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Anonymous Zebra posted:Does anyone have any experience living in Switzerland and having to deal with US finances? My financial advisor is a nice dude, but it's obvious he has never dealt with his clients living outside the states for more than a few months when we had to explain to him how to make an international phone call to us. My wife and I currently contribute our max for our Roth IRA every year and try to put a little money into a taxable joint account made up of a balanced set of mutual funds. We just moved in September, so we should still have income we made in the states, but for 2014 will we no longer be able to contribute to our Roth? Individually we make less than 97k a year while here, and I assume we are allowed to double that number as a married couple, right? That means when we take the exemption that we'll be at $0 for income? Do I still need to file a US tax return because of the money I'll make from my mutual funds (outside the funds in the Roth)? I'm pretty late on this but you'll need to talk to someone here in Switzerland who knows about expats and Swiss taxes. The Swiss don't do withholding (unless you're not a permanent resident) so that's why they don't get returns. You just get a bill at the end of the year for the amount you owe. Most good companies (iirc you work for the best university in the country) give their employees a 13th month's salary to help with this cost. If you get a double paycheck this month, that's why. You might be getting tax withheld from you paychecks, in that case you'll have to speak to the tax office or a tax advisor about figuring out how much you owe and all that. Search glocals, English forum Switzerland, etc. and you'll get some info from other people who have had to deal with it. I'm considered a permanent resident so I can't help you. For socking away retirement money, you can open up an account for what's called a "3rd pillar". This is the private contribution to your pension. Go into a bank and talk to them there about it, I think you have until next week to move the money in to be tax-exempt in Switzerland (but not in the US).
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Dec 11, 2013 15:19
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Anonymous Zebra posted:Thanks for this answer. One further question for you. Are you from the US? The people on Swiss English always seem to be bitching that the banks here don't let US expats open trading account with them due to the current issues they are all having getting sued by the IRS, so I was curious if this was going to screw over my chances to contribute to the 3rd pillar. Yeah, I'm American but my wife's family has a private banker and he managed her accounts while she was in the states and got me set up when I moved here. So I don't know if I've had a normal experience with Credit Suisse. They're introducing a new fee structure that sounds pretty lovely so I've been looking at other options and Post Finance seems the best. They assured me there was no problem to sign up as a US citizen.
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Dec 16, 2013 11:41
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