How are overseas bank accounts taxed? |

How are overseas bank accounts taxed?

How are US Dollar bank accounts in banks in Swiss banks like UBS and Credit Suisse taxed? Is there a special tax rate, or is it just the same Swiss rate?

If you are not resident in Switzerland, you will not be taxed there. You may be subject to withholding on your interest income however which you will be able to offset against your tax liability in the country where you are resident.

If you are resident in Switzerland, the tax rate on your interest income will be the same as your regular tax rate; Federal plus the tax of the canton in which you reside.

This entry was posted on Wednesday, July 8th, 2009 at 2:49 pm and is filed under bank accounts. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “How are overseas bank accounts taxed?”

PoliticallyCorrect on July 8th, 2009 at 8:21 pm

If you are not resident in Switzerland, you will not be taxed there. You may be subject to withholding on your interest income however which you will be able to offset against your tax liability in the country where you are resident.

If you are resident in Switzerland, the tax rate on your interest income will be the same as your regular tax rate; Federal plus the tax of the canton in which you reside.
References :