Hi all,

I’ve done some scouring and can’t seem to find a specific answer to my question within the forum. I wonder if anyone has done this in the past and would share their experiences?

Basically, we want to register our new US address with Credit Suisse when we first move, but will probably cancel the account after a few months.
Does anyone know if Credit Suisse take issue with us registering our C.S account in the USA?

Thanks in advance!

LaurieHK

If you are resident in the US you become a 'US person' for the purposes of FATCA regardless of your nationality. This is because as a US resident you are now subject to US tax rules.

Whether CS has an issue with that is a question to ask them directly.

Thanks meloncollie!

Yeah, I guess I shouldn’t have confused the matter with putting that we’re British nationals, as I realise that won’t make a difference. (edit: have changed it now)

I’m really just asking if anyone has gone to the states from here and managed to keep their Credit Suisse account?

Thanks all!

Why don't you just walk in and ask? I did that yesterday for UBS and they told me I could keep the account for 90 days after leaving Europe. If you keep a European address, you can keep it indefinitely.

Don't know if that's a Swiss rule or a bank specific one, though.

UBS let us keep our account for a couple of months after we moved in mid-October last year, but very much wanted it shut down before the end of 2011. We were using it to help close out hubby's 2nd pillar pension fund - we bounced it through a UBS 'passage libre' account for reasons of simplicity and tax - but the second the pension stuff went through at the start of December, they closed out the account and transferred the balance direct to our US account (on a good exchange rate day, luckily; our leaving the account open seemed to be contingent on us having signed the authority for this).

It probably helped that we weren't going to be US tax resident for 2011 (weren't there enough days to meet Substantial Presence), and consequently had no need to declare our overseas accounts or wealth. Otherwise I think they would've wanted it shut the day we left. There certainly was no question of keeping it open into 2012.

The issue is not the "moving" bit, but the "moving to the US" bit, OP...

I am in a similar situation to yours - foreigner in both US and CH (but EU citizen) - and what I am hearing from my advisor at the 3-letter bank is that, since I won't become a "US person" for tax purposes until fiscal year 2013, I will have a certain window in between moves where my account will be open, but will be closed afterwards and balances transferred.

We need to discuss the timing more in detail with the bank, but if I can give you a piece of advice (based on personal experience) is to try, if at all possible, to time your move to the US in a way that you have the least adverse impact from a fiscal perspective - and consequently, the least possible hassle.

Good luck!

As I understand it, you are not allowed to keep your swiss accounts open if you leave the country, I have several in-laws that have had to close their accounts, and they are swiss.. Otherwise risk 40% of your money being taken..

If im wrong please correct me, moving back to the US soon..

Hm, I'm leaving soon and have a Credit Suisse account but I need to keep it open past when I leave because I have an incoming transaction expected. I assume it's ok to keep it for a month or two after you leave?

Ask the bank to be sure. Some people seem to be able to keep their accounts open for a while, others haven't and have had to close them immediately. Only your bank can tell you for sure, as it may depend on individual circumstances.

Guys, check this thread and listen to MedeaFleecesteler, who knows what he/she's talking about!
Bottom line is: it really depends - it seems that every case is different, so ask your bank.

You are correct.

Especially Americans. As soon as you leave the country, you need to close your accounts. Third pillars can be transferred to another retirement account in the States, but I don't know what the tax implications would be. Will know this afternoon...