Bank accounts, investments and property abroad: what to declare in Switzerland
Moving to Switzerland but keeping a bank account, investments or a home in your home country? All of it goes on your Swiss tax return, even when Switzerland does not tax it.
Once you live in Switzerland, you are taxed here on all your income and assets, wherever they are: whatever you have kept in your previous country belongs on your Swiss tax return (déclaration d’impôt). That does not mean everything is taxed twice: Swiss law and double taxation agreements share out taxing rights between countries.
What do you declare for a foreign bank account or investments?
Accounts and investments held abroad are taxable in Switzerland. Your return shows in particular:
- the account balance or the value of the securities at the end of the year, converted into Swiss francs;
- the interest and dividends received during the year;
- even an account that earns nothing: it is still part of your wealth.
Is a home abroad taxed in Switzerland?
A flat, a house or a plot of land located abroad is taxed only in the country where it is situated. It must still appear on your Swiss return: its value and the income it generates are used to set the tax rate applied to your other income and assets.
If it is let, you declare the rent; if not, a notional rental value (valeur locative) is calculated. Debts and mortgage interest are split between Switzerland and abroad.
Taxed at source: do you still need to file a return?
If your salary is subject to tax at source (impôt à la source), that tax covers your salary only. If you also have taxable assets or income not taxed at source, such as rent from a flat abroad, you move to subsequent ordinary assessment (taxation ordinaire ultérieure) and file a full return. You must notify the cantonal tax administration in writing by 31 March of the following year.
What if you forgot to declare an account?
Every year, Switzerland exchanges information on financial accounts with many countries, including their balances and income.
An omission can be put right. The law provides for voluntary disclosure (dénonciation spontanée): the first time, provided the authorities are not yet aware of the items and you cooperate fully, no fine is imposed. Only the tax and interest remain payable, for ten years at most.
How we can help
We list your assets abroad with you and complete your tax return together, for example with our Comfort package. Just arrived? Request a free arrival meeting through our contact form; with the Premium or Comfort package, a second consultation is included.
A question about your assets abroad? Call us.
+41 26 303 36 69