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Old 28.09.2015, 21:59
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Selling house in UK and moving the funds in CH

Good evening all,

Selling house in UK and moving the funds in CH:

- Do I do this by regular bank transfer?
- Any tips RE currency rates, etc?
- Are these funds subject to CH taxing?
- Best bank in CH (if any) to open account to keep these funds?
- Anything else I need to know?
- Any tips on how to avoid being taxed for no reason are welcomed.
- Not selling in UK is not an option for us. We need the money to start a new life in CH. (in case this gets asked)

Thank you all in advance.
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Old 28.09.2015, 22:05
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Re: Selling house in UK and moving the funds in CH

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Good evening all,

Selling house in UK and moving the funds in CH:

- Do I do this by regular bank transfer?
- Any tips RE currency rates, etc?
- Are these funds subject to CH taxing?
- Best bank in CH (if any) to open account to keep these funds?
- Anything else I need to know?
- Any tips on how to avoid being taxed for no reason are welcomed.
- Not selling in UK is not an option for us. We need the money to start a new life in CH. (in case this gets asked)

Thank you all in advance.
Yes, you may not be able to do it online unless you increase the standard daily limit.

CH has a wealth tax, however you get an allowance to manage your finances in ZH that exceeds liability for the first 6 million or so, so it's a very small tax in reality.

Banks can go bankrupt & be subject to bail in's. You might want to use multiple banks if its a load of money.

Transfers should be done with currency fair as it's very cheap V a normal bank.

Interest will be minimal so tax payable almost nothing.

Not sure if buying loads of CHF is that clever, UK economy growing at a far faster rate than CH at the moment
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Old 28.09.2015, 22:09
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Re: Selling house in UK and moving the funds in CH

when we sold our house in the UK, we got the solicitors to transfer the money, just gave them the bank details and let them get on with it.

As for which bank, it's a personal choice, not sure the offerings differ that much but best to do your own research.
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Old 28.09.2015, 22:10
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Re: Selling house in UK and moving the funds in CH

Same, having the proceeds of the sale of our flat transfered by the buyer to my EUR account in Switzerland.
Just do notify the bank so they know where the funds are coming from.
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Old 28.09.2015, 22:22
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Re: Selling house in UK and moving the funds in CH

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Just do notify the bank so they know where the funds are coming from.
I doubt they will care unless it's a huge amount i.e a sale of a house in Kensington & you did not have a mortgage. i.e $5 - $25 million. They don't even seem to register transactions of 500k, thats a perfectly normal balance in CH. I have known properties in CH being purchased for over 7.5 million CHF without a mortgage, no questions were asked, it was a new build stage payments all above 1 million.
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Old 28.09.2015, 22:25
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Re: Selling house in UK and moving the funds in CH

Right, but you never know if you have an overzealous bank person so Id rather be on the safe side
Id expect the amount to be over the famous 9 or 10k, so....
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Old 28.09.2015, 22:27
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Re: Selling house in UK and moving the funds in CH

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Right, but you never know if you have an overzealous bank person so Id rather be on the safe side
Id expect the amount to be over the famous 9 or 10k, so....
Even after leaving CH, I have had transactions above 100k, not a word from anyone ever, thats chicken feed in CH.
10k is a survival salary payment for an expat
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Old 28.09.2015, 22:28
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Re: Selling house in UK and moving the funds in CH

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I doubt they will care unless it's a huge amount i.e a sale of a house in Kensington & you did not have a mortgage. i.e $5 - $25 million. They don't even seem to register transactions of 500k, thats a perfectly normal balance in CH. I have known properties in CH being purchased for over 7.5 million CHF without a mortgage, no questions were asked, it was a new build stage payments all above 1 million.
Thanks fatmanfilms. This answered my next question
P.S. I'm not talking millions.
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Old 28.09.2015, 22:35
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Re: Selling house in UK and moving the funds in CH

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Thanks fatmanfilms. This answered my next question
P.S. I'm not talking millions.
If the Bank is ever concerned, they will call you up or send you a letter. As you have documentation from a solicitor they would at worst ask is to see documentation for their records. I doubt they will ever ask, bank transfers from the UK are considered clean as UK banks have to know their customers too. If the money comes from an account in your name in the UK, it's a low risk transaction.

Historically banks in CH would send funds as 'Client of XXX Bank', today that would be suspicious !
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Old 28.09.2015, 22:46
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Re: Selling house in UK and moving the funds in CH

Even the UK I have done debit card transactions exceeding 60,000 individually & exceeding 100,000 in a week, nobody blinked, the funding came the same day via currency fair, which would look suspicious to me.
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Old 28.09.2015, 22:57
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Re: Selling house in UK and moving the funds in CH

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Even the UK I have done debit card transactions exceeding 60,000 individually & exceeding 100,000 in a week, nobody blinked, the funding came the same day via currency fair, which would look suspicious to me.
Currency Fair is a great tip. Thanks!
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Old 28.09.2015, 23:12
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Re: Selling house in UK and moving the funds in CH

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Currency Fair is a great tip. Thanks!
I would recommend using currencyfair to bring it over
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Old 28.09.2015, 23:16
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Re: Selling house in UK and moving the funds in CH

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Good evening all,

Selling house in UK and moving the funds in CH:

- Do I do this by regular bank transfer?
currencyfair
- Any tips RE currency rates, etc?
look for a good rate? ......go back 10yrs in time if possible
- Are these funds subject to CH taxing?
If you're a CH taxpayer, you should already be declaring them. But there is no capital gains tax to pay from selling the house
- Best bank in CH (if any) to open account to keep these funds?
Not CS or UBS
- Anything else I need to know?
If you plan on keeping the cash for a while, don't just leave it in cash, do something with it (invest if not spending!)
- Any tips on how to avoid being taxed for no reason are welcomed.
none needed
- Not selling in UK is not an option for us. We need the money to start a new life in CH. (in case this gets asked)
have you thought about not selling in the UK?

Thank you all in advance.
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