Go Back   English Forum Switzerland > Living in Switzerland > Introductions  
Reply
 
Thread Tools Display Modes
  #1  
Old 03.11.2017, 15:02
Newbie 1st class
 
Join Date: Nov 2017
Location: London
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
desireemrusso has no particular reputation at present
Hello from London

Hi Everyone,

Desiree, here sending greetings from London. I'm a Swiss/Italian/American working in the wine industry, and hope to relocate to Switzerland in 1-2 years time. I'll be researching in depth on how to make this move properly and with a game plan for my partner and I.

Looking forward to receiving feedback,
Des
Reply With Quote
  #2  
Old 03.11.2017, 16:18
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 21,489
Groaned at 372 Times in 287 Posts
Thanked 16,317 Times in 9,258 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Hello from London

Welcome to the forum Desiree.

Lots of useful info in the various sticky threads here on the forum and I also suggest you get hold of a copy of "Living and Working in Switzerland" by David Hampshire. It's full of useful info for both before and after you move. You can order it from your local bookshop or via the internet.

I assume you're up to date on the American tax filing side of things, but just to let you know only UBS, Credit Suisse and PostFinance will consider American clients for a basic checking/salary account. A business one may be another story entirely. Before making any firm business plans I would contact the head offices of these 3 here in Switzerland to find out whether you could get a business account or not.
Reply With Quote
  #3  
Old 03.11.2017, 17:17
Newbie 1st class
 
Join Date: Nov 2017
Location: London
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
desireemrusso has no particular reputation at present
Re: Hello from London

Quote:
View Post
Welcome to the forum Desiree.

Lots of useful info in the various sticky threads here on the forum and I also suggest you get hold of a copy of "Living and Working in Switzerland" by David Hampshire. It's full of useful info for both before and after you move. You can order it from your local bookshop or via the internet.

I assume you're up to date on the American tax filing side of things, but just to let you know only UBS, Credit Suisse and PostFinance will consider American clients for a basic checking/salary account. A business one may be another story entirely. Before making any firm business plans I would contact the head offices of these 3 here in Switzerland to find out whether you could get a business account or not.
Hey Medea, thanks a lot! I have a Swiss passport, so I'm sure it would be okay, unless dual citizenship is going to be an issue?
Reply With Quote
  #4  
Old 03.11.2017, 18:04
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 21,489
Groaned at 372 Times in 287 Posts
Thanked 16,317 Times in 9,258 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Hello from London

Sorry, but no. You have the American "taint" regardless of any other nationalities you hold and as such will need to sign a W-9 form to allow the bank to send the account info on to the IRS. Because of the headaches FATCA has caused to both worldwide banks and the millions of American living and working abroad most banks here won't accept Americans at all now - hence the reason you only have 3 choices. Since any business account you have signatory rights to would also have to be reported to the US on an FBAR form, the banks just won't bother to give you an account. Keeping any FATCA required reporting down to just personal accounts cuts the costs to the banks. If you don't have signatory rights on the business account it might be possible, but don't assume so.
Reply With Quote
  #5  
Old 03.11.2017, 18:13
Forum Veteran
 
Join Date: Jan 2017
Location: Zürich
Posts: 901
Groaned at 84 Times in 66 Posts
Thanked 1,192 Times in 581 Posts
YuropFlyer has a reputation beyond reputeYuropFlyer has a reputation beyond reputeYuropFlyer has a reputation beyond reputeYuropFlyer has a reputation beyond repute
Re: Hello from London

I'd just drop (renounce) the US-American passport. It costs a bit money, but you'll be heavily relieved.
Reply With Quote
  #6  
Old 03.11.2017, 18:32
curley's Avatar
Forum Legend
 
Join Date: Oct 2006
Location: canton ZH
Posts: 11,485
Groaned at 183 Times in 151 Posts
Thanked 12,901 Times in 6,746 Posts
curley has a reputation beyond reputecurley has a reputation beyond reputecurley has a reputation beyond reputecurley has a reputation beyond reputecurley has a reputation beyond reputecurley has a reputation beyond repute
Re: Hello from London

Quote:
View Post
I'd just drop (renounce) the US-American passport. It costs a bit money, but you'll be heavily relieved.
Many of my Swiss/American friends did. They don't seem to miss anything either.
Reply With Quote
  #7  
Old 03.11.2017, 20:10
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 21,489
Groaned at 372 Times in 287 Posts
Thanked 16,317 Times in 9,258 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Hello from London

Good idea if the OP isn't planning on living in the States in future. Visiting is easy enough, just have to apply for an ESTA like everyone else who comes under the visa free travel arrangement.

You can arrange to do this at the US Embassy in London. Bear in mind that it'll cost you 2,350 bucks to do so though. But balance that against any annual fees you may need to pay your tax advisor to keep everything straight year on year.
Reply With Quote
  #8  
Old 04.11.2017, 15:05
Newbie 1st class
 
Join Date: Nov 2017
Location: London
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
desireemrusso has no particular reputation at present
Re: Hello from London

Hi Guys,

It has been on my mind to renounce it due to the headache it is to maintain the citizenship. It's purely to help our future be more concrete. We do not plan on living in the States again, and given my profession (working in the wine industry), Europe is the ideal place to live. Also on a side note, I do speak Swiss-German and Italian fluently...

Above all, many thanks for your input and feedback. I really appreciate it, and hope to get my head around in making this transition back as smooth as possible.
Reply With Quote
  #9  
Old 04.11.2017, 17:26
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 21,489
Groaned at 372 Times in 287 Posts
Thanked 16,317 Times in 9,258 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Hello from London

Well, if you do want to do it you might find this of help.

http://catseyesap.com/crd/Consulate%...%202017.08.pdf

It's a collection of people's experiences with renouncing/relinquishing at various embassies/consulates around the world. You can check on the UK one to see what sort of experiences people have had dealing with them.

www.isaacbrocksociety.ca was started many years ago by someone who got caught up in all this taxation/FATCA stuff and you can find a lot of useful info about renunciation, FATCA and Expat Taxes, etc, there.
Reply With Quote
  #10  
Old 05.11.2017, 13:41
Newbie 1st class
 
Join Date: Nov 2017
Location: London
Posts: 10
Groaned at 0 Times in 0 Posts
Thanked 0 Times in 0 Posts
desireemrusso has no particular reputation at present
Re: Hello from London

Thanks a lot Medea - super helpful and will have to consider this over.
Reply With Quote
  #11  
Old 05.11.2017, 13:52
Medea Fleecestealer's Avatar
Forum Legend
 
Join Date: Jul 2011
Location: Switzerland
Posts: 21,489
Groaned at 372 Times in 287 Posts
Thanked 16,317 Times in 9,258 Posts
Medea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond reputeMedea Fleecestealer has a reputation beyond repute
Re: Hello from London

You can always hope that Congress will get its finger out of the pie and actually pass legislation to make US taxation residency based rather than on citizenship. But the problem with that is they're still arguing over it so may not actually become law any time soon and if/when they manage it it'll still be a few years probably before it actually comes into force.

Honestly, unless you have a pressing need to hang on to the citizenship I wouldn't bother to keep it. If you haven't paid into the social security system and Medicare then all it's really giving you is the ability to enter the States without the need for a visa or ESTA. ESTAs are easy to obtain - I got one last year for a trip to the States. I expected to be asked questions before it was approved since I'd renounced back in 2013, but no - I got the approval within just a few hours and the ESTA is valid for 2 years or until your passport expires whichever is the shorter period.
Reply With Quote
This user would like to thank Medea Fleecestealer for this useful post:
Reply




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
Hello from London gvega Introductions 6 14.05.2014 17:32
Hello from London plumber Introductions 9 22.01.2012 21:41
Hello from London arch.olga Introductions 1 30.04.2011 21:49
Hello from London tanyajoy Introductions 2 26.05.2008 20:51
Hello from London Lena Introductions 2 12.05.2007 21:15


All times are GMT +2. The time now is 04:47.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2020, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0