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Old 13.04.2008, 10:54
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tax on international money transfer to Switzerland

Hi all, I am a Canadian recently moved to Zurich for work and I have a question regarding the international money transfer to a Swiss band account. Does anyone know, from their personal experiences or from any official documents, the limit of the amount of money that we can transfer from abroad (from the rest of the world) into a Swiss bank account per year without having to declare it as income tax? I know there are limits for other countries but I cannot seem to find documents on the web regarding Switzerland. Any comments are greatly appreciated.

James
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Old 13.04.2008, 11:06
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Re: tax on international money transfer to Switzerland

in theory it will show up when (if) you submit a tax return as part of your wealth displayed on your bank statement.
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Old 13.04.2008, 11:07
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Re: tax on international money transfer to Switzerland

There is no limit on how much you can transfer. If the money is generated by an income source abroad, it should be declared, regardless of the amount. If it comes from accumulated savings, it's not income, however the wealth abroad should be declared.
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Old 13.04.2008, 17:05
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Re: tax on international money transfer to Switzerland

Thank you all for your responses. However this gives rise to another question. (I am still a newbie) Since my income tax is directly deducted from my paycheck, I do not technically file a tax income. So is it correct that I will have to file a return separately for the tax on my total asset or wealth every year to the tax authority?

Does this imply also that whatever deposit from abroad made on my bank account will be subjected to the wealth tax?

(In the end I don't want to transfer money to my swiss bank account and be surprised by the amount of tax I will pay on top of it, even though they are not really a source of income)

James
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Old 13.04.2008, 17:07
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Re: tax on international money transfer to Switzerland

you need to search the site for that information - it all exists.
if you earn less than 120'000 and are taxed at source, you may not need to file a tax return.

wealth tax is close to nothing.
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Old 18.04.2008, 21:26
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Re: tax on international money transfer to Switzerland

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wealth tax is close to nothing.
Depends on your wealth and where you live. Could be 1 or 2% of all assets. That hurts considering the banks give you about 1% interest on bank accounts.
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