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 Far from being outdated, investing in gold offers numerous advantages and is a more accessible form of saving than one might think.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:  

• Ingots, whether cast or struck, weighing between 1 gram and 1 kilogram; 
• Gold coins

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: 

• Before buying a gold bar, ask your dealer for the names of the producers. This is because only a few refineries are authorised to produce gold bars. They must be accredited by the LBMA (London Bullion Market Association). This is the association of professionals in the London precious metals market. This professional body, based in England, regulates the wholesale markets for gold and silver; 

• Check the legal information provided by the retailer (legal notices, Terms and Conditions of Sale), as well as customer reviews and the storage options on offer. In addition, the retailer must provide you with an invoice in your name, showing the date of purchase and details of the products sold; 
• Please ensure that payment is made by bank transfer, credit card or bank cheque. The sale of gold for cash is strictly prohibited. 

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 first pillar covers basic social security, old-age and survivors’ insurance, or AVS.
• The second pillar covers occupational pension provision and retirement insurance, as governed by the Federal Act on Occupational Pension Provision (the famous LPP!). It also applies to cross-border workers.
• The third pillar: this refers to private pension provision. It is optional and voluntary. The third pillar allows you to supplement your second pillar and build up retirement savings. It therefore includes various insurance products, such as savings schemes, life insurance policies and investment funds.

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 3rd pillar A (occupational pension scheme) – the bank-based model. It allows working people (employees, self-employed individuals and the unemployed) to make contributions, which are deducted from their income. When filing their tax returns, these contributions generally enable them to reduce their tax liability. Contributions are voluntary and can be stopped at any time, but they are subject to a cap.
• The 3rd pillar A (occupational pension) insurance model. It incorporates the features of the 3rd pillar A, with the additional option of choosing a “death benefit” or “disability benefit”. Unlike the 3rd pillar A banking model, contributions are generally not flexible.
• The 3rd pillar B (insurance model). It allows people living in Switzerland, whether in work or not, to make contributions into a life insurance policy. This can take various forms (dynamic funds, money market funds, etc.). The term of this type of policy depends on the product and the insurance company, with a minimum of 5 years (up to 20 years). In the event of early withdrawal (meaning that you decide to stop paying into the policy), significant penalties are incurred.

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:

• Leaving the country for good (that is the subject of this article!)
• Becoming self-employed
• Buying a property as your main residence 
• Changing your 3rd pillar scheme by switching to a different option (3rd pillar B). It is then possible to transfer the funds.
• In the event of disability

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:

• CHF 6,883 if you are an employee and a member of a pension fund
• up to CHF 34,416 if you are self-employed and do not have a 2nd pillar pension (the limit is capped at 20% of your annual net income)

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:

• Keeping your account in CHF in Switzerland (although many Swiss banks encourage their non-resident customers to close their accounts)
• Paying (a lot of money) for a Swiss bank account just for a few transfers a year

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:

• Send euros (or any other currency) directly to fund the third pillar. The insurance company may provide the third pillar holder with a premium deposit account in CHF (free of charge, but this CHF account, which is specifically intended to receive third pillar premiums, must be requested explicitly). The holder can then make an international transfer from their euro account, which will incur charges. Furthermore, when the euros arrive in the Swiss franc account, they will be converted at a rate that is generally unfavourable (the bank will apply a margin of between 1.65% and 2%, as well as additional foreign exchange fees at some banks).

• Maintaining a CHF account with a Swiss bank. If the Swiss bank allows it, it is possible to keep your CHF account after leaving Switzerland. This allows you to have an account from which to make the necessary payments to top up your 3rd pillar pension. In this case, you will need to make contributions to this account. It is also a potentially very costly solution if the money is sent directly from the euro account abroad, on top of the monthly fees charged by the Swiss bank.

• Using b-sharpe: to avoid these significant charges and make life easier for expats in this situation, b-sharpe offers its clients a multi-currency account and a euro-to-Swiss franc converter. Here’s how it works: the client transfers euros free of charge to the EUR account provided by b-sharpe (this transfer is a SEPA transfer, so there are no fees). Upon receipt of these euros, b-sharpe converts them into Swiss francs and transfers them: either to the CHF premium deposit account under the 3rd pillar, or directly to settle the BVR (payment slip). 

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:

• noise regulations;
• exhaust emission regulations;
• vehicle construction specifications;
• vehicle equipment specifications;
• registration of leased vehicles;
• type approval.

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:

• sales contract or invoice;
• vehicle registration document or registration certificate;
• valid proof of identity;
• e-dec declaration (import customs);
• proof of origin provided by the seller (where applicable).

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

• a customs agency;
• a logistics company;
• a freight forwarder.

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.

2. 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:

• a vehicle registration document;
• proof of identity;
• an invoice proving the date of purchase and the value of the vehicle;
• a work/residence permit, confirmation of residence authorisation, or a settlement permit.

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:

• 8% VAT;
• a 4% consumption tax;
• taxes and customs duties.

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:

• workers;
• business travellers;
• foreign students.

VAT and customs duties

Vehicle type

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

• trailer: CHF 12 per 100 kg;
• caravan: CHF 19 per 100 kg;
• two-wheelers: CHF 37 per 100 kg;
• passenger car: between CHF 12 and 15 per 100 kg;
• motorhome: between CHF 12 and 15 per 100 kg;
• watercraft: between CHF 30 and 45 per 100 kg.

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:

• the Federal Roads Office (FEDRO) for small importers;
• the Swiss Federal Office of Energy (SFOE) for large importers.

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.

2. 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.

3. 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.

4. 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:

• In Switzerland, employees can register with their local health insurance fund under the Swiss statutory LAMal scheme.
• In France, they can join the Social Security Scheme for Cross-Border Workers (CMU) through the Caisse Primaire d’Assurance Maladie.

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:

• to be affiliated to a French scheme
• to access medical care cover in France and Switzerland under certain conditions.

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:

• “salaries, pensions and net annuities”
• income received by the tax household
• the deductible CSG
• the reference taxable income

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:

• to be affiliated to a French scheme
• to access medical care cover in France and Switzerland under certain conditions.

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.

Do you work in Switzerland and live in France? If you live, work and shop across two currencies, then you’ll need a good online currency converter! Exchange your currencies simply and securely with b-sharpe. It’s a reliable and transparent option, favoured by many French cross-border workers.

Find out more

Swiss cross-border worker tax return in France: steps, forms and pitfalls

If you live in France and have your tax residence there, you must declare in France the salary you earn in Switzerland, even if your employer already withholds tax at source in Switzerland.

That does not necessarily mean, however, that you will pay your income tax in France. It all depends on your canton of work and on your Swiss cross-border worker status.

To know where your salary is taxed, there are two texts to be aware of:

• The France-Switzerland tax treaty of 9 September 1966: it sets the rules that make it possible, in particular, to avoid double taxation between France and Switzerland. It was amended by a protocol that entered into force on 24 July 2025, with new telework rules applicable since 1 January 2026 (source: SIF).
• The agreement of 11 April 1983: it concerns cross-border workers working in eight Swiss cantons and provides for a specific tax regime, with its own rules on telework in particular.

In practice, the first thing to check before completing your return is therefore simple: in which canton do you work and which tax regime do you fall under?

The table below lets you quickly identify where your Swiss salary is taxed and what you must declare in France, depending on your canton of work and your situation.

If you work in one of the 8 cantons covered by the agreement: taxation in France

To become a cross-border worker within the meaning of the agreement, you must:

• be a private-sector employee;
• as a general rule, return to France every day;
• not exceed 45 overnight stays per year on site for a full-time job, a ceiling reduced proportionally for part-time work (source: impots.gouv.fr).

With this status, your Swiss salary is taxed in France, under the progressive income tax scale, just like a French employee’s salary.

To prevent your Swiss employer from withholding tax at source, you must give them the 2041-AS certificate before you start work. Then, every year, you must renew this step before 1 January, usually with the 2041-ASK certificate received in the autumn. Your social security contributions, for their part, continue to be deducted directly by your employer.

As your employer does not withhold French tax from your salary, you pay it in the form of monthly or quarterly instalments. Plan for them, especially in your first year as a cross-border worker, to avoid a large catch-up payment.

Finally, to keep this status, you must in principle return regularly to your home in France. A round trip of 3 hours maximum allows this daily return to be presumed. Beyond that, you can still keep the status, but you must be able to prove your returns, for instance with mileage or toll receipts.

If you work in Geneva or outside the 8 cantons: withholding tax in Switzerland

If you work in Geneva, your situation differs from that of cross-border workers covered by the 1983 agreement. Geneva is not part of it: your tax is therefore withheld directly at source in Switzerland, each month from your salary.

You must nevertheless declare this income in France. It is taken into account to calculate the tax rate applicable to your household’s other income, but you benefit from a tax credit equal to the corresponding French tax, so as to avoid double taxation.

If your remuneration is not subject to the Swiss scale, as may be the case for certain NGOs, you then fall under situation 3.

If you work in Geneva, two points deserve particular attention:

1. Your quasi-resident status: if at least 90% of your worldwide gross income is taxable in Switzerland (taking into account the couple’s income if you are married), you can apply each year for subsequent ordinary taxation (TOU). This scheme may in particular allow you to claim certain deductions. If you are in a civil partnership, it is better to check your situation directly with the Geneva tax authority.
2. Your share of telework: you can telework for up to 40% of your annual working time, including up to 10 days of business trips within that threshold, while remaining taxed in Geneva. If your telework itself exceeds 40%, the days worked remotely become taxable in France from the first day. If it is only the business-trip days that exceed the thresholds provided for, only the excess is taxed in France. This 40% threshold already applied in 2025 (source: Canton of Geneva).

The forms to complete: 2042, 2047 and 2047-SUISSE

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To declare your Swiss salary in France, you will generally need three documents: the 2042 return, the 2047 annex for your income earned abroad and the 2047-SUISSE sheet to calculate your taxable income.

Depending on your situation, other forms may be added, such as the 3916 if you hold a bank account in Switzerland.

In which box of the 2042 should you declare your Swiss salary?

Start by completing the 2047-SUISSE sheet. The amount obtained will then be carried over to your 2042 return, in a different box depending on your tax situation.

Two mistakes are particularly frequent:

• Declaring your salary twice: online, the 2047-SUISSE sheet normally carries the amount over to the 2042. So do not enter it a second time. In situation 2B, however, you must report the Swiss tax paid yourself in boxes 8VM to 8UM. On paper, or if the automatic transfer does not happen, you must carry the amount over manually.
• Entering the Swiss tax in box 8TK: this box is not used to state the amount withheld at source in Switzerland. You must report there the income giving entitlement to the tax credit that avoids double taxation.

What is the 2047-SUISSE sheet for?

The 2047 form is used to declare your income earned abroad. For your Swiss salary, the 2047-SUISSE sheet lets you calculate your net taxable income, which will then be carried over to your 2042 return.

Which CHF/EUR exchange rate should you use to declare your Swiss salary?

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For your 2025 salaries declared in 2026, use the tax rate of CHF 1 = EUR 1.07 shown on the 2047-SUISSE sheet. Use neither the spot rate nor the rate applied by your bank.

This average rate applies to regular salaries and professional expenses. For exceptional income, however, such as a second pillar withdrawal or stock options, you must use the spot rate on the day you received it.

The tax rate is shown each year on the 2047-SUISSE sheet and, if you file online, the conversion is automatic.

Your Swiss cross-border worker tax return in 5 steps

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Step 1: gather your documents

Before starting your return, prepare:

1. Your Swiss salary certificate (Lohnausweis), which will be used to complete the 2047-SUISSE sheet.
2. Your withholding tax certificate if you are taxed in Switzerland, or the 2041-AE certificate if you declare overtime under the 1983 regime.
3. Your health insurance contribution certificate: LAMal or CMU for cross-border workers (Urssaf).
4. Your bank account statements, in particular for the interest received.
5. Supporting documents for your other foreign income and for your tax reductions, for example for donations or childcare.
6. Your tax credentials: tax number, online access number, reference taxable income and e-mail address if you need to create or recover your account on impots.gouv.fr.

Step 2: calculate your net taxable income with the 2047-SUISSE sheet

Do not simply take the net amount paid into your account. The 2047-SUISSE sheet is used to recalculate your net taxable income from your salary certificate:

• A: your gross remuneration, adjusted for certain items to be added or subtracted.
• B: the charges allowed as a deduction, such as AVS/AI/APG/AC/AANP, the mandatory second pillar, certain LPP buy-backs or basic LAMal cover.
• C: your net income in CHF, i.e. A minus B, then converted into euros at the tax rate.

Example: if amount C is CHF 72,000 for 2025, you get: 72,000 × 1.07 = EUR 77,040 to declare.

This amount may therefore differ from the gross salary shown on your salary certificate, even though salaries in Switzerland are generally expressed in gross terms.

Step 3: complete the 2047 and the 2047-SUISSE sheet

In your annex returns, first tick:

• the 2047, then “Salaries and wages” and “2047-SUISSE”;
• the 3916 if you hold an account in Switzerland;
• the 2047 as well if you receive rent from a property located abroad, possibly with other forms depending on your regime, such as the 2044 under the actual-expenses regime.

In the 2047-SUISSE sheet:

1. State the household members concerned and the number of cantons in which you worked in 2025.
2. Complete one sheet per canton and per cross-border worker. If you had several employers in the same canton, group them on the same sheet.
3. Report the amounts from your salary certificate in the corresponding sections.
4. If you fall under the 1983 regime and worked overtime, complete section E with the 2041-AE certificate: an exemption may apply, under conditions, up to EUR 7,500.
5. Select your situation: CASE 1 for the 1983 agreement, 2A for withholding tax as in Geneva, 2B for certain flight or ship crew, artists or sportspeople, or 3 if your remuneration is not subject to the Swiss scale. This choice determines the calculation and the automatic transfers into your return.

Finally, if you are covered by LAMal, deduct your mandatory basic contribution in the sheet. If you are covered by the CMU scheme for cross-border workers, report your Urssaf contribution in box 6DD of the 2042 C: it is deductible.

Step 4: check the transfers onto the 2042

Once the 2047-SUISSE sheet has been validated, check that the amounts have indeed been carried over to your 2042 return:

• in 1AG to 1DG if you fall under the 1983 regime;
• in 1AF to 1DF and in 8TK if you fall under CASE 2A.

Automatic transfers can be incomplete: take the time to check each box.

If you fall under the 1983 regime, also check the “cross-border workers” section (8TJ/8TY, below box 1AG). It allows, among other things, your 2041-ASK certificate to be sent to you for the following year.

For your professional expenses, the standard 10% deduction applies automatically. If you opt for actual expenses, you must declare them in the dedicated section: they cannot be combined with the 10% allowance. Also think about your other deductible charges, such as maintenance payments or certain retirement savings contributions.

Finally, if you hold an account in Switzerland, remember the 3916 return. You must in principle declare there every account opened, held, used or closed abroad during the year. If you forget, the basic fine can reach EUR 1,500 per account.

Step 5: check and sign before the deadline

The deadline for filing your return depends on how you file and, online, on your department of residence. You will find the 2026 deadlines below.

For the main cross-border departments, the zones are as follows:

• Ain (01): zone 1
• Doubs (25) and Jura (39): zone 2
• Haute-Savoie (74): zone 3.

Filing online is in principle mandatory if your main residence has internet access, unless you consider that you are not able to file online from your home.

Before signing your return, check one last time:

1. that you have used the right exchange rate,
2. that you have selected the right tax situation in the 2047-SUISSE sheet,
3. that your salary has not been declared twice,
4. that your CMU contribution is indeed reported in box 6DD and that you have not forgotten your other deductions,
5. that your bank accounts held abroad are properly declared.

Finally, keep all your supporting documents, in particular your salary certificate and your deduction certificates. The tax authorities may ask you for them in the event of an audit.

How to correct a mistake in your return?

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Have you made a mistake in your return? You can still correct it:

• Until 30 November 2026: if you filed online, use the correction service to change most items. The family situation, the address and civil status, however, cannot be corrected this way.
• After that date: you can file a claim until 31 December of the second year following the tax being put into collection, i.e. until 31 December 2028 for a tax put into collection in 2026 (source: Service-Public).

The most frequent mistakes concern the exchange rate, the amount declared, a forgotten deduction or a wrong box.

If you work in Geneva, be careful: the tax withheld at source in Switzerland is not entered in box 8TK. That box is used for the mechanism that avoids double taxation.

If the correction is in your favour, it can lead to a refund.

Tax rate and real exchange rate: what impact on your salary?

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The rate used for your tax return is not necessarily the one at which you actually convert your salary each month. Your bank or your currency exchange provider may apply a margin and fees.

For example, on CHF 72,000, a difference of 1% represents CHF 720. Comparing the conditions applied when transferring your Swiss salary back to France can therefore have a direct impact on the net amount you receive in euros.

Frequently asked questions about the Swiss cross-border worker’s tax return

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?

• Anyone resident in Switzerland who receives income from French sources: for example, someone who rents out a property in France and earns income from it.
• Swiss pensioners who have settled in France and receive income from Switzerland
• French residents who carry out a paid activity in Switzerland. As soon as someone working in Switzerland is resident in France, they are required to file a tax return, even where their income is taxed at source, as is the case, for example, for cross-border workers in Geneva or Zurich.

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

• Salary accounts, savings accounts (in any currency) and securities accounts opened at a Swiss bank (Credit Suisse, UBS, a cantonal bank, PostFinance, etc.): these accounts must be declared to the French tax authorities.
• Bank accounts in France (including digital banks such as ING Direct, Fortuneo, Boursorama, etc.): these accounts do not need to be declared as foreign accounts.
• Foreign bank accounts: paragraph 2 of Article 1649 of the French General Tax Code (‘CGI’) requires the taxpayers concerned to declare bank accounts opened, held, used or closed abroad (that is, outside France). Article 344-A of Annex III to the CGI clarifies, for the purposes of applying paragraph 2 of Article 1649 of the CGI, that “an account is deemed to be held […] where [the taxpayer concerned] is its holder, joint holder, beneficial owner or economic beneficiary”. The obligation to declare accounts opened abroad does not require submitting statements for those accounts, but their details, namely the account name, the name of the institution managing the account (including its address), the account number, the account’s characteristics, and its opening and closing dates.
• The third pillar: whatever type of third pillar you hold (bank or insurance-based pillar 3a, or pillar 3b), this financial product must be declared to the French tax authorities, as it is treated as a foreign account.
• Accounts with the German bank N26: some b-sharpe clients, particularly those working in the cantons of Basel and Zurich, hold accounts with N26, the German digital bank. N26 accounts must be declared to the French tax authorities as foreign accounts.
• Prepaid accounts such as Any.time: the difficulty here lies in identifying which country the institution managing these services is based in. This type of provider is something of a special case, as they are not, strictly speaking, banks. According to the French tax authorities, however, this type of service undoubtedly functions as a substitute for a bank account and can be treated as such. It is therefore necessary — and this is the tricky part — to establish which country the managing company is based in. They are often based in other European countries, which allows them to hold a European licence to offer their services, including in France. In the case of Any.time, for example, the company is Belgian. Consequently, this type of account must be declared to the French tax authorities as a foreign account.
• PayPal accounts: many taxpayers hold a PayPal account. Here too, a declaration is required, as PayPal, the company holding the accounts, is based outside France (in Luxembourg).

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

• the PayPal account is linked to an account in France
• and the PayPal account received less than 10,000 euros during the year
• and the PayPal account is used to pay for online purchases (or to receive payment for goods sold), rather than to build up savings.

How to declare your foreign accounts

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

• This declaration is made using CERFA form no. 3916 (or can be selected directly within the online income tax return service), and amounts do not need to be specified
• On the tax return, you must also tick box 8UU (and box 8TT for pillar 3b and insurance-based pillar 3a)
• For the third pillar, you must state the type of contract on a separate sheet or in the comments field, along with the surrender value as at 31 December of the previous year (a document usually provided by your insurance company)

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.