Pension issues

In case you have accrued a pension and wish to emigrate to Switzerland, you should take into account that you will be involved in the taxation from the moment of emigration in Switzerland. In principle, this also applies to pension income. However, the tax treaty between the Netherlands and Switzerland stipulates whether the Netherlands or Switzerland may levy tax on your pension income in a specific case. This depends on the nature of the pension. A distinction is made between government pensions and private pensions. 

When emigrating, you should take into account that the accrued pension entitlement (in fact, that the value of your pension assets from which the pension income is paid) can suddenly be included in the tax levy in the Netherlands. It is important to prevent such a scenario and agreements can be made with the Dutch tax authorities.

It is possible to transfer the accrued pension capital to a pension insurer based in Switzerland. Consultations with the Dutch tax authorities are also necessary for this situation, in order to prevent the pension agreement from being included in the taxation.

No federal inheritance tax and gift tax in Switzerland

In Switzerland, a referendum took place on 14 June 2015 about the introduction of a national (federal) inheritance tax and donation tax. A tax of 20% would be due insofar as the amount of the inheritance or gift would exceed CHF 2 million. The bill has been voted down and will therefore not be introduced in Switzerland. In the Berne Canton, for example, the initiative was voted down with a majority of 70% of the votes. This means that there is no federal inheritance tax and gift tax and will be levied in Switzerland. The situation is different at the cantonal level. Most cantons do levy donation and inheritance tax, whereby it can be noted that the rates are much lower than we are used to in the Netherlands. Moreover, there are considerable exemptions if obtained within the family atmosphere. You can obtain further information about inheritance tax and gift tax and obtaining a tailor-made advice from Sjobbema.

Bank secrecy will disappear in Switzerland from 2018 onwards

As a result of international pressure, the Swiss federation has decided to abolish banking secrecy with effect from 2018. Currently, Switzerland does not provide other countries with information about assets of residents of those countries held by banks located in Switzerland. With effect from 2018, Switzerland will proceed to the automatic provision of banking information. This step is very special, because the Swiss have always adhered to "their" banking secrecy. However, international pressure from the European Union and the OECD has led the Swiss to abolish banking secrecy. Further information on this subject can be obtained from Mr Sjobbema.

Contact info

mr. dr. G.H. Sjobbema
Heresingel 26
9711 ET Groningen
Phonenumber: +31-6-3 4444 000
E-mail: info@zwitserlandfiscaal.nl

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