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Old 07.09.2015, 14:28
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Bank account for resident abroad - can I add as joint?

Hi all

A retired EU relative of mine wants to open a Swiss current or savings account in EUR to send some of his money here.

I checked PF and they have this 15/month EUR account which they offer which seems like a good candidate but a bit expensive.

I already have UBS and PF accounts in EUR, have you heard them allowing joint accounts with non residents? So 1 here with permanent address and the other in EU. Then I might add them to one of mine.

I wait for a reply from UBS but wanted to see if someone has any experiences in joint account with people abroad and how accomodating your bank was on this.

P.S The amount he would send is between 50-100k EUR so a decent one.
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Old 07.09.2015, 14:39
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Re: Bank account for resident abroad - can I add as joint?

A list of Swiss banks that may or may not accept accounts from non-residents, compiled by the Auslandschweizer-Organisation:

http://www.aso.ch/files/webcontent/r...elle_WEB_D.pdf
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Old 07.09.2015, 14:52
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Re: Bank account for resident abroad - can I add as joint?

Changing an existing account to a joint one is very difficult, in effect replacing it with a new account, and requiring all details of both parties. I doubt that a standard account would be able to be set up with a non-resident co-joint holder.

If it's someone you trust, and who trusts you, 100%, then there's nothing to stop you setting up one in your name and sending/sharing with them all the e-banking details. Just don't tell the bank ;-)

Obviously you'd be the account owner and legally liable for it, and you'd also have to declare it in your tax return, but it's possible, at least.
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Old 07.09.2015, 15:09
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Re: Bank account for resident abroad - can I add as joint?

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Changing an existing account to a joint one is very difficult, in effect replacing it with a new account, and requiring all details of both parties. I doubt that a standard account would be able to be set up with a non-resident co-joint holder.

If it's someone you trust, and who trusts you, 100%, then there's nothing to stop you setting up one in your name and sending/sharing with them all the e-banking details. Just don't tell the bank ;-)

Obviously you'd be the account owner and legally liable for it, and you'd also have to declare it in your tax return, but it's possible, at least.
Yes but doesn't that raise tax implications both for him and me? Like where did I get this money and why? Why did he move all this money there to another name etc

Even money laundering suspicions could be a problem here, isn't it?

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A list of Swiss banks that may or may not accept accounts from non-residents, compiled by the Auslandschweizer-Organisation:

http://www.aso.ch/files/webcontent/r...elle_WEB_D.pdf
Thanks for the list but it seems to be a bit outdated and the goal is to hear people who have actual experience with one of them rather than go through one by one of the ones in the list. I didn't know about Migros Bank but a quick search here shows that people even have problems with that one even though the PDF says it's ok.

Only PF seems to be a valid and legal choice so far but very expensive with 180chf per year.
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Old 07.09.2015, 15:27
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Re: Bank account for resident abroad - can I add as joint?

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Yes but doesn't that raise tax implications both for him and me? Like where did I get this money and why? Why did he move all this money there to another name etc

Even money laundering suspicions could be a problem here, isn't it?
Naah. They've never asked me the source or destination for sums of that sort of level going in and out, the latter even in cash.

The tax people don't care where your money comes from, just that you pay wealth tax on it if appropriate, and the banks seem happy to accept and dispense large volumes of cash without any questions.

Of course, if you are doing money laundering than all bets are off
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Old 07.09.2015, 16:01
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Re: Bank account for resident abroad - can I add as joint?

Ok, I will keep this in mind. No ML , wish I had money for that. Just a close relative who wants a foreign account in a safe country.

I think I might tell him to just open an account with PF directly and pay the fees, easier for everyone.
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Old 17.09.2015, 17:30
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Re: Bank account for resident abroad - can I add as joint?

Apparently PostFinance only opens these accounts for residents of neighbouring countries only so it was not possible.
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Old 20.09.2015, 18:23
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Re: Bank account for resident abroad - can I add as joint?

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Apparently PostFinance only opens these accounts for residents of neighbouring countries only so it was not possible.
Hi Troubleawesome, neighbouring countries? Is there a list? Does the UK count as a neighbour?
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Old 20.09.2015, 18:37
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Re: Bank account for resident abroad - can I add as joint?

Physical borders: germany, france, italy.
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Old 20.09.2015, 18:37
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Re: Bank account for resident abroad - can I add as joint?

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Naah. They've never asked me the source or destination for sums of that sort of level going in and out, the latter even in cash.

The tax people don't care where your money comes from, just that you pay wealth tax on it if appropriate, and the banks seem happy to accept and dispense large volumes of cash without any questions.

Of course, if you are doing money laundering than all bets are off
Truly beg to differ here, I'm afraid- certainly not what our friendly accountant told us. You could be lucky... but you only need one to become suspicious and the *it will hit the fan. Otherwise all our UK family would be doing this, and all our other relatives all over the world.
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Old 20.09.2015, 18:48
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Re: Bank account for resident abroad - can I add as joint?

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Naah. They've never asked me the source or destination for sums of that sort of level going in and out, the latter even in cash.

The tax people don't care where your money comes from, just that you pay wealth tax on it if appropriate, and the banks seem happy to accept and dispense large volumes of cash without any questions.

Of course, if you are doing money laundering than all bets are off
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Truly beg to differ here, I'm afraid- certainly not what our friendly accountant told us. You could be lucky... but you only need one to become suspicious and the *it will hit the fan. Otherwise all our UK family would be doing this, and all our other relatives all over the world.


My experience is the same as Ace1. We've moved large sums of money both in and out of Switzerland and nobody has batted an eyelid. We've certainly never been questioned about it and wouldn't care if we were as it's all totally above board.

Last edited by Belgianmum; 20.09.2015 at 20:19.
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Old 20.09.2015, 18:54
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Re: Bank account for resident abroad - can I add as joint?

Was that years ago or after 2014 when the new laws were passed?
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Old 20.09.2015, 18:58
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Re: Bank account for resident abroad - can I add as joint?

The most recent was in January or February of this year. We have only been here for five years so none of them were a very long time ago.
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Old 20.09.2015, 19:01
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Re: Bank account for resident abroad - can I add as joint?

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The most recent was in January or February of this year. We have only been here for five years so none of them were a very long time ago.
Are you even on the subject of this topic though? This is about residents abroad who try to open an account here. You say as a resident here you moved amounts....I didn't say you cant do that.

Still though, if a large amount comes to your account you need to justify it. They reserve the right to ask and close your account if they don't like the answer.

Just because it didn't happen to you it doesn't mean it isn't the law.
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Old 20.09.2015, 19:02
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Re: Bank account for resident abroad - can I add as joint?

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?

Last edited by Odile; 20.09.2015 at 19:19.
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Old 20.09.2015, 19:08
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Re: Bank account for resident abroad - can I add as joint?

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Physical borders: germany, france, italy.
Why then is there a section on their website about UK account holders and the new tax rulings. I have sent Postfinance an email to clarify.
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Old 20.09.2015, 19:09
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Re: Bank account for resident abroad - can I add as joint?

Exactly...the website says otherwise. Employees are usually useless so could be this one just didn't know anything but she was on the phone with Compliance.
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Old 20.09.2015, 19:12
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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- 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- 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.
As I understand it, the UK is only interested in your income from the property. Estimated value means nothing, as until you sell it, no tax is payable on just owning a property. If you make money from it however, then you need it on the tax return to hmrc. I only recently took advice on this.

Regarding bank accounts from a UK domicile, what info do they send to hmrc? Do you tell them before or after you opened the account. Also you are able to make up to £300 per year without any tax. So that would cover most interest, certainly for me. I would estimate receiving about £10 per year. So do I even need to inform hmrc if I manage to open an account?
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Old 20.09.2015, 19:13
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Re: Bank account for resident abroad - can I add as joint?

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Exactly...the website says otherwise. Employees are usually useless so could be this one just didn't know anything but she was on the phone with Compliance.
Ok thanks I'll post what they tell me when I get the email back.
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Old 20.09.2015, 19:21
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Re: Bank account for resident abroad - can I add as joint?

Troublawsome- I would be really interested in the official reply from UBS- if you would care to share when you get it. Our UBS Manager, both the old one who retired last year, and the new one- said it was a total NO- even though our daughters have dual nationality (but resident in UK).

BTW Belgianmum, if the money was moved in Jan 2014 it should have featured in your 2015 tax return, yes?

Last edited by Odile; 20.09.2015 at 19:32.
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