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  #81  
Old 28.09.2018, 22:03
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Re: Wealth Tax

There seems to be some confusion here:

Income tax is tax in income - varies from community to community

Wealth tax is on what you already own (house, car investments etc) and is a very low % or per Mille.

Capital gains tax - tax on profits from investments on sale thereof. Non existant in many cantons including Zurich

And while we‘re at it death duties/inheritance tax - either very low or non existant...
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  #82  
Old 28.09.2018, 22:07
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Re: Wealth Tax

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There seems to be some confusion here:
Pretty sure you're the only one confused.

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Wealth tax is on what you already own (house, car investments etc) and is a very low % or per Mille.
You call $15k low (from the OP's post)?

Some people earn less than that in a year.

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Capital gains tax - tax on profits from investments on sale thereof. Non existant in many cantons including Zurich
Wrong, ever sold a property here? Most cantons will want to take a cut from your sale, Zürich most certainly does.
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  #83  
Old 28.09.2018, 22:07
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Re: Wealth Tax

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There seems to be some confusion here:

Income tax is tax in income - varies from community to community

Wealth tax is on what you already own (house, car investments etc) and is a very low % or per Mille.

Capital gains tax - tax on profits from investments on sale thereof. Non existant in many cantons including Zurich

And while we‘re at it death duties/inheritance tax - either very low or non existant...
One has to declare all wealth -house ,income etc etc held in another country, on the CH tax return
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  #84  
Old 28.09.2018, 22:28
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Re: Wealth Tax

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I just looked up the Basel wealth tax rate for 2018 and it is .76%.
More likely 0.076%.

Tom
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  #85  
Old 29.09.2018, 03:37
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Re: Wealth Tax

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More likely 0.076%.

Tom
Actually for 2M wealth it is 0.753%, check for yourself - http://www.steuerverwaltung.bs.ch/st...errechner.html
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  #86  
Old 29.09.2018, 07:01
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Re: Wealth Tax

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You call $15k low (from the OP's post)?
Yes. Any other questions?

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Some people earn less than that in a year.
And some people starve to death, but the very vast majority of people in Switzerland do not. What’s your point?
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  #87  
Old 29.09.2018, 07:46
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Re: Wealth Tax

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Yes. Any other questions?


And some people starve to death, but the very vast majority of people in Switzerland do not. What’s your point?
Some people but not the Swiss!
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  #88  
Old 29.09.2018, 18:02
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Re: Wealth Tax

OP, bear in mind that the wealth tax is assessed on all assets net liabilities. For instance, one would deduct any mortgage outstanding on one's home value (and unless recently purchased, the current value of one's house is subjective as well). Look up Redfin, Zillow and Realtor.com and go with the site which lists your home at the lowest value. Also, any HELOC (home equity line of credit) outstanding can be deducted from from one's house value.

As others have noted, any pension asset (including traditional IRAs, Roth IRAs etc...) are not included in the wealth tax assessment.

What I find amazing is that one can deduct many expenses related to maintenance for one's property in the US (and I assume this applies to other countries). These expenses include: electricity, landscaping, rug and gutter cleaning, property tax and sometimes, renovations. We had substantial renovation works done to our property in the US last year as we had to replace lead pipes (new Master Bath, hall bath and new dressing room).

The company for whom my husband works gave us KPMG for this year only to help us with our FY 2017 tax return and I was amazed at how much they/KPMG accepted as an offset to or Swiss/Zurich taxes. We are taxed at the source and you will be as well with your income level. Based upon KPMG's estimate, we should receive 1/3 of what we paid at the source as a refund for FY2017.

Mind you, again I suspect much depends on which tax person in Zurich reviews our taxes. Tax returns in Switzerland are each reviewed individually and not randomly "red flagged" as in the US. I too was nervous about the "Wealth Tax" but when all was said and done, it was not that big of a deal. Unless, of course, you are holding a substantial amount in cash/savings and you hold no mortgage on your US property - then you may have a problem. If you do decide to move to Switzerland, make sure you keep meticulous records on any relevant maintenance expenditures on your US home. Good luck and hope this helps!

Last edited by terrifisch; 29.09.2018 at 18:38.
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  #89  
Old 04.01.2019, 11:24
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Re: Wealth Tax in Switzerland - seeking clarification, information

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I would like to study french in Lausanne but i have discovered that i might be liable to this wealth tax and using the online wealth tax calculator for vaaud i would be paying 4,600 CHF per year, which would be crazy.
so you have a total of 1 (One) MILLION Swiss francs in cash/liquid assets globally? (wealth tax is on global assets)

Depending on you status in CH, student, permit, income in CH, length of time, etc? you may or may not be liable for this. Double Taxation Treaties will ensure that you are NOT double taxed, but the settlement might take. a couple years.
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  #90  
Old 04.01.2019, 12:27
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Re: Wealth Tax in Switzerland - seeking clarification, information

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I would like to study french in Lausanne but i have discovered that i might be liable to this wealth tax and using the online wealth tax calculator for vaaud i would be paying 4,600 CHF per year, which would be crazy.

I'm not sure you've understood the calculator properly. To have a liability of CHF4'600 per year in wealth tax, you'd need to have around CHF1.5m in assets in Canton Vaud. Either you're the richest student that I've come across in a while (in which case, stop moaning about the tax) or, more likely, you've miscalculated and won't owe any wealth tax at all.
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  #91  
Old 04.01.2019, 13:24
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Re: Wealth Tax

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- are students who are not working liable for this wealth tax ?
if you'd limit your stay to certain number of days per year (90 or 180 not sure) probably not, only swiss sourced income should get taxed, otherwise you're a tax resident here and get the full treatment

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- does the dual Australian Swiss tax Agreement mean that i will not be liable for wealth tax ?
Why don't you read it and tell us what's it says on that subject. Ain't nobody got time here to do that for you

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i would be paying 4,600 CHF per year, which would be crazy.
Wait till you find out how much food, transport, health insurance and housing costs here

Isn't it a bit late to study french with malignant melanoma and abroad in one of the most expensive countries in the world? Maybe some french speaking african country would fit your budget better?

Last edited by ivank; 04.01.2019 at 13:48.
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  #92  
Old 04.01.2019, 13:40
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Re: Wealth Tax in Switzerland - seeking clarification, information

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Why are you even rellying. All you are doing is being rude and unhelpful.
It is you who want's a free tax advice from fellow forum members. If you want a cookie, a coffee, and a smile with your answers please go and pay a professional tax adviser.

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I would like to study french in Lausanne but i have discovered that i might be liable to this wealth tax and using the online wealth tax calculator for vaaud i would be paying 4,600 CHF per year, which would be crazy.
Will you use the roads, the sidewalk, the street lighting, the public transport, the waste disposal facilities, water from the tab, enjoy the public parks, and other amenities? Then yes, you are requested to pay your share to the cost of all these according your financial and economic capabilities.

But if you are here temporary, for a short term to just to learn the language you might not be subject to any tax in Switzerland and enjoy all these privileges for free.
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What?
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  #93  
Old 04.01.2019, 15:26
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Re: Wealth Tax in Switzerland - seeking clarification, information

You don't pay Swiss wealth tax on assets that are not physically in Switzerland.

Your total wealth is, however, used yo calculate your wealth tax bracket for the wealth that you DO have in Switzerland.

So, unless you move all of your wealth here, there is probably nothing to pay.

Tom
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  #94  
Old 04.01.2019, 15:27
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Re: Wealth Tax in Switzerland - seeking clarification, information

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I dont smoke , drink alcohol, eat out, go to the movies,buy new clothes, cars, shoes etc.
Wow, that must be one hell of a boring life!

Tom
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Old 04.01.2019, 15:42
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Re: Wealth Tax in Switzerland - seeking clarification, information

First, while I sympathise with your situation, the Swiss do not take being a Saint and working hard into consideration when it comes to paying taxes. In fact work hard, earn more, and pay more even more in tax. Actually, pretty much the same everywhere, including Australia.

If you're here as a student, not working and not domiciled in Switzerland, you will have no tax to pay.
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  #96  
Old 04.01.2019, 15:51
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Re: Wealth Tax in Switzerland - seeking clarification, information

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Why are you even rellying. All you are doing is being rude and unhelpful.

You're wrong, a number of people have told you that you're wrong, and you refuse to accept that you're wrong.


There's a Aussie word for people like you.


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Old 04.01.2019, 16:23
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Re: Wealth Tax

.76% would put you in the chf 5 million bracket. CHF 2m would be about .40%
And if you live in Switzerland, you become a taxpayer and your world wide assets will be taken into account.

However, while the Swiss will exchange all info with the US, the US will not exchange info with Switzerland. Very one sided.

You can also refuse to declare your worldwide assets, in which case they will assess you on a lump sum of CHF3 million and tax it accordingly.

The best advice I can give, is find a good tax accountant and spend perhaps 3k a year for their services. The savings they can get for you will be worth many times that.
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  #98  
Old 04.01.2019, 20:08
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Re: Wealth Tax in Switzerland - seeking clarification, information

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You are the ones complaining because you are poor. Thats your problem. Get off your arse and work !
You may be rich or a dumb ass who don't want to admit basic math mistake, but judging on your further answers you're definitely "not smart", so to say... I give you an honest straight advice, study french in France or anywhere but not Switzerland. Switzerland is not easy to idiots :P
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Old 04.01.2019, 21:02
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Re: Wealth Tax in Switzerland - seeking clarification, information

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Settle ent ?
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You don't pay Swiss wealth tax on assets that are not physically in Switzerland.

Your total wealth is, however, used yo calculate your wealth tax bracket for the wealth that you DO have in Switzerland.

So, unless you move all of your wealth here, there is probably nothing to pay.

Tom
I mean this, above ^. Should you have to pay tax of any kind in CH, however it is calculated, and should said tax paid be covered by Double Taxation Teaty with AU, it could take years for you to get a refund if one is due. Us locals in CH can wait up to 24 months for our annual tax returns to be settled. I currently have 2016 and 2017 unclosed, and about to prepare 2018!

As I said before it will depend on your status, permit etc. And if you generate any 'income' in CH while here, that can stretch from a full time proper job, to part time positions, to things like dividend returns on you stock holdings, if you have any. None of this information has been provided by you. The 'nuggets' of information provided so far reflect what we can actually distil from your request.

Its unfortunate that the responses have gone the way they have but you get what you pay for here! With a 1MCHF in assets and a complex medical situation, I suggest you seek proper professional advice (may be a couple hundred francs) which could/should cover everything from: if you can even can get a VISA to come to CH to learn french (age could be an issue, your health status: your health insurance liability may not be covered while you're here!, etc....) all the way to the tax implications. Or search out a local AU advisor with CH experience.

only you, talking with a professional, can properly and fully evaluate and then advise you on your situation, this forum is useful for direction and information gathering only, not sound advice of any kind.

HTH, and best of luck.
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Old 04.01.2019, 21:11
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Re: Wealth Tax in Switzerland - seeking clarification, information

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I am obviously a lot more intelligent than you.

I am the millionaire. And you are the one complaining. Your fault for being stupid and lazy.
Nop. Really? ). Nop. and nop...

Good luck!
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