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Old 03.07.2011, 12:55
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Swiss tax return and double citizenship

I am living in Zurich, and have double citizenship: Swiss and Argentinean; so I have to send the yearly tax return here in Switzerland.

Last year I registered for a life insurance policy abroad (Generali International, which is located in Bailiwick of Guernsey), but as part of the registration process, I used my Argentinean ID instead of the Swiss one.

Does that play any role in the tax paying here in Switzerland? Do I need to declare it as an asset to the Swiss tax office? Or can I skip it altogether and declare it only to the Argentinean tax office?

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Gonzalo
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Old 03.07.2011, 14:54
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Re: Swiss tax return and double citizenship

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I am living in Zurich, and have double citizenship: Swiss and Argentinean; so I have to send the yearly tax return here in Switzerland.

Last year I registered for a life insurance policy abroad (Generali International, which is located in Bailiwick of Guernsey), but as part of the registration process, I used my Argentinean ID instead of the Swiss one.

Does that play any role in the tax paying here in Switzerland? Do I need to declare it as an asset to the Swiss tax office? Or can I skip it altogether and declare it only to the Argentinean tax office?

Thanks!
Gonzalo
You have to declare all your assets worldwide, all means all.

I am not sure why you think this is an asset? From what I read here most foreign based life insurance policies require a year or two just to cover the salesmans commission before they start to become an asset.
No idea if this comment about salesmans commission is valid for your life insurance policy
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Old 03.07.2011, 15:18
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Re: Swiss tax return and double citizenship

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You have to declare all your assets worldwide, all means all.

I am not sure why you think this is an asset? From what I read here most foreign based life insurance policies require a year or two just to cover the salesmans commission before they start to become an asset.
No idea if this comment about salesmans commission is valid for your life insurance policy
It is possible to have lump sum insurance products, soi it could well be something like this.
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Old 03.07.2011, 15:20
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Thanks marton!

I assumed it qualifies as an asset (or whatever the correct translation of "Vermögen" might be), because of page 4 of the tax return, under "Vermögen im In- und Ausland", there's a section for life insurance policies ("30.3 Lebens- und Rentenversicherungen"), and this policy is in fact a life insurance + rent pension all-in-one kind of plan.

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It is possible to have lump sum insurance products, soi it could well be something like this.
I'm not sure if it is exactly that. The product is this one "Generali Vision".

But anyway, from marton's reply I think it's clear that I have to declare it no matter what, right?

Last edited by Longbyt; 04.07.2011 at 09:50. Reason: Consecutive posts, same subject, same poster
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Old 03.07.2011, 22:11
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Re: Swiss tax return and double citizenship

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Thanks marton!

I assumed it qualifies as an asset (or whatever the correct translation of "Vermögen" might be), because of page 4 of the tax return, under "Vermögen im In- und Ausland", there's a section for life insurance policies ("30.3 Lebens- und Rentenversicherungen"), and this policy is in fact a life insurance + rent pension all-in-one kind of plan.
but how do you determine the value of the asset; presumably it is not more than the value of the policy if you closed it today.
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Old 03.07.2011, 22:29
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Re: Swiss tax return and double citizenship

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but how do you determine the value of the asset; presumably it is not more than the value of the policy if you closed it today.
From what I understood (of a friend of a friend whose a tax accountant), given the very low impact that this has in the overall tax, the simple -and valid afaik- is to declare its value as the total amount of money you have paid to the insurer (e.g I pay 270 EUR/month with this policy, it's been running for x months, so the total value is 270 x months running).

I tested with the Private Tax software using different values here, and I confirmed that even going all the way up to very high values (like a quarter million francs), it only increases the overall tax by less than CHF 100.
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