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Old 13.05.2014, 13:51
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Transferring funds from UK to Swiss account - do we need to declare it?

Hi,

My husband and I are still very new so apologies if this is a silly question! I've tried to search for the answer and seen similar questions but haven't found quite what I'm looking for.

We have found/been offered an apartment (yay!), so now we need to put down a deposit and pay for the first month's rent. As we don't have much in our Swiss account yet, we need to transfer almost 10,000CHF/6600GBP into our Swiss account. Most of this will sit in the bank account opened with the estate agent to hold the deposit. The rest to pay first month's rent and for us to buy some furniture!

Luckily, we are newlyweds and had some generous guests, so the funds come from wedding money, rather than working income.

Will we need to declare this transfer/these funds at all? Will it be taxable?
My guess is no, but just want to be sure...

Appreciate some words of wisdom!
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Old 13.05.2014, 14:25
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

No you don't need to declare it.
I believe that up to 10 000chf is not declared but somebody more knowledgeable may come along to correct me on that.
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Old 13.05.2014, 14:28
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

no. You don't need to declare money. It's already your money, doesn't matter where it came from, no tax.
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Old 13.05.2014, 14:30
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

Transfers are never declared as such, but may be slightly monitored in the background. I often make 10k plus transfers & I haver never had any questions asked, in CH, Europe & USA.
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Old 13.05.2014, 14:31
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

The 10,000CHF limit is just if you are physically bringing cash into Switzerland.

You can send bank transfers for as much as you like with no need to declare anything.
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Old 13.05.2014, 14:32
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

it will however be recorded as wealth if it's in your account at year-end. That's if you're hitting the heady heights that require a tax return to be filled in.

so keep those bank statements dated 31.12.2014
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Old 13.05.2014, 14:36
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

You're right BM, as far as I know, anything under 20k is small fry and doesn't need to be specially recorded by the bank.

Also, you may not know yet if you will be taxed at source, or need to save and do a one-off payment for the year in October, so "declaring it as income" for tax purposes would either be classed as "gift" or not at all (if you're taxed at source) . Again 10k is probably below the threshold .
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Old 13.05.2014, 14:37
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

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it will however be recorded as wealth if it's in your account at year-end. That's if you're hitting the heady heights that require a tax return to be filled in.

so keep those bank statements dated 31.12.2014
Although if that is the case (filing tax returns) then it should have been declared even when it was in your UK account...
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Old 13.05.2014, 14:37
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

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Transfers are never declared as such, but may be slightly monitored in the background. I often make 10k plus transfers & I haver never had any questions asked, in CH, Europe & USA.
We never have either but I was aware that they could be being monitored.
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Old 13.05.2014, 14:41
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

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I believe that up to 10 000chf is not declared but somebody more knowledgeable may come along to correct me on that.
It's carrying more than 10k in CASH in/out of the country.

However, when my wife transferred a somewhat larger sum of money to a new account recently, she had to declare to the new bank where the money was from, despite she and both banks being Swiss.

Tom
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Old 13.05.2014, 14:41
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

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Although if that is the case (filing tax returns) then it should have been declared even when it was in your UK account...
yes but the OP is in the process of moving here AFAIK
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Old 13.05.2014, 14:43
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

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yes but the OP is in the process of moving here AFAIK
You may have a point...
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Old 13.05.2014, 14:43
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

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The 10,000CHF limit is just if you are physically bringing cash into Switzerland.

You can send bank transfers for as much as you like with no need to declare anything.
Yes you do - for transferring "large" amounts you have to tell the bank where it came from if they ask you.

But not declare it on your tax return - because on your tax you are of course listing ALL your bank accounts and income - even overseas ones
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Old 13.05.2014, 14:45
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Re: Transferring funds from UK to Swiss account - do we need to declare it?

Thanks for all the advice and info! We did think that 10k CHF was small change here!


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it will however be recorded as wealth if it's in your account at year-end. That's if you're hitting the heady heights that require a tax return to be filled in.

so keep those bank statements dated 31.12.2014
Thanks Mr Bond, I don't think hitting that much! Especially as I'm not contributing, not yet anyway...
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