

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BTW Belgianmum, if the money was moved in Jan 2014 it should have featured in your 2015 tax return, yes?
Moving money does not make any difference to what needs to be declared on your tax return.
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  #34  
Old 24.09.2015, 13:26
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Re: Bank account for resident abroad - can I add as joint?

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I had a response from the Postfinance headquarters. Only a Swiss Citizen living outside of the bordering countries can open an account.
They did say that if I open the account details are sent to hmrc in the UK. I was wondering if anyone had any experience of this and what level of details are sent? Is it just purely name and address, or is it account number, yearly statement etc? I'd be grateful for any help.
The UK is only interested on any interest paid & to whom. They get the same info from any country in the EU, unless you asked for withholding tax or failed to give an address in the EU.
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Old 24.09.2015, 15:27
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Re: Bank account for resident abroad - can I add as joint?

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The UK is only interested on any interest paid & to whom. They get the same info from any country in the EU, unless you asked for withholding tax or failed to give an address in the EU.
I pay by paye in the UK. So do I open the account and then tell hmrc about it? Or do I open the account, and not do anything because the interest is going to be peanuts and will fall under my tax free allowance from abroad?
Basically exactly what are the 'details' they (hmrc) receive?
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  #36  
Old 24.09.2015, 16:20
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Re: Bank account for resident abroad - can I add as joint?

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Basically exactly what are the 'details' they (hmrc) receive?
What I have already told you, the interest you receive & an address the bank has for you. What would you think they would give details of, the colour of your eyes?
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Old 24.09.2015, 16:30
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Re: Bank account for resident abroad - can I add as joint?

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What I have already told you, the interest you receive & an address the bank has for you. What would you think they would give details of, the colour of your eyes?
Lol! I don't know. When you read all about 'details' passing from one country to another and especially the degree of severity about it all between Switzerland and the UK, it sounds so serious. If that's the case then hmrc will know I have no money in the account and a tiny proportion of interest. So if they want their 40p worth of interest, they know where I am.
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