banking & taxes - Americans & US "persons"
US Person
A person is considered a “US Person” if he or she is a US citizen (includes double nationality), has an American Green Card, or is for other reasons fiscally taxable in the USA.
A person is considered a “US Person” if he or she is a US citizen (includes double nationality), has an American Green Card, or is for other reasons fiscally taxable in the USA.
Banking
Due to stricter US Govt banking regulations, some banks no longer accept US persons as clients. Read more here.
UBS
US Persons living in the area are still accepted at UBS under certain conditions (eg, over $1million to invest). Call to make an appointment to discuss your details with one of the managers.
Institutions where you can bank
Due to stricter US Govt banking regulations, some banks no longer accept US persons as clients. Read more here.
UBS
US Persons living in the area are still accepted at UBS under certain conditions (eg, over $1million to invest). Call to make an appointment to discuss your details with one of the managers.
Institutions where you can bank
- AMFIE: European Co-operative Association of International Civil Servants
Created in 1990, AMFIE can propose a range of financial services, mainly with the purpose of safeguarding capital, at a reasonable cost and with a satisfactory yield. Check their website for membership information. - BNP-Paribas in St. Genis-Pouilly has Bank of America connection - contact
Elise Pautrieux at +33 450 40 03 46 - email: [email protected] - Banque Populaire des Alpes, St. Genis-Pouilly
- Credit Agricole at the Prévessin site - even visitors can open an account right away.
- Credit Mutelle in St. Genis-Pouilly welcomes American clients. Their contact details are:
19 rue de Genève, 01630 St. Genis-Pouilly. +33 820 088 031 (0,12€/min). - LCL (Le Credit Lyonnais) does not require a French card to open an account for foreigners.
Alexia Leyval from CERN negotiated special fees for incoming foreign currencies.
English speaking contacts are:
Mr. Galleand, St. Genis branch: +33 450 20 54 10
Miss Perrineau, Ferney branch: +33 450 40 02 41 - La Poste: A special arrangement has been made for "US persons" living in Switzerland to open a post account with the Swiss post office in the main building of CERN. A post account works like a banking account. They require your salary attestation.
Contact Stéphane Baeriswyl, +41 22 782 71 54. Email: [email protected]
US Tax
Americans living abroad are the only citizens who must pay taxes to their Government on money they earn abroad. For this reason we've included some links that will point you in the right direction (this is not to be considered as tax advice).
Stop Paying Withholding Tax
Filing Your Tax Forms
Filing Deadlines
Americans living overseas get an automatic 60 day extension to file your tax return - by 15 June. You may request an additional 60 day extension by filing Form 4868 (check the box on line 8) giving you until 15 August to mail them in.
Paying Tax Deadline
You need to pay any tax owed by 15 April. Paying online is easy - you can register to pay taxes online here.
Forms and Instructions
Americans living abroad are the only citizens who must pay taxes to their Government on money they earn abroad. For this reason we've included some links that will point you in the right direction (this is not to be considered as tax advice).
Stop Paying Withholding Tax
- In order for your US employer to stop withholding tax from your salary (if qualified) fill out Form 673.
Filing Your Tax Forms
- Filing a tax form each year is mandatory. The US is the only country in the world that taxes based on citizenship. All others tax based on residency (eg, if you work in France, you pay French tax).
- Income earned while working abroad is considered as Foreign Earned Income. You do not pay tax on the total amount - some money is excluded ($105,900 for 2020).
- You will need to file form 2555 Foreign Earned Income along with your 1040 form or 1040-SR (for seniors).
- You may also need to file a FATCA form with your 1040, and a FBAR form. See instructions below.
Filing Deadlines
Americans living overseas get an automatic 60 day extension to file your tax return - by 15 June. You may request an additional 60 day extension by filing Form 4868 (check the box on line 8) giving you until 15 August to mail them in.
Paying Tax Deadline
You need to pay any tax owed by 15 April. Paying online is easy - you can register to pay taxes online here.
Forms and Instructions
- The IRS has developed a page for all International Taxpayers, including businesses.
- Publication 54: Tax Guide for U.S. Citizens and Resident Aliens Abroad includes a list of publications that may apply to you including Medicare and Social Security payments, Moving Expenses and more.
- Forms and Publications can be downloaded.
- Calculate your foreign earned income in US$ here.
- Pay taxes due electronically.
- File your tax return electronically.
- Where to mail your tax return.
- The IRS FAQs addresses international individual tax matters - including where to mail your tax return, ACA and much more.
- The IRS answers most questions on filing and paying US taxes for individuals.
FATCA regulations
The Foreign Account Tax Compliance Act (FATCA) was passed in 2010 as part of the HIRE act. Starting in 2014, foreign financial institutions (FFI) such as your local bank, stock brokers, hedge funds, pension funds, insurance companies, trusts, etc. are now required by the US Government to report information regarding accounts of US "persons" (citizens and green card holders living in the USA or abroad) directly to the IRS.
As of 1 July 2014, you are required to sign a letter of consent allowing your bank to send your banking information to the IRS.
Individual financial assets of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year must be reported. Failure to report ownership of foreign bank accounts or foreign corporations can result in fines of $10,000 or more each year. Even foreign life insurance policies & mutual funds have to be reported.
Here is a summary on the IRS site.
Form 8938 and instructions can be found here. Calculate Exchange Rate
Form 8938 is to be filed with the 1040 tax return.
To learn more about FATCA and how it might impact you, you can sign up for updates the IRS website or speak to your tax advisor for more information.
The American advocacy group, American Citizens Abroad (ACA) keeps up with news and information on FATCA.
The Foreign Account Tax Compliance Act (FATCA) was passed in 2010 as part of the HIRE act. Starting in 2014, foreign financial institutions (FFI) such as your local bank, stock brokers, hedge funds, pension funds, insurance companies, trusts, etc. are now required by the US Government to report information regarding accounts of US "persons" (citizens and green card holders living in the USA or abroad) directly to the IRS.
As of 1 July 2014, you are required to sign a letter of consent allowing your bank to send your banking information to the IRS.
Individual financial assets of more than $50,000 on the last day of the tax year or more than $75,000 at any time during the tax year must be reported. Failure to report ownership of foreign bank accounts or foreign corporations can result in fines of $10,000 or more each year. Even foreign life insurance policies & mutual funds have to be reported.
Here is a summary on the IRS site.
Form 8938 and instructions can be found here. Calculate Exchange Rate
Form 8938 is to be filed with the 1040 tax return.
To learn more about FATCA and how it might impact you, you can sign up for updates the IRS website or speak to your tax advisor for more information.
The American advocacy group, American Citizens Abroad (ACA) keeps up with news and information on FATCA.
FBAR regulations
The Banking Secrecy Act states that if you have a financial interest in or signature authority over more than $10,000 in a foreign bank at any time during the year, you are required to file FinCEN Form 114 - Report of Foreign Bank and Financial Accounts (FBAR) with the IRS. The form is only available through the BSA E-Filing System website.
The American advocacy group, American Citizens Abroad (ACA) keeps up with news and information on FBAR.
The Banking Secrecy Act states that if you have a financial interest in or signature authority over more than $10,000 in a foreign bank at any time during the year, you are required to file FinCEN Form 114 - Report of Foreign Bank and Financial Accounts (FBAR) with the IRS. The form is only available through the BSA E-Filing System website.
- Click on the Report FBAR icon to download the form or fill it out online.
- You will need to list the highest amount held in each account for each bank during the year.
- The deadline is 15 April. However, the IRS grants overseas filers an automatic maximum 6 month extension, so it must be filed by 15 October.
- Filing Instructions
- Calculate Exchange Rate
The American advocacy group, American Citizens Abroad (ACA) keeps up with news and information on FBAR.
US Tax specialists
You may want to hire a tax preparer at least the first year:
France
If you live in France you may get tax preparation assistance from:
Switzerland
If you live in Switzerland you may get tax preparation and legal assistance from:
You may want to hire a tax preparer at least the first year:
- American Citizen's Abroad – has listings on their website
- American Consulate – call to get the name of a person who volunteers to help during tax season
- AngloINFO – has a list of accountants in the area
- Five Stone - international tax advisors with offices in Zurich Switzerland and Austin Texas
- KPMG – Specializes in resolving complex tax issues of highly mobile international workforces
- ProTaxConsulting – in New York City specializes in US Expatriates
- Rebecca Heid – IRS Enrolled Agent at AIT Services, Kuttelgasse 2, 4310 Rheinfelden
- Stuart Hearn – IRS Enrolled Agent. +41 22 304 1690 at TaxPro, Av. De-Luserna 40, Geneva
- Taxes for Expats – specializes in US Expatriate tax preparation
- US Tax Online – US Tax & Financial Services Sarl, Boulevard Helvetique 36, Geneva
- US Tax Preparation Consultants, Sarl, Mies, Switerland
France
If you live in France you may get tax preparation assistance from:
- United States Embassy/IRS
2 Avenue Gabriel Rm B110, 75382 Paris Cedex 08, France - +33 143 12 25 55
Walk-In assistance 9:00 a.m.- noon.
Phone service: M-F 1:30 p.m. - 3:30 p.m.
Switzerland
If you live in Switzerland you may get tax preparation and legal assistance from:
- Embassy of the United States Bern
Sulgeneckstrasse 19, 3007 Bern, Switzerland - +41 31 357 70 11
General business hours: 9:00 am – 12:30 pm and 1:30 pm – 5:30 pm
Monday through Friday; times may vary according to section. Closed on American and Swiss holidays
- Consular Agency Geneva
Located at: rue Versonnex 7, 1207 Geneva, Switzerland +41 22 840 51 60
Mailing Address: c/o U.S. Mission, 11, rte. de Pregny, 1292 Chambésy. E-mail: [email protected]
General business hours: 10:00 – 13:00, Monday through Friday. Closed on American and Swiss holidays
© Newcomer Welcome Center 2011-2023