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Old 09.02.2015, 16:15
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Closing Bank Accounts as an American

I am soon to be leaving Basel and I know I must close down my accounts if I am moving back to the US however I have secured a job in Italy and am wondering if banks like UBS would allow me to keep my accounts open and use them normally as a result of a EU work permit (I know CH is not in EU, but many times the rules are similar or extended to CH).

Anyone had a similar situation?

Thanks in advance!
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Old 09.02.2015, 16:46
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Re: Closing Bank Accounts as an American

I doubt it. If you're not resident in Switzerland I don't think they'll want to know you. You're just another potential penalty cause possibility to them which they're trying to reduce as much as possible.

Anyway, why can't you just move them to Italy? Save hassle with the EU/CH exchange rate for a start, though you'll need to do the usual W-9 form thing I guess in Italy too.
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Old 09.02.2015, 19:02
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Re: Closing Bank Accounts as an American

UBS will not care that you are an American, they will treat you the same as any non-resident / non-citizen account holder. You will likely need to visit a UBS office personally to fill out the necessary forms, agree to pay them a nominal non-resident account fee annually and they will also likely require the return of your credit card(s) unless you are willing to give them cash collateral equal to the amount of credit you would like. We moved back to the US and have sinced moved elsewhere in Europe, and have continued to maintain CHF, USD and Euro accounts at UBS without any problem. We actually find it a nice way to keep money socked away and out of reach, since moving it to the US makes no sense at all and EU banks are not especially fond of accepting wire transfers from Switzerland right now.

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Old 10.02.2015, 11:31
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Re: Closing Bank Accounts as an American

Thank you to all for the information. Not sure what I'll do but may keep it open for a while to see how useful, or not, it might be.
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Old 10.02.2015, 11:52
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Re: Closing Bank Accounts as an American

Even as an EU citizen, UBS would not let me open an account while I was not resident in CH.
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Old 08.03.2015, 11:51
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Re: Closing Bank Accounts as an American

I had a similar experience with Credit suisse...no CH residency, no account
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Old 15.03.2015, 09:29
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Re: Closing Bank Accounts as an American

I believe they eschew new accounts - specifically from citizens of the US - but maintain accounts for clients before the FATCA regs came in.
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Old 15.03.2015, 11:08
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Re: Closing Bank Accounts as an American

A Swissinfo article describes the problems that Swiss researchers have, who are working in the US, maintaining a bank account in Switzerland:

"Swiss researchers who work in the United States are having trouble keeping their bank accounts in Switzerland due to complications from long-standing tax evasion issues between the two countries.The Swiss National Science Foundation, which was created in the aftermath of the Second World War to invest in basic research, says new tax requirements are making it difficult to transfer money to Swiss researchers with US posts.
After a series of court cases and data leaks exposed how Swiss banks helped US and other foreign clients hide vast sums from being taxed, Switzerland shifted from its long-standing defence of financial secrecy.
But the US pressure on Swiss banks and the resulting costs for all of the disclosure and administrative work in search of tax cheats is taking a toll on cooperation on both sides of the Atlantic.
For the foundation, which now supports more than 8,500 researchers, the transatlantic tax dispute is a major headache because the US is by far the favourite destination for Swiss researchers headed abroad. It pays for more than 700 fellowships a year, roughly half for stays in the US."


http://www.swissinfo.ch/eng/multimed...chers/41322224
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Old 03.04.2015, 17:01
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Re: Closing Bank Accounts as an American

We were told upon opening the UBS account that as Americans we are "special" and treated accordingly. To wit, if we officially leave Switzerland, that is deregister, then we have to close the account. The lady was very nice when she made this statement but it was very clear that there was no room for special cases. It's because of the FACTA act.
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Old 13.04.2015, 20:26
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Re: Closing Bank Accounts as an American

OP, did you have any issues? In a similar situation.
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Old 13.04.2015, 20:34
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Re: Closing Bank Accounts as an American

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We were told upon opening the UBS account that as Americans we are "special" and treated accordingly. To wit, if we officially leave Switzerland, that is deregister, then we have to close the account. The lady was very nice when she made this statement but it was very clear that there was no room for special cases. It's because of the FACTA act.
Of course the nice lady will have no idea that you have left Switzerland, you 'have to' draw it to their attention
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Old 13.04.2015, 20:48
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Re: Closing Bank Accounts as an American

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We were told upon opening the UBS account that as Americans we are "special" and treated accordingly. To wit, if we officially leave Switzerland, that is deregister, then we have to close the account. The lady was very nice when she made this statement but it was very clear that there was no room for special cases. It's because of the FACTA act.
My daughter left a year ago January, and still has a UBS account with CHF 3.20 in it.

Just saying.

Tom
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