Personal income/wealth and deductions

Do I have to report bank accounts with no income and/or low balance?

In Switzerland, there is no threshold to report bank accounts and all worldwide bank accounts and assets have to be reported.

Can I deduct the education cost of my children and/or my non-working spouse?

Education costs for children are not tax deductible (except if you are considered as an expatriate under certain conditions). Education cost for non-working spouse could only be tax deductible once they start a salaried activity.

What (non-financial) assets do I have to report in the Swiss tax return?

In general, all assets are reportable in your Swiss tax return. Most cantons exclude the value of household goods from the taxable basis. Other assets such as purchased (not leased) cars, boats, planes, capital forming life insurances, valuable jewellery, watches, or artwork has to be reported. If you are unsure, please rather report it and leave it up to Deloitte and/or the tax authorities to remove it from your tax return, should it be deemed as not taxable.

Will I pay taxes on my foreign real estate in Switzerland?

Your foreign real estate has to be reported in your Swiss tax return to determine your global income and wealth. In a second step, the income and wealth of this real estate are excluded from Swiss taxation (so called “exemption with progression”). This means, no Swiss taxes are due on your non-Swiss real estate, however it will have an impact on your overall tax rate.