Investing in Swiss gold

In this exclusive article, b-sharpe, your online currency converter, and our partner GOLD AVENUE answer all your questions and provide you with everything you need to know about investing in gold in 2023.

Why invest in gold?

For thousands of years, gold has retained its value and served as a store of wealth. Even today, it remains a tangible, profitable and sustainable investment. Far from being outdated, investing in gold offers numerous advantages and is a more accessible form of saving than one might think. It is, in fact, attracting more and more young investors. So, why invest in gold? Here are a few pointers to help you better understand this investment. 

Is gold a safe haven?

Is investing in gold a safeguard against inflation? Unlike shares, bonds or savings accounts, gold generates no income and its value only increases when it is sold. It is a tangible, physical asset that can be exchanged in person. Yet it is often referred to as a safe-haven asset. Indeed, historically, gold has been a highly sought-after investment during times of crisis, as it is considered safe. In a context of inflation and falling interest rates, gold may prove to be a more sensible and secure financial investment choice. However, despite this positive outlook, bear in mind before investing that all investments carry risks, and that it is impossible to predict with certainty how the price of gold will evolve. 

A great way to diversify your savings 

This is the golden rule for any investor. As we never tire of repeating, you need to diversify your investment portfolio in order to minimise risk. It is entirely possible to invest your money in precious metals: gold, of course, but also silver, platinum or palladium. Adding one or more gold bars to your investments is therefore a very good idea!

Is investing in gold affordable for everyone?

Investing in gold isn’t necessarily just for the wealthy. The great thing about gold? It can be bought in small amounts! This means you can invest in gold even on a tighter budget. Indeed, the precious yellow metal comes in several forms:  

Good to know: there are two measures of gold purity: carats and fineness. 999.99 pure gold, or 24 carats, is the highest quality available. 

When it comes to price, there is gold to suit every budget. Whilst a magnificent 1-kilo gold bar will set you back just under €60,000 (depending on the current gold price), you can just as easily opt for a lighter weight at a lower price. At GOLD AVENUE, you can find gold bars and coins for under €500, and even 1g gold nuggets starting from €70!

How do you invest in gold? 

There is a wide range of precious metal dealers you can turn to when investing in gold. You can buy gold from a bank, a high-street dealer or an online dealer. Where should you buy gold? Follow our guide below!  

Do banks sell gold bars? 

Do banks sell gold bars? In theory, yes, but this is not their core business. These days, very few banks offer this service or hold gold in storage. Check with your bank in advance to find out whether it sells physical gold. 

Investing in gold through an online retailer 

If you want to invest in gold, you could also choose a retailer with a physical shop. Did you know? It’s entirely possible to invest in gold online.  Choose a trusted online dealer such as GOLD AVENUE. By partnering with mines, refineries and reputable companies in the gold industry, GOLD AVENUE offers Swiss gold to suit all budgets, with bars of all weights. An investment you can make with complete transparency!  

A few things to bear in mind before investing in gold

Are you thinking of investing in gold? That’s an excellent idea. However, as with any investment, this decision should be carefully considered and approached with caution. So, here are a few things to check before investing in gold: 

Storage and insurance 

The only real drawbacks to investing in gold are storage and security risks. These are important points to consider before investing in gold. Gold is a physical asset that must be stored securely to protect it from theft or damage. Opt for secure storage and insurance. A home safe is an option, but it carries greater risks. Secure storage in a bank is also possible. Finally, please note that GOLD AVENUE offers you the option of storing your purchases made on the site free of charge, up to a value of €10,000. Precious metals are stored in GOLD AVENUE’s secure vaults in Switzerland. An ideal option for highly secure storage of your precious metals, at minimal cost and with complete peace of mind.

Is it a good investment to buy gold in 2023?

Let’s now turn to a crucial question: is it worth investing in gold at the moment? 

Gold price trends

Like any commodity, the price of gold is subject to fluctuations. However, its value tends to rise. Indeed, the value of gold tends to increase in times of crisis, inflation or economic uncertainty. It is considered a ‘safe-haven’ asset, less affected by speculation. For example, over the last five years, it has risen by more than 50%. It is therefore a less volatile investment than traditional savings products, which are proving to be less and less profitable.

How do I sell my gold?

Investing in gold means you can sell your holdings at any time and quickly access cash. You can sell your gold to a precious metals dealer. However, it is also possible to sell your gold online to a certified dealer. GOLD AVENUE buys and sells gold stored exclusively in its vaults, directly online and securely. Sell as much gold as you wish and receive your money within 72 hours. GOLD AVENUE buys your precious metals at the SPOT price, i.e. the market price. There are therefore no additional fees or commissions on sales. 

Nowadays, many investors are turning to gold to safeguard their savings. Despite a number of common misconceptions, investing in gold is by no means the preserve of the wealthy. It is a secure form of saving that is accessible to everyone. Gold bars and fine gold coins are available for purchase at lower prices, allowing people of all ages to build up savings in gold and create long-term wealth.  

For more information:  

B-sharpe is a trusted financial partner for online currency exchange. Use our US dollar to Swiss franc converter or our euro to Swiss franc converter for all your international transactions, to or from Switzerland!  

GOLD AVENUE, a gold partner. As the official online retailer for the MKS PAMP GROUP, the world leader in the precious metals sector, GOLD AVENUE offers a range of precious metals for sale, with a secure storage option. Invest in gold today.

Watch our Q&A session from 20 September 2023 on saving, featuring Alessandro Soldati from GOLD AVENUE and Jean-Marc Sabet from b-sharpe on YouTube: Watch our Live stream

Pillar 3: should you withdraw or continue contributing to it after leaving Switzerland?

What is the Swiss 3rd pillar?

As a reminder, the third pillar forms part of Switzerland’s social security system, as defined by the constitution. It applies to all Swiss workers, regardless of their salary. How does the third pillar work? Let’s take a closer look at this complex system and its specific features.

The three-pillar system

The Swiss social security and pension system is based on three pillars:

The different types of third-pillar schemes

How can you make sense of this somewhat complex Swiss pension system? Without going into too much detail, there isn’t just one, but several forms of the third pillar:

The third pillar can therefore be taken out either with a bank or with an insurance company.

Which should you choose, 3rd pillar A or B? It all depends on your circumstances and the level of cover you require, your tax rate and the tax rules in force where you live.

When can you access or withdraw funds from the 3rd pillar?

There are several situations in which an employee in Switzerland can withdraw funds from their tied 3rd pillar (or 3A) pension plan:

For the voluntary third pillar (or 3B), the conditions for withdrawal or cancellation are more flexible. The initial withdrawal date is specified in the insurance policy, on your contract. However, it is also possible to withdraw funds from the third pillar B whenever you wish, without having to give a reason.

What is the contribution limit for the 3rd pillar in 2022?

In 2022, the maximum amount you can save into your 3rd pillar pension scheme is the same as in 2021. 

Throughout Switzerland, there are limits on the payments you can make between 1 January and 31 December 2022:

Please note: These limits apply to 3rd pillar A. The limit for 3rd pillar B depends on your personal circumstances and can be confirmed in more detail by your cantonal tax authority.

I’m leaving Switzerland: what about my third pillar pension?

Is your career in Switzerland coming to an end? If so, you will be entitled to withdraw the full amount of your tied 3rd pillar pension. When you leave Switzerland, you will often wish to continue making contributions to this pension and retirement savings scheme…

Unfortunately, you only have two options:

Is it better to reluctantly withdraw your 3rd pillar savings, or to keep contributing to it despite the high fees involved? b-sharpe offers a very simple and cost-effective solution to help you keep contributing to your 3rd pillar!

Should you continue to make contributions to your 3rd pillar pension scheme when you leave Switzerland?

In the case of 3rd pillar A, there is, in principle, no point in continuing to make contributions, as the tax benefit applies only to people who live in Switzerland or work there. In 2021, the tax benefit was even abolished for all cross-border workers who do not have quasi-resident tax status, which applies to the majority of them. In this specific case, withdrawing funds from the third pillar is therefore the best option.

In the case of 3rd pillar B, early withdrawal penalties apply if funds are withdrawn before the end of the contract term. These penalties are particularly steep (amounting to several thousand Swiss francs), and it is therefore preferable, if possible, to continue making contributions from abroad. 

However, the issue of currency exchange fees arises, as subscribers living outside Switzerland will need to contribute to their third pillar pension scheme in Swiss francs, even though they are paid in a different currency. Currency exchange transactions will therefore be necessary via a currency converter…

How do you make contributions to a 3rd pillar pension scheme if you no longer live in Switzerland?

Do you now live outside Switzerland but would like to continue contributing to your Swiss pension scheme? Here are the various options for making contributions to a 3rd pillar pension plan. 

Let’s take the most common example of someone who has euros at their disposal:

Why use an online currency exchange service?

With this final solution, the customers concerned come out on top in every respect, because:

  1. It is not necessary to hold a bank account in Switzerland
  2. There are no transfer fees (as this is a SEPA transfer)
  3. b-sharpe’s low foreign exchange margins allow you to cut your bank charges by two-thirds
  4. b-sharpe is a service with no subscription fees, no sign-up costs, and is completely secure, with €3 million in insurance cover against hacking or misappropriation of funds

Start using b-sharpe and top up your 3rd pillar pension at minimal cost, whilst making significant savings on your currency exchange transactions! 100% online, b-sharpe is easy to use: it takes just 5 minutes to sign up for our currency exchange service.

Importing a vehicle into Switzerland: procedure, documents and fees

Depending on the situation, the procedure for importing a vehicle into Switzerland can be more or less complex. Whatever the type of vehicle being imported and the conditions of its arrival on Swiss territory, here are all the formalities you will need to complete.

The import procedure

Customs office

When you import a vehicle into Switzerland, you need to contact a customs office responsible for commercial goods. Such offices are present at every border crossing staffed during opening hours for tourist traffic and will provide you with proof of customs clearance for a fee of 20 Swiss francs.

These offices can issue you with the Certificate of Registration (Form 15.25), which gives you two working days to declare your vehicle.

It is nevertheless best to notify the customs authorities of your arrival in advance, so that you can obtain the official customs clearance certificate as soon as you cross the border.

Cantonal department

In addition to paying customs duties, your vehicle must be authorised to drive on Swiss roads (motorways and expressways) via authorisation from the cantonal department.

A roadworthiness inspection is then carried out by the Cantonal Road Traffic Office, checking compliance with the following criteria:

Once the road tax has been paid (this differs between light vehicles and heavy goods vehicles) and the proof of your customs clearance issued by the customs office has been provided, you will be issued with a vignette worth 40 Swiss francs.

Documents to provide

Customs clearance

To pay the customs duties on entry, you need to provide the following documents:

Note that you can use the services of a partner to delegate the handling of these customs formalities, for example:

If you opt for this solution, make sure you choose it before importation. In this case, the customs duties will be paid by the partner in question before being invoiced to you.

Moving house

If you are moving to Switzerland as a resident and wish to import your vehicle, there are two possible scenarios:

  1. Your vehicle was purchased less than 6 months ago. In this case, you have one month to provide the required documents and register your vehicle.
  1. Your vehicle was purchased more than 6 months ago. In this case, you have one year and are eligible for exemption from customs duties and VAT, provided you do not resell your vehicle within the following year.

In all cases, you will need to provide:

Please note: If you wish to benefit from the exemption, you will be asked for a copy of the customs clearance request for removal goods.

If you are not eligible for the exemption, you will be liable for:

Temporary import

Any temporary import for purely tourist purposes is authorised without a customs declaration within a limit of one year spent on Swiss territory.

Note, however, that restrictions apply to:

VAT and customs duties

Vehicle type

The amount of customs duty applied differs depending on the type of vehicle being imported:

Rates and calculations

Customs duties are calculated on the basis of the weight of the imported vehicle and do not depend on its age; these rates are based on the Tares.

However, special cases apply to vehicles originating from states that have concluded a free trade agreement with Switzerland. Goods imported from these states can then be exempt from customs duties, or benefit from preferential tariffs.

Please note: Valid proof of origin is then required to confirm this exemption.

Regarding tax rates, these amount to 4% of the total value of the vehicle (converted into Swiss francs) in accordance with Regulation R-68. This includes the sale price or trade-in price.

If the vehicle was given by a third party or if information is missing, the customs office reserves the right to estimate the value of the vehicle.

Good to know: You will find the forms for the motor vehicle tax here.

The applicable VAT follows the standard rate of 7.7%, in accordance with current regulations.

CO2 emissions

The revision of the CO2 Act shows the importance Switzerland places on this issue.

Beyond a certain emissions threshold, sanctions are imposed by:

For further information, a sanctions calculation tool is available.

Example of a vehicle import

3 years ago, you purchased a 90-horsepower Renault Clio weighing 1,200 kg, which you now wish to import into Switzerland.

  1. You contact the relevant customs office to process your request and provide the necessary documents.
  1. You are a resident: your vehicle was purchased more than 6 months ago, so you benefit from exemption from VAT and customs duties.

You are not a resident: you will need to pay VAT at 8% of the purchase value of the vehicle, a 4% consumption tax, as well as customs duties.

  1. Customs duties amount to a maximum of CHF 15 per 100 kg bracket for a passenger car. Your Clio will therefore incur 12 x 15 = CHF 180 in customs duties as a non-resident, at most.
  1. All that remains is to deal with your vehicle’s CO2 emissions, as well as its authorisation to drive by the relevant cantonal department.

The procedures for importing a vehicle into Switzerland therefore depend as much on its characteristics as on its country of origin and your status. This procedure is handled both when crossing the border and at cantonal level.

CMU contributions for cross-border workers: refunds are available!

Living in France, working in Switzerland: what about my health insurance?

Being a cross-border worker involves a great deal of administrative hassle: changing your bank account, health insurance, filing your tax return differently… France and Switzerland have signed an agreement allowing cross-border workers to choose their health insurance scheme. They therefore have the option of joining either the Swiss or the French system:

Good to know: once you have chosen between LAMal and the CMU, the decision is final. You should therefore compare these two options carefully. You have three months from the date you start work in Switzerland to make your choice. Once this period has passed, if you have not chosen a health insurance scheme, you will automatically be enrolled in the Swiss scheme, LAMal.

So, CMU or LAMal? But what are the pros and cons of these two options?

Health insurance for cross-border workers on the Swiss side: LaMal

LaMal (which stands for the Federal Health Insurance Act) is the compulsory health insurance system in Switzerland. By taking out this insurance, French nationals working in Switzerland can benefit from Swiss health cover. This is a major advantage, as the Swiss healthcare system is renowned for the quality of its care. It also offers its members a great deal of freedom in choosing healthcare providers or doctors. For example, in Switzerland, it is possible to consult a specialist directly without having to see a GP first. Reimbursement times for medical expenses are also shorter.

However, it is important to note that LaMal premiums are high, much higher than French social security contributions. If your income as a cross-border worker is not high, this can be a significant burden. Be sure to compare the costs and financial commitments carefully before making your choice. Furthermore, to benefit from the most comprehensive health cover possible, many cross-border workers decide to take out supplementary cover in France, which incurs additional costs.

Under the Swiss health insurance scheme, you will have to pay a monthly premium, plus an excess and a 10% co-payment. For cross-border workers, this excess is set at CHF 300 (approximately €321 after currency conversion) per calendar year for adults. Children are not subject to the excess under their policy. In practical terms, this means that the first 300 Swiss francs spent on your healthcare covered by LAMal will be at your own expense.

In France, the CMU for cross-border workers

What is the CMU for cross-border workers – Universal Health Cover for cross-border workers?

The CMU for cross-border workers, not to be confused with the traditional CMU (Universal Health Cover), historically refers to an insurance scheme for cross-border workers. The CMU allows cross-border workers in Switzerland:

The CMU (Universal Health Cover) offers cross-border workers healthcare cover identical to that of the French General Health Insurance Scheme (social security). The CMU for cross-border workers scheme applies specifically to cross-border workers who do not choose to join the LaMal scheme in Switzerland.

However, CMU cover remains limited, particularly for expensive treatments: hospitalisation, dental care and optical care. This is why the majority opt for supplementary insurance. With the CMU, cross-border workers can receive treatment in Switzerland, subject to certain conditions.

CMU reimbursements for cross-border workers

To calculate the amount of the insurance premium you will have to pay, the French authorities require cross-border workers to submit a tax return.

However, experience shows that the vast majority of cross-border workers make mistakes in this declaration, and most over-declare, which means that most cross-border workers pay too much for their CMU health insurance premium.

Why is health insurance compulsory for cross-border workers in France?

Have you completed your CMU declaration for cross-border workers correctly?

Depending on the time of year you registered, you must declare your income from the previous year or two years prior. This income can be found on the relevant French tax notice. There are various types of income you must declare, as well as various expenses that can be deducted. The URSSAF website provides a list of everything you must and can include in your declaration, as well as an explanatory guide to declaring income.

In summary, on your tax notice, the main tax details taken into account for the calculation of the CMU are:

The instructions for completing the tax return form are not always entirely clear, and experience shows that around 80% of cross-border workers who have filed their returns have made mistakes and overpaid. This is according to David Talerman, a specialist in cross-border workers and author of the book “Working and Living in Switzerland”.

In which cases can you reclaim part of the CMU contribution?

What many cross-border workers do not realise is that it is, for example, possible to deduct from their income the amount of the CMU contribution paid in the same year, or even maintenance payments made.

The calculation of the CMU premium is closely linked to your tax return. The more “complex” your tax situation is (married, income from different sources, tax deductions in place, etc.), the greater the likelihood that you will make a mistake in your CMU declaration to the CNTFS.

In reality, there are many and varied factors taken into account when calculating the premium (and these may potentially relate to the tax status of a spouse working in France), which makes the calculation more complex.

In the event of an error in the calculation of the CMU premium, there is a three-year retroactive period

The good news is that you can request a correction to your previous declarations, and you can do so for the last three years.

This request can be made either via your account on the URSSAF platform or directly to the CNTFS.

Given the complexity of the calculation and the criteria involved, it may be worth seeking professional help.

Conclusion: take action and regain your purchasing power

Whether you decide to make your CMU correction yourself or with the help of professionals, you now have all the information you need to reclaim part of your CMU contribution.

What is the National Centre for Swiss Cross-Border Workers?

The CNTFS is the National Centre for Swiss Cross-Border Workers, an organisation for French cross-border workers employed in Switzerland. Directly linked to URSSAF, the CNTFS calculates your health insurance contribution and manages the collection of funds based on your tax returns.

What is URSSAF – the Union for the Collection of Social Security and Family Allowances?

URSSAF is an official body primarily responsible for collecting social security contributions from employers. It oversees the collection of health insurance premiums from cross-border workers.

What is the CMU frontalier – Universal Health Cover for Cross-Border Workers?

The CMU for cross-border workers, not to be confused with the traditional CMU, historically refers to an insurance scheme for cross-border workers, now known as the CNTFS. The CMU allows cross-border workers in Switzerland:

The new 2025 health insurance rates for cross-border workers

LaMal rates in Switzerland rise every year. But for 2025, a significant increase is expected for the 215,000 cross-border workers who cross the border every day to work in neighbouring Switzerland.

How can this be explained? Healthcare expenditure in Switzerland is rising significantly year on year. For 2024, the country is forecasting a 3.6% increase, reaching 95.3 billion francs, and a 3.2% rise in 2025, for an estimated total of 98.4 billion francs.

To ease the burden on Swiss households and harmonise insurance premium levels across the cantons, a solidarity scheme has been introduced. This means that insurers whose policyholders are in better health – and therefore pose a lower risk – will have to pay higher premiums to compensate.

What impact will this have on cross-border workers? This change will indeed have a direct impact on cross-border workers. Their average age is 38, which is significantly lower than that of Swiss residents (54). Cross-border workers therefore constitute a population with a lower medical risk. They will thus have to contribute to this solidarity scheme to help balance the financing of health insurance in Switzerland.

Taking out supplementary health insurance: the choice of many cross-border workers

If you have opted for the CMU, you should bear in mind that its cover is generally insufficient. Consequently, many cross-border workers between France and Switzerland decide to take out supplementary health insurance (or a supplementary health insurance scheme) to top up the coverage of their healthcare costs. There are schemes specifically designed for cross-border workers. These schemes can cover part of the costs of hospitalisation, medical consultations, dental or optical care, which are often poorly covered by the basic scheme.

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Cross-border workers in Switzerland: how do you complete your tax return in France?

Update: 2020 tax return for 2019 income.

For French residents, the filing period for last year’s tax return is already here. Residents of Switzerland with income from French sources, and French residents working in Switzerland whose main home is in France, will also need to file a tax return. If you’re wondering how to complete your tax return in France, this article is for you. Discover our practical guide to help employees working in Switzerland (cantons of Geneva, Vaud, Valais, Basel, Zurich, etc.) file their tax return in France.

In which country (or countries) do you have to pay tax when you work in Switzerland?

To start with, there is a tax treaty between Switzerland and France that governs how cross-border workers are taxed in each of the two countries, with a number of precise rules designed to avoid double taxation.

In short, it is not possible for the same income to be taxed in both Switzerland and France. However, depending on the canton in which you work, the tax rules and principles of taxation differ.

SituationWhere tax is paidComments
Case 1: Person working in the canton of Geneva and returning home every daySwitzerlandThese workers pay their taxes in Switzerland and are subject to withholding tax there (the tax is deducted by the Geneva-based company directly from the salary every month and paid by the company to the cantonal tax authorities).
Case 2: Person working in the canton of Vaud, Valais, Jura, Neuchâtel, Basel-Stadt, Basel-Landschaft, Bern or Solothurn and returning home every dayFranceA tax agreement signed between France and these cantons stipulates that people working in Switzerland and living in France are taxed in their country of residence, France.
Case 3: People working in other cantons (Zurich, St. Gallen, Aargau, etc.) and returning home every daySwitzerland–
Case 4: Person working in any canton and returning home once a weekSwitzerlandPeople who live in Switzerland during the week (weekly cross-border commuters) are always subject to withholding tax in Switzerland, whatever the canton.

Please note, however, that if you had income from French sources during the year (for example if you started working during the year, or if one spouse works in France), you may be taxed in both countries, but not on the same income.

In concrete terms, this means that the tax household of a person who works in Switzerland and lives in France can either pay tax solely in Switzerland, solely in France, or in both countries.

In which cases do you need to provide a certificate of tax residence?

The certificate of tax residence is a document that lets a taxpayer in case no. 2 inform the cantonal tax office that they do indeed pay their taxes in France (and, at the same time, inform the French tax authorities that they will be receiving income from a Swiss employer). This 2041-AS certificate can be downloaded from the French tax authority’s website and must be given to your employer.

What are the deadlines for filing your tax return?

The deadlines for filing the 2020 tax return for 2019 income depend on your department of residence and are summarised in the table below:

DepartmentsFiling deadline
1 to 194 June 2020 at midnight
20 to 548 June 2020 at midnight
55 to 97611 June 2020 at midnight
Non-French residents4 June 2020 at midnight

More information is available on the official tax website.

What documents do you need to prepare to complete your tax return correctly?

The main documents you should gather for your tax return are the following:

For taxpayers with rental income and any tax relief schemes (such as the Pinel or Duflot laws):

To save time, we recommend gathering these documents before you start completing your tax return.

The b-sharpe guide to completing your tax return in France

Where do you need to file your tax return?

The tax return is filed online, on the French tax authority’s website. Since 2019, filing online has been mandatory for anyone with internet access at their main home.

Which tax forms do you need to complete?

The French tax return is structured as follows:

Once you’re logged in to the tax office’s website and have entered “basic” information such as your address and personal details, the service lets you select the sections you want to display. Each annex corresponds to a specific type of return, and this choice is offered to you based on the type of income you have. Depending on your choices, the annexes will appear in your account.

Tax return for cross-border workers in Switzerland

By clicking the “Supplementary returns” button, you will get access to a list of supplementary returns that you need to tick in order to see them.

In the example given below,

For a “standard” return filed by a taxpayer working in Switzerland, annexes 2047 and 3916 must be selected. The others depend on your personal situation.

How do you calculate the Swiss-source income to include in your tax return?

The income to take into account for the 2020 return is the income earned in 2019, whether Swiss, French or from elsewhere.

Specifically for Swiss income, the following must be included:

Taxable income is the sum of the net amounts received by the employee. This information appears on the salary certificate that your employer would normally have given you at the start of the year, a document that summarises all this information.

Unlike employees in France, for whom the French tax authorities pre-fill a tax form that only needs to be checked and validated, people who work in Switzerland and live in France will need to calculate their own Swiss income to declare, based on the information provided by their employer.

In this respect, the salary certificate issued by the employer is a central document, without which you will not be able to complete your tax return. If your employer(s) did not give it to you at the start of the year, ask for it.

Which tax form should you use to declare your Swiss income?

As your income comes from a Swiss source, the French tax office needs to carry out a few preparatory calculations before it can be included in your French tax return. To do this, you will need to complete annex 2047, using your Swiss salary certificate to help you.

#1: State that your income is Swiss-source

When you log in to the tax authority’s website, in supplementary return no. 2047, make sure you tick the 2 boxes as shown in the screenshot below: this will then give you access to the declaration screens specific to people living in France and working in Switzerland.

#2: Calculate your net taxable Swiss salary

The next screen is then the worksheet for calculating net taxable Swiss salary, which lets you “convert” your income from Swiss francs into euros and carry it over to your tax return.

To do this, select the member(s) of the tax household who work in Switzerland, as well as the number of cantons you worked in during the year. For example, if a temporary worker resident in France worked, during the year, in the canton of Geneva, the canton of Vaud and the canton of Neuchâtel for 3 different employers, they should select “3” in the “Number of cantons” box. On the other hand, if you worked for several employers in the same canton, you will need to add up the amounts yourself from the various salary certificates you were given.

#3: Declare your income for each canton

On the next page, it is important to correctly select the canton of employment as well as the employer (if you had more than one, list them in the text box provided for this purpose). Also indicate the number of months for which you received a salary, and enter in the boxes the information from your Swiss salary certificate(s).

#4: Fill in the boxes using your salary certificate

The next step is simple, as it just involves matching the numbers on your salary certificate with those shown in supplementary return no. 2047 and filling in the corresponding boxes. We have given an example below, and leave it to you to continue based on your income.

Please note that you will also need your proof of payment of your health insurance premiums (CMU for cross-border workers – CNTFS or LAMal) to complete this form, as shown in the screenshot below. Don’t forget it, as these amounts paid are deducted from your income; it would be a shame to miss out on that.

As shown in the screenshot below, LAMal contributions on the one hand, and CNTFS/URSSAF (CMU) contributions on the other, must not be entered in the same place.

#5: Calculating the carry-overs

Once you have entered the information from your salary certificate (or certificates, if you have more than one) for each canton, the tax office will carry out what’s known as a carry-over: the amount it calculates based on the information you have provided is then carried over to your other annexes, in specific boxes, depending on your situation.

It is therefore important to clearly indicate your situation to the tax authorities, as the carry-overs can differ from one situation to another (for example, the carry-overs for French residents working in the cantons of Vaud, Valais, Jura, Neuchâtel, Basel-Stadt, Basel-Landschaft, Bern and Solothurn will not be the same as for those working in the canton of Geneva).

Once the box is ticked, the next screen lets you see the amount in EUR that is used by the French tax authorities for your return. This amount is then, in principle, carried over to your annex 2047.

Please note: the service does state clearly that the carry-over will be made. However, this is sometimes not the case, or it is not done correctly. We therefore recommend checking carefully that the carry-overs have been made to the correct boxes.

Which EUR/CHF exchange rate should you use for your tax return?

The EUR/CHF exchange rate to use for the 2020 tax return is 1 CHF = 0.90 EUR. It is provided here for reference or verification purposes, as it is in any case calculated automatically by the tax office’s online service.

Which bank accounts do you need to declare?

French tax law requires taxpayers to declare any foreign bank accounts they hold. Accounts on which there was at least one debit or credit transaction during the tax year must be declared. This declaration is made on annex 3916. It simply involves declaring the account numbers and the banking institutions.

From one year to the next, for those who have already filed several returns, the carry-over system lets you automatically bring over the information entered the previous year (see screenshot below).

If you’re not sure exactly which account to declare, we invite you to read this post, which deals specifically with declaring foreign bank accounts.

Conclusion

We hope this guide has helped you with your tax return. If it has, don’t forget to share this article with your friends, and think of b-sharpe, Switzerland’s first online currency exchange service offering preferential rates for your currency transactions: registration is free!

Important: this article should in no way be considered tax advice.

Credit: all screenshots are taken from the impots.gouv.fr website.

Tax returns in France: accounts that must be declared to the French tax authorities

Among the information that must be provided to the French tax authorities are accounts held abroad (that is, outside France from their perspective). This affects some of our clients who hold accounts in Switzerland or Germany, or who have a third-pillar pension. However, it is not always straightforward to know which accounts must be declared as foreign accounts and which do not need to be. As the consequences for the taxpayer can be significant, with fines at stake, we offer a short practical reminder for your tax return in France.

Which taxpayers must file a tax return in France?

In short, whatever their canton of employment (Geneva, Vaud, Neuchâtel, Zurich, Basel, etc.), these taxpayers must file a tax return in France.

French tax law on declaring foreign accounts: what you need to know

Any individual resident in France must declare to the French tax authorities, in their tax return, the accounts they hold abroad. This declaration must include accounts that are currently open and in use, as well as any closed during the year.
The accounts concerned are salary accounts, savings accounts and so-called ordinary accounts opened outside France, whether they hold cash or securities, in accordance with the Finance Act.
Furthermore, failure to declare exposes the taxpayer to a fine of €1,500 per undeclared account.

Bank and savings accounts to declare (or not) to the French tax authorities

However, you do not need to declare your PayPal account when:

How to declare your foreign accounts

For foreign accounts to be declared in France on your tax return, the procedure is as follows:

What should you do if you forgot to declare an account?

If you opened an account abroad, have already filed your tax return for the previous year, and forgot to declare that account, simply download the CERFA form no. 3916 above, fill it in, and send the French tax authorities a supplementary declaration, or use a plain letter.


In conclusion, I hope this article helps you understand clearly which accounts to declare, and which not to. In any case, I can only encourage you to be completely transparent with the tax authorities. I wish you all the best of luck with your tax return!


Note: the information in this article should not be taken as tax advice. If you would like further information, we recommend you contact the tax authorities, a tax adviser or an accountancy firm.