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1. Do you have any dispute with your Swiss bank? Go to:
Swiss Bank Ombudsman
Bahnhofstrasse 9
PO Box 1818
8021 Zurich
www.bankingombudsman.ch
You can write in English.
Two reasons:
1. No bank would like the Ombudsman collecting similar reclamations issued by several clients
2. Lawyers are often very expensive. Anyway, nothing prevents you to mandate
your adviser after this first step. If necessary, dont forget to send a recommended
letter to avoid the prescription.
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Lump sum : Long Term Strategy
You should consider the Worst Case Scenario: The lump sum status is suppressed.
In that case, the worst place to move in 2012 would probably be Geneva, the best places are situated in Vaud and Valais.
Why?
1. Because in case your real estate is situated in a so-called "Touristic Area", there is little doubt that you will be allowed to keep it even if you leave Switzerland. Then, you will have to pay on the basis of one time its fiscal value instead of five times its fiscal value! Indeed, you have to find a new domicile abroad, not just a letterbox! Only then, the Swiss property will be considered as a secondary domicile.
Regarding Swiss non-touristic areas, the risk to be obliged to sell your real estate is more important. Thus, it is very difficult to predict the evolution of the Lex Friedrich/Koller. In a few years, this law may -again- oblige the non-resident foreigners to sell their real estate. Unless you stay in Geneva, paying ordinary taxes, including a probably very high annual wealth tax.
2. Real estate prices may go down in Geneva not only because many lump sum taxpayers would leave at the same time, but also because the banking industry may sharply slow down during the next years. Indeed, I am aware that most Swiss bankers will object they will keep business thanks to their knowledge... Nevertheless, many bank managers will be incited to leave their job, to sell their house and to move. Not mentioning the risks linked to an increase of interest rates.
3. Geneva is the most hostile French speaking canton for lump sum taxpayers (although the basis is minimum CHF 400'000 (450'000.- for couples), and even more for French or extra European immigrants. Furthermore, most Geneva lawyers are very expensive: You may believe they "negotiate" very well with the tax administration. In reality, the lump sum tax is based on the law, any privilege would hurt the principle of equality. There is no bargain.
4. For many observers, real estate market prices in Geneva are particularly high. Consequently, the risk of a sharp decrease is higher than in Valais or Montreux for example.
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