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Old 01.10.2014, 15:09
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Questions about net wealth tax

My family moves to Basel 5 months ago.

The net wealth tax is new to us. I did some researches through google and the forum. However, I still have some questions regarding the net wealth tax.

I hope that friends at the forum can provide some clues and clarification for me.

1. I understand that the basic concept of the net wealth is
worldwide asset liabilities = net wealth.

In order to determine the net wealth, is there any deduction offered for married couple with 1 child (2 year old)?

2. We have a small house in the home country. We do not rent the house after we move to Basel. I understand that the value of the foreign property is used to determine the tax rate for net wealth tax only.

How about bank deposits at the foreign country? Is the bank deposits abroad used to determine tax rate only, but not taxable?

3. It seems that the self-rental value will be set for a property abroad which is not rented out. How is the self-rental value determined?

My concern is that the rent in Basel is high compared with the rent in my home country. I feel penalized by having a home abroad, paying mortgage interest and maintenance cost. Additionally, the self-rental value is likely to push up the tax rate.

Thank you.
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Old 01.10.2014, 15:12
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Re: Questions about net wealth tax

I recommend denise at colfina.ch

Once my tax returns became complicated, I stopped doing them myself. My mother-in-law takes hours to do hers and I just pay a few hundred francs and offload the problem.
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Old 01.10.2014, 16:02
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Re: Questions about net wealth tax

Each K/Canton has its own system- so as said above, you need to get an accountant to do your return for you. You are taxed on your worldwide assets, be it investments, bank accounts and indeed property, but the rate is very low. You can off-set maintenance and repairs on said property too, or any loan/mortgage you have on it. For our flat in UK, we used the rentable value of others in the same block. They won't nit-pick on that- just ask a realtor to give you a lowish figure for what it would rent for, and go for this. Tax office would only challenge if it appears ridiculously low (in CH terms like 1000CHF for a 4 room flat in central Zurich, kind of thing).
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Old 01.10.2014, 16:09
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Re: Questions about net wealth tax

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I recommend denise at colfina.ch
Also for TI taxes?

Tom
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