Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #21  
Old 07.04.2017, 13:53
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 33,788
Groaned at 2,918 Times in 2,035 Posts
Thanked 41,109 Times in 19,427 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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
Reply With Quote
This user would like to thank st2lemans for this useful post:
  #22  
Old 07.04.2017, 13:54
Phil_MCR's Avatar
Forum Legend
 
Join Date: Oct 2009
Location: Baselland
Posts: 15,817
Groaned at 310 Times in 209 Posts
Thanked 20,277 Times in 8,532 Posts
Phil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond reputePhil_MCR has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
Only TO parents, not FROM parents.

Tom
Apologies, I may have mis-read the table.
Reply With Quote
This user would like to thank Phil_MCR for this useful post:
  #23  
Old 07.04.2017, 13:57
Newbie
 
Join Date: Apr 2017
Location: St. Gallen
Posts: 8
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
yxyyxx has no particular reputation at present
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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.
Reply With Quote
  #24  
Old 07.04.2017, 14:05
Guest
 
Posts: n/a
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.
Reply With Quote
This user would like to thank for this useful post:
  #25  
Old 07.04.2017, 14:23
Newbie
 
Join Date: Apr 2017
Location: St. Gallen
Posts: 8
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
yxyyxx has no particular reputation at present
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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.
Reply With Quote
This user would like to thank yxyyxx for this useful post:
  #26  
Old 07.04.2017, 14:27
Newbie
 
Join Date: Apr 2017
Location: St. Gallen
Posts: 8
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
yxyyxx has no particular reputation at present
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
YouŽll 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?
Reply With Quote
  #27  
Old 07.04.2017, 14:27
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 33,788
Groaned at 2,918 Times in 2,035 Posts
Thanked 41,109 Times in 19,427 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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
Reply With Quote
  #28  
Old 07.04.2017, 14:37
Newbie
 
Join Date: Apr 2017
Location: St. Gallen
Posts: 8
Groaned at 0 Times in 0 Posts
Thanked 1 Time in 1 Post
yxyyxx has no particular reputation at present
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
Yes.

Tom
Glad to know. Thank you.
Reply With Quote
  #29  
Old 07.04.2017, 14:51
Member
 
Join Date: Jul 2016
Location: Lausanne
Posts: 207
Groaned at 2 Times in 1 Post
Thanked 145 Times in 87 Posts
theUser has earned some respecttheUser has earned some respect
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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)
Reply With Quote
This user would like to thank theUser for this useful post:
  #30  
Old 07.04.2017, 14:58
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 33,788
Groaned at 2,918 Times in 2,035 Posts
Thanked 41,109 Times in 19,427 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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
Reply With Quote
  #31  
Old 07.04.2017, 15:02
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 13,084
Groaned at 415 Times in 353 Posts
Thanked 17,671 Times in 8,070 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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
Reply With Quote
  #32  
Old 07.04.2017, 15:13
Forum Legend
 
Join Date: Oct 2014
Location: SG
Posts: 10,758
Groaned at 678 Times in 495 Posts
Thanked 14,618 Times in 7,647 Posts
Urs Max has a reputation beyond reputeUrs Max has a reputation beyond reputeUrs Max has a reputation beyond reputeUrs Max has a reputation beyond reputeUrs Max has a reputation beyond reputeUrs Max has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
.. (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.
Reply With Quote
  #33  
Old 07.04.2017, 15:24
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 33,788
Groaned at 2,918 Times in 2,035 Posts
Thanked 41,109 Times in 19,427 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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
Reply With Quote
This user would like to thank st2lemans for this useful post:
  #34  
Old 07.04.2017, 15:26
roegner's Avatar
Moderately Dutch
 
Join Date: May 2011
Location: Zurich
Posts: 13,084
Groaned at 415 Times in 353 Posts
Thanked 17,671 Times in 8,070 Posts
roegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond reputeroegner has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
It says it has to be declared IF IT'S TAXABLE.

Which it isn't in this case.

Tom
YouŽre right, missed that part
Reply With Quote
This user would like to thank roegner for this useful post:
  #35  
Old 07.04.2017, 15:28
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,365
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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.
Reply With Quote
  #36  
Old 08.04.2017, 00:31
Forum Veteran
 
Join Date: Sep 2015
Location: Zurich
Posts: 707
Groaned at 3 Times in 3 Posts
Thanked 952 Times in 394 Posts
eairicbloodaxe has a reputation beyond reputeeairicbloodaxe has a reputation beyond reputeeairicbloodaxe has a reputation beyond reputeeairicbloodaxe has a reputation beyond reputeeairicbloodaxe has a reputation beyond repute
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
Reply With Quote
  #37  
Old 08.04.2017, 07:27
NotAllThere's Avatar
Modulo 2
 
Join Date: Oct 2008
Location: Baselland
Posts: 16,521
Groaned at 355 Times in 308 Posts
Thanked 26,093 Times in 10,648 Posts
NotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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.
Reply With Quote
  #38  
Old 08.04.2017, 09:26
Member
 
Join Date: Apr 2013
Location: Zug
Posts: 177
Groaned at 51 Times in 27 Posts
Thanked 206 Times in 99 Posts
jamon8 has become a little unpopular
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?
Reply With Quote
  #39  
Old 08.04.2017, 10:24
NotAllThere's Avatar
Modulo 2
 
Join Date: Oct 2008
Location: Baselland
Posts: 16,521
Groaned at 355 Times in 308 Posts
Thanked 26,093 Times in 10,648 Posts
NotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond reputeNotAllThere has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

Quote:
View Post
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.
Reply With Quote
The following 2 users would like to thank NotAllThere for this useful post:
  #40  
Old 08.04.2017, 10:28
st2lemans's Avatar
Forum Legend
 
Join Date: Dec 2010
Location: Lugano
Posts: 33,788
Groaned at 2,918 Times in 2,035 Posts
Thanked 41,109 Times in 19,427 Posts
st2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond reputest2lemans has a reputation beyond repute
Re: Receiving 150k money: will I be questioned?

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

Tom
Reply With Quote
Reply

Tags
bank, housing, receive payment, tax




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
REALLY frustrated! Was told we would be receiving B permits and L permits showed up hopefulgenevaexpat Permits/visas/government 37 07.06.2021 20:35
Sick Leave questioned gypsyspears Employment 15 20.09.2012 08:56
Shall I inform my employer that I will be self employed or be a owner of a company? Broth76 Business & entrepreneur 6 09.07.2012 16:59
150K net (200K gross) in Geneva? jdwr Employment 55 15.12.2011 13:51
Receiving money from the UK JulesUK Finance/banking/taxation 12 22.08.2009 15:15


All times are GMT +2. The time now is 04:57.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2023, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0