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Old 18.12.2012, 23:19
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Policy de libre passage (vested benefits) for US citizens

Hello. Would like to ask if anyone has looked into which Swiss companies/banks open policy de libre passage for USA citizens and whic have the best rates.
My employer is closing the office in Switzerland and I am being transferred to the US - I want to keep my pension money in Switzerland.
Thanks.
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Old 19.12.2012, 09:07
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Re: Policy de libre passage (vested benefits) for US citizens

Due to the new FACTA laws, you might not be able to keep an account here if you no longer reside in Switzerland.
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Old 19.12.2012, 09:23
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Re: Policy de libre passage (vested benefits) for US citizens

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Due to the new FACTA laws, you might not be able to keep an account here if you no longer reside in Switzerland.
I would say it's almost certain, but it depends on who you're banking with. UBS and Credit Suisse might let you, but I doubt any others will.
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Old 19.12.2012, 11:58
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Re: Policy de libre passage (vested benefits) for US citizens

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I would say it's almost certain, but it depends on who you're banking with. UBS and Credit Suisse might let you, but I doubt any others will.
I am quite sure UBS will not either. Anyone residing in US regardless of nationality and any US person is toxic for all swiss banks.
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Old 22.12.2012, 00:21
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Re: Policy de libre passage (vested benefits) for US citizens

http://www.tagesanzeiger.ch/wirtscha...story/17952279

Read the last 2 paragraphs. Banks cannot forcefully liquidate 2nd pillar accounts.

Rechtlich wäre es der Bank gar nicht gestattet, Altersvorsorgekonten einseitig aufzulösen – schon gar nicht Freizügigkeitskonten mit Pensionskassengeldern. Denn diese Gelder liegen rechtlich nicht bei der Bank, sondern bei der Freizügigkeitsstiftung – einer eigenständigen Rechtseinheit, wie Bankenombudsmann Hanspeter Häni betont.

Auch Beatrix Schönholzer, im Bundesamt für Sozialversicherungen für den Rechtsbereich der beruflichen Vorsorge zuständig, betont, dass die Bank solche Konten nicht einfach saldieren dürfe. Die Stiftung könne das Geld auf Anfrage auf eine andere Freizügigkeitsstiftung übertragen. «Auf keinen Fall darf die Bank das Geld gegen den Willen des Kontoinhabers vor dessen Erreichen des Rentenalters auszahlen», sagt Schönholzer.
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Old 22.12.2012, 01:21
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Re: Policy de libre passage (vested benefits) for US citizens

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http://www.tagesanzeiger.ch/wirtscha...story/17952279

Read the last 2 paragraphs. Banks cannot forcefully liquidate 2nd pillar accounts.

Rechtlich wäre es der Bank gar nicht gestattet, Altersvorsorgekonten einseitig aufzulösen – schon gar nicht Freizügigkeitskonten mit Pensionskassengeldern. Denn diese Gelder liegen rechtlich nicht bei der Bank, sondern bei der Freizügigkeitsstiftung – einer eigenständigen Rechtseinheit, wie Bankenombudsmann Hanspeter Häni betont.

Auch Beatrix Schönholzer, im Bundesamt für Sozialversicherungen für den Rechtsbereich der beruflichen Vorsorge zuständig, betont, dass die Bank solche Konten nicht einfach saldieren dürfe. Die Stiftung könne das Geld auf Anfrage auf eine andere Freizügigkeitsstiftung übertragen. «Auf keinen Fall darf die Bank das Geld gegen den Willen des Kontoinhabers vor dessen Erreichen des Rentenalters auszahlen», sagt Schönholzer.
Whilst what you says is true, the OP needs to OPEN an account..........
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Old 22.12.2012, 16:49
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Re: Policy de libre passage (vested benefits) for US citizens

You can keep your 2nd pillar in the Foundation for the Libre Passage.

They are called Fondation LPP in French. They are very nice, and very helpful. They take 6 weeks to give the money to you though. That is standard. That might be slower or faster than some banks.

http://www.chaeis.net/fr/home.html
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Old 23.12.2012, 22:29
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You can keep your 2nd pillar in the Foundation for the Libre Passage.

They are called Fondation LPP in French. They are very nice, and very helpful. They take 6 weeks to give the money to you though. That is standard. That might be slower or faster than some banks.

http://www.chaeis.net/fr/home.html
If you read the OP 's post he is leaving CH so needs to OPEN an LPP, he does not have one yet, that is the problem......
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Old 23.12.2012, 22:35
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Re: Policy de libre passage (vested benefits) for US citizens

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If you read the OP 's post he is leaving CH so needs to OPEN an LPP, he does not have one yet, that is the problem......
he can open one with the LPP. He has the money from his employer and his own contributions. He can deposit the money with the LPP instead of a bank. I found that some banks give you a hassle about giving you the money. The LPP doesn't but it does take a little longer.
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Old 23.12.2012, 22:36
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Re: Policy de libre passage (vested benefits) for US citizens

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If you read the OP 's post he is leaving CH so needs to OPEN an LPP, he does not have one yet, that is the problem......
Might be, might not be. Legally the pension fund cannot be liquidated unless the beneficiary cashes out while not in the EU/EFTA area.

If the beneficiary leaves CH doing nothing, could be the case that a Libre Passage account is automatically opened with the institution that held the 2nd pillar account in the first place.

This sounds something that the Swiss Pension Trust must deal with, not the beneficiary.
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Old 23.12.2012, 22:44
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Re: Policy de libre passage (vested benefits) for US citizens

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Might be, might not be. Legally the pension fund cannot be liquidated unless the beneficiary cashes out while not in the EU/EFTA toeficiary leaves CH doing nothing, could be the case that a Libre Passage account is automatically opened with the institution that held the 2nd pillar account in the first place.
n
This sounds something that the Swiss Pension Trust must deal with, not the beneficiary.
the automatic account is opened with the LPP

you can also open an account with them rather than with a bank

I like the LPP rather than a bank because banks are not answerable to any regarding this. the banking ombudsman will not interfere in any problem you have concerning your 2. pillar.

I had lots of problems with the Zurich Kantonal bank when I last left Switzerland. Never, ever deal with the ZKB
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