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Old 06.08.2020, 22:08
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Move Inheritance to Switzerland ?

Dear All,

We are looking to now buy a house (Zug/Zurich) due to few investments materialising from our home country, India. The down payment is to be paid with investments (own and inheritance) from India along with some savings from Switzerland.
However, that would depend on clarity on tax situation and want to understand how we can get taxed when we moveourinheritance and the investment (stocks and bonds) from India.
My wife has inherited a few real estate in her name and some stock options from her parents (both who have now passed away) and after a bit of a legal complication, the inheritance moved under my wife's name in the beginning of 2020(somewhere in low 7 figures).
As of now we see 2 options

A) Liquidate all assets and move it to Switzerland and pay lump sum tax and then reinvest in instruments/house here, I do so, what will be the tax that we will have to pay on e.g. 1 MIllion of Inheritance and 1 Million of own investment which was not declared earlier. I recon the rate of interest would be different. When we liquidate all assets, we will be paying the tax in India, so my assumption is that we wontpay any tax on the 2 Million.

B) Continue to keep all Inheritance and own investment in India and continue to generate yearly interest on the principal amount but move only move certain part of the assetsto Switzerland. Instead of 2 Million, moved 100K CHF every year. Again all will be taxed in India. But will this again be taxed in Switzerland. This 100K will be used for yearly expenses.
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Old 06.08.2020, 22:16
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Re: Move Inheritance to Switzerland ?

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Dear All,

We are looking to now buy a house (Zug/Zurich) due to few investments materialising from our home country, India. The down payment is to be paid with investments (own and inheritance) from India along with some savings from Switzerland.
However, that would depend on clarity on tax situation and want to understand how we can get taxed when we moveourinheritance and the investment (stocks and bonds) from India.
My wife has inherited a few real estate in her name and some stock options from her parents (both who have now passed away) and after a bit of a legal complication, the inheritance moved under my wife's name in the beginning of 2020(somewhere in low 7 figures).
As of now we see 2 options

A) Liquidate all assets and move it to Switzerland and pay lump sum tax and then reinvest in instruments/house here, I do so, what will be the tax that we will have to pay on e.g. 1 MIllion of Inheritance and 1 Million of own investment which was not declared earlier. I recon the rate of interest would be different. When we liquidate all assets, we will be paying the tax in India, so my assumption is that we wontpay any tax on the 2 Million.

B) Continue to keep all Inheritance and own investment in India and continue to generate yearly interest on the principal amount but move only move certain part of the assetsto Switzerland. Instead of 2 Million, moved 100K CHF every year. Again all will be taxed in India. But will this again be taxed in Switzerland. This 100K will be used for yearly expenses.
If your wife inherited directly from her parents, there is no inheritance tax owed in Switzerland.
As this all happened beginning of this year there is no penalty to be expected either (inheritance cases take a long time sometimes and it only counts as your's once it's in your name/at your disposal) but you will have to declare the increased wealth in your taxform next time.
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Old 06.08.2020, 22:33
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Re: Move Inheritance to Switzerland ?

Thank you

Any idea on the investments which have been made in India (2014-2018) with the money saved in Switzerland but not declared in tax returns (2014-2018) ?

The intention was to generate profits for 5 years and then get it back to buy a house. But now am not sure on the tax we will have to pay on the investments which are already taxed in India and are under my wife's ownership .
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Old 06.08.2020, 22:44
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Re: Move Inheritance to Switzerland ?

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Thank you

Any idea on the investments which have been made in India (2014-2018) with the money saved in Switzerland but not declared in tax returns (2014-2018) ?

The intention was to generate profits for 5 years and then get it back to buy a house. But now am not sure on the tax we will have to pay on the investments which are already taxed in India and are under my wife's ownership .
That was not a good idea (and you know it ).

However, you can declare it now. They will charge you all the way back to date - and maybe a fine.

We inherited some black money from an uncle, declared it and paid all the taxes due. As we were not the ones cheating, I seem to remember we did not pay a fine.
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Old 06.08.2020, 22:54
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Re: Move Inheritance to Switzerland ?

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That was not a good idea (and you know it ).

However, you can declare it now. They will charge you all the way back to date - and maybe a fine.

We inherited some black money from an uncle, declared it and paid all the taxes due. As we were not the ones cheating, I seem to remember we did not pay a fine.
Yes

a) However, we will continue to invest in India, so would like to understand at what rate are the investments (hopefully only the profits) are taxed when the investment is neither in Switzerland nor used in Switzerland.

b) I am assuming the investments profits will only be taxed annually. SO when I liquidate those from India and bring it back to Switzerland, it will be seen as an income which is already taxed, right ?
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Old 06.08.2020, 23:04
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Re: Move Inheritance to Switzerland ?

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However, you can declare it now. They will charge you all the way back to date - and maybe a fine.
.
Does Switzerland charge tax on investments made outside the country with funds which are generated in Switzerland ? That is double taxation no ?
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Old 06.08.2020, 23:07
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Re: Move Inheritance to Switzerland ?

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Yes

a) However, we will continue to invest in India, so would like to understand at what rate are the investments (hopefully only the profits) are taxed when the investment is neither in Switzerland nor used in Switzerland.

b) I am assuming the investments profits will only be taxed annually. SO when I liquidate those from India and bring it back to Switzerland, it will be seen as an income which is already taxed, right ?
a) I'm not a tax-expert - in fact I hate this sh** and let someone else do it for me .
Other EF'ers might be into giving you such details or the necessary links.
b) no. LOL. AfaIk there is a column in the taxform also for foreigners about wealth and income abroad.
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Old 07.08.2020, 00:29
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Re: Move Inheritance to Switzerland ?

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Does Switzerland charge tax on investments made outside the country with funds which are generated in Switzerland ? That is double taxation no ?
You make money in Switzerland, you pay income tax.
You invest that money in India - it's wealth and you pay wealth tax plus income tax on the income that capital makes.

Yes, you could say the money is double taxed, once as income, then as wealth (the latter is 0/00 though). And worse: The same wealth every darn year.
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Old 07.08.2020, 06:55
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Re: Move Inheritance to Switzerland ?

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That was not a good idea (and you know it ).

However, you can declare it now. They will charge you all the way back to date - and maybe a fine.

We inherited some black money from an uncle, declared it and paid all the taxes due. As we were not the ones cheating, I seem to remember we did not pay a fine.
They had an amnesty ( no fine and no legal charges ) for this but its now finished.

Last edited by omtatsat; 07.08.2020 at 08:06.
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Old 07.08.2020, 07:37
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Re: Move Inheritance to Switzerland ?

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Any idea on the investments which have been made in India (2014-2018) with the money saved in Switzerland but not declared in tax returns (2014-2018) ?
More commonly known as tax evasion and frowned up on by the immigration authorities when comes to permanent resident status and citizenship.

The figures are too big to be mucking about. Go get proper tax advice, get it sorted and get permanent resident status in place before making major financial commitments to the country.
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Old 07.08.2020, 07:51
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Re: Move Inheritance to Switzerland ?

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More commonly known as tax evasion and frowned up on by the immigration authorities when comes to permanent resident status and citizenship.

The figures are too big to be mucking about. Go get proper tax advice, get it sorted and get permanent resident status in place before making major financial commitments to the country.
Basically he should make an appointment here and se them personally

https://www.bern.ch/themen/arbeit-un...lichenPersonen

Its a long process and one has to give ALL tax details of dealings overseas for the last 10 years.
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Old 07.08.2020, 07:58
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Re: Move Inheritance to Switzerland ?

https://www.efd.admin.ch/efd/de/home...steuerung.html

But according to this if its the first time then there may be no consequences and no fine

https://www.athanaspartner.ch/en/sch...ADgen-was-nun/
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Old 07.08.2020, 08:28
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Re: Move Inheritance to Switzerland ?

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More commonly known as tax evasion and frowned up on by the immigration authorities ...
But at least it's not a criminal offence.
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Old 07.08.2020, 08:59
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But according to this if its the first time then there may be no consequences and no fine
Dear all,

Thanks a lot for the advice.

I am seeking assistance from a tax consultant but need to up my standards of tax consultants as I was not convinced with the ''all is fine for the first time'' reply to the questions I had asked her.

Nothing as a free lunch, just need to know how much will I have to pay up for the past lunches.

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And worse: The same wealth every darn year.
Really struggling to find the documentation which can highlight the % of tax one pays per wealth bracket

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Go get proper tax advice, get it sorted and get permanent resident status in place before making major financial commitments to the country.
Any suggestions on tax consultants with first hand experience. before I got to this below recommendation

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Basically he should make an appointment here and se them personally

https://www.bern.ch/themen/arbeit-un...lichenPersonen

Its a long process and one has to give ALL tax details of dealings overseas for the last 10 years.

Last edited by 3Wishes; 07.08.2020 at 18:11. Reason: merging consecutive replies
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Old 07.08.2020, 09:44
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Re: Move Inheritance to Switzerland ?

The answer to your questions A & B can only be answered by you! How long do you intend living in Switzerland? Will you retire here? Children? What kind of accommodation you live in (renting or buying)? What you want to spend your money on? Your age? Etc etc

Your annual tax declaration should be accompanied by all the various tax rates including Vermögensteuer (wealth tax). Otherwise check your cantonal tax office‘s website.

In very broad terms:
- inheritance tax will/should be paid where the inheritance is gained, not here (if applicable).
- you are required to declare all worldwide assets in Switzerland. If you haven‘t these should be backdated to when they were received possibly supported by a copy of a will (for very large amounts)
- you are required to declare all worldwide income, unless there is a double taxation agreement. This so you do not pay income tax twice.

You seem a little confused by income and assets. Interest on investments and savings is income and taxed as such. If tax has been deducted at source, tax can be partly reclaimed if the deductions made in Switzerland.

Assets are only taxed here as wealth tax. Again your tax authority publishes the rates. The rate is not high and if you have assest high enough to be taxed, then you afford to pay it...
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Old 07.08.2020, 10:49
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Re: Move Inheritance to Switzerland ?

To add to AbFab's post:
1. The process is called "Selbstanzeige". There is not a penalty for the first time it is used but CH taxes and interest will be assessed.
2. If the 2019 (and 2018) tax declarations are not yet definitive, a Rektifikat (also called Korrektur) tax filing should be submitted to replace the incorrect tax filing(s).
3. Normally, it would not be advisable to discuss a Selbstanzeige with the tax office before it is filed.
4. There is normally not an asset tax on real estate owned abroad. However, this property still must be declared in CH and rental income and associated rental expenses must also be declared on your CH tax filing for which CH income taxes will be due.
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Old 08.08.2020, 07:11
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Re: Move Inheritance to Switzerland ?

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The answer to your questions A & B can only be answered by you! How long do you intend living in Switzerland? Will you retire here? Children? What kind of accommodation you live in (renting or buying)? What you want to spend your money on? Your age? Etc etc

Your annual tax declaration should be accompanied by all the various tax rates including Vermögensteuer (wealth tax). Otherwise check your cantonal tax office‘s website.

In very broad terms:
- inheritance tax will/should be paid where the inheritance is gained, not here (if applicable).
- you are required to declare all worldwide assets in Switzerland. If you haven‘t these should be backdated to when they were received possibly supported by a copy of a will (for very large amounts)
- you are required to declare all worldwide income, unless there is a double taxation agreement. This so you do not pay income tax twice.

You seem a little confused by income and assets. Interest on investments and savings is income and taxed as such. If tax has been deducted at source, tax can be partly reclaimed if the deductions made in Switzerland.

Assets are only taxed here as wealth tax. Again your tax authority publishes the rates. The rate is not high and if you have assest high enough to be taxed, then you afford to pay it...
You are required to declare all worldwide income irrespective of a double tax agreement or not
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Old 08.08.2020, 11:06
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Re: Move Inheritance to Switzerland ?

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Yes

a) However, we will continue to invest in India, so would like to understand at what rate are the investments (hopefully only the profits) are taxed when the investment is neither in Switzerland nor used in Switzerland.

b) I am assuming the investments profits will only be taxed annually. SO when I liquidate those from India and bring it back to Switzerland, it will be seen as an income which is already taxed, right ?
Switzerland has no CGT, just income tax & wealth tax which is very low below several million as you get an allowance for fees. So in all likelihood a few hundred francs or less. I doubt you will get a fine or even have to back pay much as the amount will be so small.
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Old 08.08.2020, 13:53
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Re: Move Inheritance to Switzerland ?

Be aware that the "straflose Selbstanzeige", "self-disclosure with impunity" is a literal once in a life time opportunity. Only the avoided tax has to be paid. If you come clean, come fully clean and stay clean.
https://www.sv.fin.be.ch/sv_fin/de/i...stanzeige.html

For the annual tax declaration two things are taxed: Your world wide earnings (minus some expenses which can be deducted) and your worldwide assets (minus debts which can be deducted).

A net wealth of one million Swiss Franc is about CHF 4000 tax per year in canton Bern (married couple). For 500k it is CHF 1600 and for 2M it is CHF 10000. For 5M it is 28000. As you can see it is not linear.
https://www.sv.fin.be.ch/sv_fin/de/i...vatperson.html

Switzerland does not care where your financial assets are (Exception: real estate). There is no tax advantage by moving it to Switzerland or out of Switzerland. There is also no tax to be paid if you move assets into or out of Switzerland as this is a wealth neutral process.

Here the special case of real estate abroad: The value of real estate abroad is only used to determine the wealth tax rate but is not taxed as wealth.
Example (using the above wealth tax rates): Total net wealth including real estate abroad: 1M -> tax rate 0.4 %
Total net wealth excluding real estate abroad: 500k -> wealth tax to be paid CHF 2000.
Similar rules for foreign income subject to a double tax agreement. They affect the tax rate (and thus must be declared) but will not be taxed.

If you have truly non taxable income such as inheritances from abroad or capital gains from sales it makes sense to submit a short statement how the wealth has substantially increased from one year to an other. Otherwise be ready for questions from the tax man. They might even ask you when you are simply financially conservative. Nothing to worry nor any extra tax if the increase in net wealth is explainable and all tax relevant income has been disclosed.

Note: Be aware a what point in time you were obliged to disclose your worldwide assets and incomes, specially when you were on tax at source. This is different from canton to canton. Here rules for canton Bern:
http://www.taxinfo.sv.fin.be.ch/taxi...he+Veranlagung
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Old 08.08.2020, 18:19
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Re: Move Inheritance to Switzerland ?

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Be aware that the "straflose Selbstanzeige", "self-disclosure with impunity" is a literal once in a life time opportunity. Only the avoided tax has to be paid. If you come clean, come fully clean and stay clean.
https://www.sv.fin.be.ch/sv_fin/de/i...stanzeige.html

For the annual tax declaration two things are taxed: Your world wide earnings (minus some expenses which can be deducted) and your worldwide assets (minus debts which can be deducted).

A net wealth of one million Swiss Franc is about CHF 4000 tax per year in canton Bern (married couple). For 500k it is CHF 1600 and for 2M it is CHF 10000. For 5M it is 28000. As you can see it is not linear.
https://www.sv.fin.be.ch/sv_fin/de/i...vatperson.html

Switzerland does not care where your financial assets are (Exception: real estate). There is no tax advantage by moving it to Switzerland or out of Switzerland. There is also no tax to be paid if you move assets into or out of Switzerland as this is a wealth neutral process.

Here the special case of real estate abroad: The value of real estate abroad is only used to determine the wealth tax rate but is not taxed as wealth.
Example (using the above wealth tax rates): Total net wealth including real estate abroad: 1M -> tax rate 0.4 %
Total net wealth excluding real estate abroad: 500k -> wealth tax to be paid CHF 2000.
Similar rules for foreign income subject to a double tax agreement. They affect the tax rate (and thus must be declared) but will not be taxed.

If you have truly non taxable income such as inheritances from abroad or capital gains from sales it makes sense to submit a short statement how the wealth has substantially increased from one year to an other. Otherwise be ready for questions from the tax man. They might even ask you when you are simply financially conservative. Nothing to worry nor any extra tax if the increase in net wealth is explainable and all tax relevant income has been disclosed.

Note: Be aware a what point in time you were obliged to disclose your worldwide assets and incomes, specially when you were on tax at source. This is different from canton to canton. Here rules for canton Bern:
http://www.taxinfo.sv.fin.be.ch/taxi...he+Veranlagung
You have not deducted the 0.35% management costs income tax deduction against the assets, that wipes out the first few million in ZH
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