FBAR Filing for US Expats in Switzerland
Switzerland has historical significance in FBAR enforcement. The US Department of Justice pursued thousands of US holders of undisclosed Swiss accounts from 2008-2014, resulting in billions in penalties. Today, all Swiss bank accounts, pension accounts (Pillar 2 and 3a), and investment accounts must be reported on FBAR.
Approximately 30,000 US citizens live in Switzerland
Common Switzerland Banks Reported on FBAR
Switzerland Account Types Reportable on FBAR
- Privatkonto (personal accounts)
- Sparkonto (savings accounts)
- Pillar 2 pension (BVG/LPP)
- Pillar 3a retirement savings
- Securities custody accounts
- Vested benefits accounts
Switzerland Pension & Retirement Account FBAR Rules
Swiss Pillar 2 (BVG/LPP occupational pension) and Pillar 3a (voluntary retirement savings) accounts are reportable on FBAR. The US-Switzerland tax treaty provides limited relief. Switzerland was at the center of the 2008-2014 FBAR enforcement wave.
Key FBAR Considerations for Switzerland
- !Switzerland has been a primary FBAR enforcement target — IRS has pursued Swiss account holders aggressively
- !Pillar 2 and 3a pension accounts are reportable
- !Swiss bank secrecy no longer protects US persons — FATCA reporting is mandatory
- !Vested benefits accounts (Freizügigkeitskonten) from past employment are reportable
CHF/USD Currency Conversion
FBAR requires reporting account values in US dollars. FBAR Direct automatically converts Swiss Franc (CHF) balances to USD using the Treasury Department's end-of-year exchange rate, so you can enter your account values in CHF.
File Your FBAR for Switzerland Accounts
Most people finish in under 10 minutes. Automatic CHF/USD conversion included.
Start Filing — From $59