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Old 07.10.2013, 20:07
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B-C permit and declaring property abroad

Recently moved from B to C permit. Looking through the Tax forms I see I need to declare property abroad. (2 small investment flats i rent out but don't make any profit)

If I now declare this can I be fined (backdated) for not declaring it in the past 5 years of Quellensteuer?
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Old 07.10.2013, 21:06
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Re: B-C permit and declaring property abroad

Did you fill tax returns in the past 5 years in Switzerland ?

I would consult a (Swiss) tax agent to get it sorted out...
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Old 07.10.2013, 21:17
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Re: B-C permit and declaring property abroad

No i just paid the Quellensteuer and didn't fill in any tax forms in the past 5 years.
I don't make any income/ profit so didn't think i would need to...
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Old 07.10.2013, 21:26
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Re: B-C permit and declaring property abroad

Best to talk to your accountant.

You have income on the apartments and they have a value you haven't declared on your global wealth declaration in the tax return. Actually they would have been needed to be declared previously before. Best advice is to volunteer and inform them that you didnt understand before.

If they discover the situation they will take a different interpretation then if you volunteer the details and apologise for previous oversight.

No guarantees but dont hide the truth
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Old 07.10.2013, 21:36
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Re: B-C permit and declaring property abroad

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No i just paid the Quellensteuer and didn't fill in any tax forms in the past 5 years.
I don't make any income/ profit so didn't think i would need to...
Yes but in Switzerland we have capital taxes as well as income tax
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Old 07.10.2013, 21:40
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Re: B-C permit and declaring property abroad

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Yes but in Switzerland we have capital taxes as well as income tax
Yeah I realise that now. I just received a provisorische form to fill in and hence have for the first time been reading about tax in Switerland.
I'm happy to declare the properties now but am just worried i'm going to be fined for not filling in any other form in the past years!
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Old 07.10.2013, 21:51
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Re: B-C permit and declaring property abroad

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Yeah I realise that now. I just received a provisorische form to fill in and hence have for the first time been reading about tax in Switerland.
I'm happy to declare the properties now but am just worried i'm going to be fined for not filling in any other form in the past years!
I don't think you will be fined, the tax liability on capital will be tiny. They almost certainly won't back date it either as you are allowed 1/3% of your capital as management expenses, the refund your due would exceed your liability in many cantons especially Zurich where capital taxes max out at about 1/3%

As your earnings were below 120k I am not sure you even had the option of a tax return.
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Old 07.10.2013, 21:58
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Re: B-C permit and declaring property abroad

Ok thanks That's the kind of answer i was hoping for! You're right, i'm earning under 120,000 chf and was never asked to fill in a tax form.
Just had a sudden panic that I should have been declaring my "wealth"

Guess it's time for me to start learning about finance
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