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Old 05.12.2012, 17:46
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Re: Foreign Property - Tax implications

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My friend didnt realise / overlooked he had to declare foreign assets.......his tax advisor said it shouldnt matter too much, we're not talking millions
Send the Tax Dept a letter stating the value of the property

It will be added to the wealth to determine the wealth tax percentage rate, and then remove from the wealth to determine the actual wealth tax paid

The foreign assets and income (from property) are not taxed but must still be declared here

The owner will get looked at closely by the tax dept if he sells the property and suddenly a large monetary sum appears, unexplained, in his bank account

As they say: don't turn white money black... declare the assets.
For a typical house worth say 250000 you may be up for <20 CHF wealth tax implications, so it's peanuts.
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