FundRobot » Growth Fund » Swiss Bank Account - Born In europe, citizen of Canada?

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Old   #1 (permalink)
 
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Default swiss bank account - born in europe, citizen of canada

I was just wondering this is completely hypothetic It just came to my mind as I was doing research on Swiss bank account and why they are popular.



Say I'm a rich business man and all my business comes from Canadian/American companies and I just collect cheques. So I decide to move to Switzerland because I was born in Europe and can obtain my citizenship easily and quickly. So would It still be illegal to forward my cheques from my Canadian address to my Swiss House and deposit them there?

I don't know if you can have a europe and canadian citizenship at once so if thats the care this is invalid, but yeah I'm just wondering. ps: I'm not really a rich business man.
PrettyHot88 is offline   Reply With Quote
Old   #2 (permalink)
 
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Default swiss bank account - born in europe, citizen of canada

It isn't illegal... it is just pointless.

When you deposit a cheque funds are transferred from one bank to another. If the amount is over $10,000 or any amount to/from a foreign source, the bank must forward than information to a computer system known as FINTRAC. Canada Revenue Agency and the RCMP have access to this information. After a while, CRA computers will notice that the owner of the account has not filed income or corporate income tax filing to account for that money as income. You'll then get audited.

If you haven't declared that income, filed, or paid income or corporate taxes in Canada... you'll be going doing so, with massive penalties, backup up with jail time. If you have... then Canada doesn't care. You are free to move your money to Switzerland. There just isn't much point in it. You are paying taxes in Canada... you might as well enjoy the benefits.
Mary500 is offline   Reply With Quote
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Old   #3 (permalink)
 
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Default swiss bank account - born in europe, citizen of canada

Not all people in Switzerland are rich people, not all swiss banks ar for super rich people, the reputation that Switzerland is just for the rich is completely misleading.

It is a money haven for super rich people yes, that is true but it is not just for rich people and not all Swiss banks open accounts for just the rich either.

There are banks in Switzerland that open acounts with less than $200 !

Another matter, Swiss Banks no longer open accounts for USA citizens , the matter of your cheques would not matter if you are not American anyway. Only matters in Canada.
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