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Old 21.03.2018, 22:52
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Transferring inheritance money from US to CH

Hi,

I am in need of some advice in transferring money I inherited in the US to Switzerland.
I moved here a year and a half ago and currently living in Zurich.

I am trying to find out the following:

1. what is best way to transfer the funds from US to my UBS acct.
(One option would be to ask the executor of the estate to deposit the check into my US bank account and then I could transfer it here
The 2nd option would be to ask the executor to transfer it directly into my UBS acct from the account set up by the estate).
2. would I have to pay some sort of tax on the total amount transferred which is over 100k?

Thanks on advance for your help.
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Old 22.03.2018, 07:50
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Re: Transferring inheritnce money from US to CH

There should be no tax.

Have the executor transfer the funds directly to your Swiss account.

Tom
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Old 22.03.2018, 08:12
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Re: Transferring inheritnce money from US to CH

Thanks Tom for your input. What is the advantage of having the tramsger done directly? Also, am I gonna need any docs. from the estate for proof? Thx!
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Old 22.03.2018, 21:00
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Re: Transferring inheritnce money from US to CH

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Thanks Tom for your input. What is the advantage of having the tramsger done directly? Also, am I gonna need any docs. from the estate for proof? Thx!
A wire transfer is safer, the fee, if any, is minimal from UBS, (the fees should be charged to the US bank) and cheques are just difficult and expensive to process here.

You need to declare the inheritance here (it will fall under assets) so you will need supporting information from the estate, which specifically mentions your relationship to the deceased.
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Old 22.03.2018, 22:54
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Re: Transferring inheritnce money from US to CH

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A wire transfer is safer, the fee, if any, is minimal from UBS, (the fees should be charged to the US bank) and cheques are just difficult and expensive to process here.

You need to declare the inheritance here (it will fall under assets) so you will need supporting information from the estate, which specifically mentions your relationship to the deceased.
This.

Tom
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Old 23.03.2018, 09:37
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Re: Transferring inheritnce money from US to CH

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There should be no tax.
That depends on the Kanton of residence and OP's relationship with the deceased.
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Old 23.03.2018, 13:12
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Re: Transferring inheritance money from US to CH

I inherited the money from a friend so not a relative. I've read online that the tax here in Switzerlandcan be upwards to 20% in this case..can it be? I am living in Zürich at the moment
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Old 23.03.2018, 13:32
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Re: Transferring inheritnce money from US to CH

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That depends on the Kanton of residence and OP's relationship with the deceased.
I don't believe that's true if the deceased was not a Swiss resident at the time of death.
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Old 23.03.2018, 14:04
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Re: Transferring inheritance money from US to CH

That would be great if true....any idea where/how to find that out for sure?
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Old 23.03.2018, 14:08
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Re: Transferring inheritance money from US to CH

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That would be great if true....any idea where/how to find that out for sure?
Ask the tax office
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Old 23.03.2018, 14:38
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Re: Transferring inheritance money from US to CH

If you are transferring a large sum of money, it may be worth investigating the difference in exchange rates between what UBS will offer you and what you could get yourself by transferring the money to your US account and using www.currencyfair.com (or similar) to do the international transfer.
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Old 23.03.2018, 19:40
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Re: Transferring inheritance money from US to CH

Not sure how the tax office would be able to find out... unless it is an awesome sum of cash. On the tax form your fortune would suddenly increase unless you spend it before the end of the year.
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Old 23.03.2018, 20:29
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Re: Transferring inheritance money from US to CH

We've transferred in various amounts on a couple of occasions. Never have we been asked where it came from. Our 'wealth' increased and they just seemed content to tax us on the higher amount.

However, your mileage may vary ... Or kilometrage ...
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Old 24.03.2018, 09:39
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Re: Transferring inheritance money from US to CH

As that your located in Zurich,
you have to fill in section 50 of the tax form.

AFAIK one is only taxed if the deceased was living in the Canton of Zurich.
But please don't take my word on it.

As for transfer, wire is best.
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Old 24.03.2018, 10:12
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Re: Transferring inheritance money from US to CH

If you don't have a pressing need to move the money, then maybe you should keep in in the US and transfer it in small lots when you needed.

Don't go with a bank in the US, go with a credit union. Not all require a US address:

https://www.americansabroad.org/sdfcu-account/

The CU I use in the US, does not charge wire fees, and there are no foreign transaction fees on debit card transactions. I set a high daily withdraw limit $3000, so it easy to pull cash out of the ATM machines. Not only in CH but anywhere.

Moving money costs money, the more people you involve the more it tends to cost. Good luck!
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Old 24.03.2018, 10:28
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Re: Transferring inheritance money from US to CH

K-Geld answered the question of whether an heir in Switzerland to an inheritance from abroad would be taxed in Switzerland. The answer is no (translation):

"Inheritance from abroad: Do I have to pay taxes here?


My mother has left me around € 45‘000. The inheritance tax is deducted in her native Holland. Do I have to pay inheritance tax again in Zurich?


No. Inheritances are taxed at the testator's domicile - in your case in the Netherlands. In Switzerland, however, you must declare the inheritance in the tax declaration as assets and then pay the asset tax. If you earn interest on the assets, it will be subject to income tax."


https://www.ktipp.ch/artikel/d/erbsc...er-versteuern/
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Old 25.03.2018, 13:57
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Re: Transferring inheritance money from US to CH

Looks like you need a professional advice on this matter.
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Old 25.03.2018, 15:06
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Re: Transferring inheritance money from US to CH

Depending on the amount involved, it may be better to ask your Swiss bank to open a USD account, which will have a separate IBAN. The money can be transferred in as USD and the you can ask the bank to do the FX transaction which should get a better rate than if it happens automatically during the transfer.
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Old 27.03.2018, 22:33
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Re: Transferring inheritance money from US to CH

Thank you all for your valuable advice. I just opened a USD account today!
Now I hope the transfer fee is going to be a flat one and not based on the amount
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Old 28.03.2018, 10:18
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Re: Transferring inheritance money from US to CH

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Thank you all for your valuable advice. I just opened a USD account today!
Now I hope the transfer fee is going to be a flat one and not based on the amount
ZKB charged my CHF35.- per year for the £ sterling a/c...
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