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  #21  
Old 07.04.2017, 14:53
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Re: Receiving 150k money: will I be questioned?

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SG has a 10% gift tax. maybe your parents meant it to be a loan
Only TO parents, not FROM parents.

FROM parents it's tax-free.

(but there is always wealth tax on it)

Tom
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  #22  
Old 07.04.2017, 14:54
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Re: Receiving 150k money: will I be questioned?

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Only TO parents, not FROM parents.

Tom
Apologies, I may have mis-read the table.
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  #23  
Old 07.04.2017, 14:57
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Re: Receiving 150k money: will I be questioned?

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Who will take interest and how the bank can check if it's declared or undeclared wealth? They can not when transaction appears in your account. They might ask but probably they will not.

I have received similar amounts from CurrencyFair and I can tell you CF were more interested while the bank here didn't ask a thing.

TIS, "hundreds of thousands" is just not that lot of money here
Haha, for sure it is just a small money. Rich people normally have more ways to transfer really big money. However for the "rest of us" the bank transfer seems to be the only choice.
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  #24  
Old 07.04.2017, 15:05
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Re: Receiving 150k money: will I be questioned?

About 7 years ago, my husband's brother suddenly died. We received a small inheritance - a bit less than 50k. The money was from an EU country. My husband had to send credit suisse some documentation, I forget what exactly. The taxes were paid in the EU country. When my father in law died a few years later, and a slightly larger amount (still less than 100k) was transfered, no questions asked.

So you might have to document the transfer, maybe not.
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  #25  
Old 07.04.2017, 15:23
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Re: Receiving 150k money: will I be questioned?

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Only TO parents, not FROM parents.

FROM parents it's tax-free.

(but there is always wealth tax on it)

Tom
I was shocked by the 10% tax and immediately relieved by your answer.
Thank you and also thanks to Phil_MCR for your answers.
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  #26  
Old 07.04.2017, 15:27
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Re: Receiving 150k money: will I be questioned?

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You´ll need to declare it in the 2017 tax form
Appreciate your answer. So you mean my parents can send the money to me without me having to declare anything now (unless the bank asks) until early 2018 when I fill out the declaration form?
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  #27  
Old 07.04.2017, 15:27
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Re: Receiving 150k money: will I be questioned?

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Appreciate your answer. So you mean my parents can send the money to me without me having to declare anything now (unless the bank asks) until early 2018 when I fill out the declaration form?
Yes.

Tom
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  #28  
Old 07.04.2017, 15:37
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Re: Receiving 150k money: will I be questioned?

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Yes.

Tom
Glad to know. Thank you.
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  #29  
Old 07.04.2017, 15:51
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Re: Receiving 150k money: will I be questioned?

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without me having to declare anything now (unless the bank asks) until early 2018
At which time you'll also have nothing to declare since your cash will be 'converted' into the apartment downpayment by then, therefore your wealth will be negative (your mortgage presumably exceedind the 300K you put down)
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  #30  
Old 07.04.2017, 15:58
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Re: Receiving 150k money: will I be questioned?

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At which time you'll also have nothing to declare since your cash will be 'converted' into the apartment downpayment by then, therefore your wealth will be negative (your mortgage presumably exceeding the 300K you put down)
Well, you do need to add in the taxable value of the apartment, but around here that's about 1/3 of the market value.

Tom
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  #31  
Old 07.04.2017, 16:02
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Re: Receiving 150k money: will I be questioned?

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At which time you'll also have nothing to declare since your cash will be 'converted' into the apartment downpayment by then, therefore your wealth will be negative (your mortgage presumably exceedind the 300K you put down)

Besteuerung von Schenkungen

Gegenstand der Schenkungssteuer sind freiwillige und unentgeltliche Zuwendungen von Vermögenswerten unter Lebenden.

Die Schenkungssteuer ist vom Empfänger der Zuwendung zu entrichten. Als Berechnungsgrundlage gilt der Wert des übertragenen Vermögens. Schenkungen von persönlichen und Hausrat-Gegenständen werden nicht besteuert.

Basically, yes, you need to declare that you were gifted that amount, it seems. And apparently also this needs to be declared within 3 months of receiving it:

https://www.steueramt.zh.ch/internet...ngssteuer.html
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  #32  
Old 07.04.2017, 16:13
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Re: Receiving 150k money: will I be questioned?

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.. (unless the bank asks) ..
It's probably a good idea for you to contact your bank before the money is sent. Usually it's much easier to answer any questions beforehand.
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  #33  
Old 07.04.2017, 16:24
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Re: Receiving 150k money: will I be questioned?

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Basically, yes, you need to declare that you were gifted that amount, it seems. And apparently also this needs to be declared within 3 months of receiving it:

https://www.steueramt.zh.ch/internet...ngssteuer.html
It says it has to be declared IF IT'S TAXABLE.

Which it isn't in this case.

Tom
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  #34  
Old 07.04.2017, 16:26
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Re: Receiving 150k money: will I be questioned?

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It says it has to be declared IF IT'S TAXABLE.

Which it isn't in this case.

Tom
You´re right, missed that part
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  #35  
Old 07.04.2017, 16:28
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Re: Receiving 150k money: will I be questioned?

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The tax man will take an interest. Let me explain.
  • This year's tax return: XX money in bank, no house
  • Next year's tax return: XX money in bank, 1.5 million house (300k deposit)

Tax office asks:
  • Where did you get 300k from since last year's return?
  • Why was it not declared last year?

This has happened to a colleague after a house sale abroad.
He was retrospectively shafted because assets were not declared.

Nothing all to do with bank's reporting requirements...
Since the house will be valued at substantially less than you paid, the tax office will wonder why you have a negative net worth. Switzerland sones not shaft people for tax evasion, so your not giving the full info here.
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  #36  
Old 08.04.2017, 01:31
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Re: Receiving 150k money: will I be questioned?

All transactions of 100k or above have to be reported and monitored by financial institutions to the relevant authorities.

This includes linked transactions. So for example, 10 monthly payments of 10k.

Next year, the proposals are... Drop to EU levels (10k)? And include traders. That means offer to pay 10k or more in cash and you will have to explain how you got it.

In France, the limit for cash transactions is 3k!

Regards


Ian
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  #37  
Old 08.04.2017, 08:27
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Re: Receiving 150k money: will I be questioned?

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Haha, for sure it is just a small money. Rich people normally have more ways to transfer really big money. However for the "rest of us" the bank transfer seems to be the only choice.
If the source money is in a different currency, then you should convert it using a forex account,. before transferring to your bank. I set up a forex account for this purpose a few years ago: it doesn't take long and may save you a few hundred francs.
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  #38  
Old 08.04.2017, 10:26
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Re: Receiving 150k money: will I be questioned?

If it comes as a gift from parents, could it be a question where did they get those money from? Or it is not a problem of Swiss tax office?
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  #39  
Old 08.04.2017, 11:24
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Re: Receiving 150k money: will I be questioned?

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If it comes as a gift from parents, could it be a question where did they get those money from? Or it is not a problem of Swiss tax office?
Doubt it. All that's tracked is +10K transfers. The Swiss tax office or police would only be interested in where the parents got the money from if they suspect money laundering or tax evasion.
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  #40  
Old 08.04.2017, 11:28
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Re: Receiving 150k money: will I be questioned?

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In France, the limit for cash transactions is 3k!
And in Italy, EUR 999.

Tom
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