Account regularization in Switzerland | Fidusuisse

Account regularization in Switzerland

  • HAS YOUR SWISS BANK ASKED YOU TO WIND UP YOUR ACCOUNT WITHIN A SHORT TIME ?
  • ARE YOU IN DISPUTE WITH YOUR SWISS BANKER ?
  • HAS YOUR ACCOUNT BEEN FROZEN OR SUSPENDED ?
  • HAS YOUR SWISS BANK REFUSED THE WITHDRAWAL OF FUNDS ?
  • HAVE YOU INHERITED A SWISS BANK ACCOUNT ?

ARE YOU UNSATISFIED WITH YOUR SWISS BANK ?

If you are not satisfied with your Swiss bank, contact us to find a solution. Don’t leave it until the last minute! We can understand your position, review any relevant documents and discuss the issues in confidence to allow you to reach the right decision.

When it comes to Swiss bank accounts it is important not to act too hastily. It is necessary to carefully consider different options such as closing the account or transferring it to another bank. Also, you must understand your bank’s reporting obligations under information exchange rules and how this may affect your rights.

We are here to help you understand and take control of your situation. To avoid pitfalls please contact us before making any decision.

What are your bank’s rights ?.

banque suisse

The question is difficult to answer because when implementing the automatic exchange of tax information each bank determines its own procedure based upon internal rules and policies, however it is generally the case that:

  • The bank may refuse to close the account or make a remittance in cash
  • The bank forces you to take a cheque.
  • The Swiss bank refuses to transfer the funds in the account to make a purchase.
  • The Swiss bank asks you to transfer the funds to your personal account.

Before rushing to hasty decisions, we suggest you get in touch with us to discuss your situation. This will ensure that when you approach your bank you do so in a manner which is both useful and lawful.

Account regularization (reporting) from a Swiss point of view

On October 8, 2014 in Bern, Switzerland adopted international standard relating to the automatic mutual exchange of tax information between member states . This new automatic exchange of information requirement has motivated many account holders to  regularize (report) their accounts.

The Swiss authorities have the ability to automatically exchange information with other countries in order to regularize (report) their accounts. They may do this without giving notice to the account holder or beneficial owner.

Switzerland’s decision to accept the automatic exchange of tax information was at the forefront of negotiations with the EU. Any member state which has validated the agreement has adopted the standard automatically without the need for implementing legislation. In adopting this standard, Switzerland hopes to create a fair environment and provide tools to prevent tax leakage in high tax nations.

Some banks require that their clients regularize (report) their account. Complying with this instruction means making a disclosure to the relevant tax authorities with supporting documentation to explain the original source of the funds.

For more information please contact us. If required we can recommend a tax lawyer who will be able to clarify any technical matters.

A question ? a doubt ? send us your comments.

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