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Old 03.12.2014, 17:39
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Re: Tax declaration on overseas asset.

OP, you've had a range of responses here, some of which are accurate and some rather approximate (this is normal for EF and indeed any other forum of anonymous individuals with partial experience of the subject matter).

For best results, consult a "Treuhand" or tax accountant. Many on EF recommend Denise Collin at Colfina, tel. 062 875 82 75. She covers Zürich as well as other areas and works wonders. She may even give you the basic information you require without charge.

The bottom line, though, is that you must declare all assets worldwide as part of your global wealth, which is taxed in Switzerland -- subject to double taxation agreements. As the UK does not tax house values, you would pay (very marginal) wealth tax on your real estate in Switzerland and the value for taxation purposes would be reduced by the outstanding loan. In some cases, your net wealth for taxation purposes could even end up negative, despite you clearly owning a positive portfolio!
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