Breaking Down Financial Documents: How AI Legalese Decoder Eases Declarations Between Austria and Switzerland
- April 12, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Legal and Taxation Queries for Austrian Citizen in Switzerland
Hi, I am an Austrian citizen currently residing in Switzerland with a B permit for the past three years. I have an apartment that is under my name, but the rent generated from this property is deposited into a savings account that I share with my mother.
I am seeking clarification on whether I am required to declare the income from this apartment (approximately 500 euros per month) to the Austrian tax authorities. Additionally, do I need to report this income to the Swiss tax authorities as well?
Furthermore, I have bank accounts in Austria holding around 50k in savings and 90k in investments. Am I obligated to disclose these amounts to the tax authorities in either of these countries?
Another issue I am unsure about is whether it is legally permissible for me to hold investments in Austria while being a resident of Switzerland.
Given my confusion on these matters, I am wondering if there are fiduciary services available in Austria or Switzerland that could assist me with these inquiries. I am unfamiliar with the German term for fiduciary and would appreciate any guidance or recommendations in this regard.
Thank you for your time and assistance.
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With the AI Legalese Decoder, you can get instant translations and explanations of legal terms and concepts in various languages, including German. This tool can help you better understand any legal documents or terms related to tax obligations, residency requirements, and investment regulations in Austria and Switzerland. Furthermore, you can use the AI Legalese Decoder to access relevant legal resources and find reputable fiduciary services that can provide expert guidance on your specific legal and tax-related questions.
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I am not an expert on either country’s tax laws, but from what I do know Austria requires its residence to pay tax on their global income, and non-residence to pay on the income they make in Austria. If you’re not officially a resident there, you don’t owe tax on your Swiss income. If you have bank accounts in Austria that generate interest, you may need to pay tax on that if it’s not already withheld by the bank; you should look into this further.
You do, however, have to declare your rental income to the Swiss authorities.
So you live and work in Switzerland only and “your” apartment is in Austria? Or Switzerland?
Usually (can’t comment on AT/CH specifically), you only pay tax where you live. But if you own real estate in another country, then you have to declare and pay tax in both countries. Usually, you would pay tax on the rental income only in the country where the apartment is located, but you have to declare to both countries all your income because this will lead to slightly higher taxes. So if the apartment is in Austria, you will probably only pay Austrian tax on the rental income, but instead of, say, 25%, you will have to pay 35% because you also have income from Switzerland. And in Switzerland, you pay tax on all your income except the rental income from Austria, but instead of, say 37%, you will have to pay 39% because you also have rental income from Austria. (The numbers are completely made up, just as an example.)
It usually doesn’t matter at all in which country the bank account with the money is. Since Switzerland has a wealth tax, I would expect that you have to declare the Austrian balances in Switzerland, so they can be taken into account for your wealth tax calculation. If you receive interest on the savings account balance, you will also have to pay tax on that interest in Switzerland only. Be sure to tell your Austrian banks that you have moved to Switzerland, so they can handle this correctly.
Google „Steuerberater Österreich Schweiz“ and don’t trust what I wrote. There are many companies who will be able to advise on such cases since it’s a rather typical case. Try to find a company that is licensed in both countries. I’m not an expert and I don’t know anything about AT/CH, this is just based on my own experience with similar situations.