Can anyone help to confirm whether this is true? Not sure whether will force me to pay extra tax in China.
I still want to keep my Swiss bank and my swiss Franc there (do not want to convert them to other currency).
Thanks
I am leaving Switzerland soon and moving back to China. I am told that if I de-register in the canton, they will inform the Swiss bank and the bank will inform China about how much money I have in the Swiss bank.
Well, be careful. Never talk about potential tax evasion on the internet. Better delete the post...nothing happened here, I read nothing
Good luck.
Especially regarding China who already know who you are. But deleting is probably too late.
Unless you are in a position to become a private client, then you can't keep the account in any case. If you don't tell the bank that you have left the country, it will be closed once the post is returned with address unknown.... and if you are in a position to become a private client the bank will tell you what to do.
Can use Revolut/Wise and keep the currency there? Not sure on the legality of these services in PRC though
I thought all Swiss (and OECD) Banks were obligated to share bank account balances of foreign nationals each year.
That includes Revolut and Wise, I believe.
Perhaps China is not on that list.
Edited to add: See Article 27 of the CH-China Tax treaty: https://www.newsd.admin.ch/newsd/mes…ents/32161.pdf
How would they even know where you bank?
This. I forgot to tell my bank that I'd changed address promptly (this was ages ago). The post was returned to them and they froze my account.
Probably nothing but also not reassuring, the “secret” China-CH agreement that allowed Chinese police to operate in Switzerland without much trouble.
https://www.swissinfo.ch/eng/politic…xpire/46230768
Also consider the rhetoric of CCP of the last few years of “economic fugitives” and this is enough for people to start making questions. Of course, maybe a few dozen millions of USD are needed to be part of the list of economic fugitives, but anyway all China citizens are worried.
That is step one, then it goes to a suspense account, in one bank unofficially called "money we don't know what to do with" and ultimately to some state agency.
I do get that. So for those that leave Switzerland, the only option for them is to transfer all their money out and close their account?
Unless the bank agrees to otherwise. Have you asked them?
I don’t think the issue is so much transfering out, as there are no restrictions on transferring money out of a Swiss bank to just about anywhere.
The challenges will be with transferring it into China and/or spending it from within China.
You could take cash, but that has it’s own challenges.
Step 1 ask your client advisor if the bank has already shared banking data with China.
Step 2 ask him/her if the bank will share banking data with China when you close your account.
I've never heard of the Commune notifying your bank. How would they even know where you bank?
Yes, China is part of the OECD agreement on the Automatic Exchange of Financial Information, so the bank (or Revolut etc) will inform the Chinese authorities of your balances if they have you registered as living in China.
If you were resident in Switzerland, and non-resident in the PRC, then there should be no tax to pay. You will only have to pay tax (if any) on any interest you earn on that account.
It is, here’s the current list .