A cash/bank pillar 3a is just a foreign account (FBAR/Form 8938 territory). An investment-based 3a — VIAC, finpension, frankly, or a bank's fund-based 3a — typically holds Swiss-domiciled funds, which are PFICs for US persons, and the 3a wrapper generally isn't treaty-protected the way an employer pension is. That's the trap: the account Swiss advisors recommend by default is the one US persons usually need to avoid.

My Swiss bank sent me a FATCA letter (W-9 request). What now?

It means the bank already reports your account to the IRS. Respond to the bank — ignoring it leads to frozen services or closure — and use it as the prompt to check your own filing position: FBAR, Form 8938, and any PFIC holdings. There's no IRS deadline to catch up, but the bank's timeline is real.

Which Swiss brokers work for US persons?

Interactive Brokers issues US tax statements and gives access to US-domiciled ETFs (not PFICs). Swissquote serves US persons but blocks US-domiciled ETF purchases for retail investors, which pushes people toward UCITS funds — the PFIC problem. Most fund-based 3a providers (finpension notably) can't serve US persons at all. Policies change; verify with the provider.

Do I pay US self-employment tax as a freelancer in Switzerland?

Usually no — the US-Switzerland totalization agreement assigns social security coverage to one country. If you pay Swiss AHV/AVS, a certificate of coverage documents why you owe no US self-employment tax. Without the certificate, the IRS default position is that you owe it.

I haven't filed US returns since moving to Switzerland. How bad is it?

Almost always fixable. If your failure was non-willful (didn't know — the common case), the Streamlined Foreign Offshore Procedures let you catch up with 3 years of returns and 6 years of FBARs, penalty-free. Most expats owe little or nothing after the Foreign Tax Credit on Swiss taxes.

Built in Monthey · for the Swiss-US corridor

US expat taxes in Switzerland —
the part your Swiss advisor can't see.

Swiss banking is excellent — and structurally wrong for US persons. The default products (fund-based pillar 3a, UCITS ETFs, Swiss mutual funds) are PFICs to the IRS, and Swiss banks report you under FATCA either way. This hub covers the whole corridor: what's a trap, what's fine, and how to catch up if you're behind.

Run the free 2-minute risk check Check my Swiss holdings for PFICs

The corridor in three problems

What actually goes wrong for Americans here.

Pillar 3a: the PFIC trap with a tax-deduction sticker

A cash 3a is just a foreign account. An investment3a — VIAC, finpension, frankly, or your bank's fund version — holds Swiss-domiciled funds: PFICs, each wanting its own Form 8621, with the punitive §1291 default. The CHF ~7k you deduct on the Swiss side can cost you multiples of that in US filing complexity.

The full pillar 3a guide →

Your broker's menu is PFIC-shaped

Swissquote blocks retail purchases of US-domiciled ETFs, UBS and Swisscanto funds are Swiss-domiciled, and most robo/3a providers won't take US persons. Interactive Brokers is the usual way out: US-domiciled ETFs (not PFICs) plus US tax statements. What you hold matters more than where you hold it.

Broker-by-broker guides →

The FATCA letter — the bank sets your deadline

Swiss banks report US-person accounts to the IRS. The W-9 letter isn't an accusation — it's a disclosure notice. There's no IRS deadline for catching up, but unanswered letters end in frozen services or closed accounts, so in practice the bank forces the timeline. The catch-up path is calm and penalty-free for non-willful cases.

FATCA letters, explained →

Totalization: freelancers usually don't owe US SE tax

The US-Switzerland totalization agreement assigns social-security coverage to one country. Paying AHV/AVS in Switzerland with a certificate of coverage generally means no US self-employment tax — but you need the certificate, not just the AHV bill. Employer pillar 2 has its own reporting quirks (FBAR, sometimes 8938).

Pillar 2 & totalization →

The 1996 treaty: real, but narrower than people hope

The US-Switzerland income tax treaty resolves double taxation on most income via the Foreign Tax Credit and assigns pension taxation — but it doesn't make PFICs go away and the saving clause preserves US taxation of citizens. We cite the articles we rely on, position by position.

The Switzerland treaty desk →

Free tool · no account

Check your Swiss broker & holdings for PFICs.

Pick your provider (Swissquote, IBKR, UBS, VIAC, finpension, frankly…), optionally paste ISINs, and see what's a PFIC and what isn't — with the domicile rule that decides it.

1 · Where do you hold it?

2 · What do you hold?

Or paste your ISINs — one per line

Result

Tell us what you hold

Pick the closest match on the left, or paste your ISINs below and we'll flag each one.

Educational estimate, not tax advice. Domicile is the fund's legal home, not the broker or exchange you used. Broker and 3a-provider policies change — confirm current terms with your provider before acting.

Behind on filings?

The penalty-free path out — before the bank decides for you.

Most Americans in Switzerland who discover their US obligations are years behind, non-willfully. The Streamlined Foreign Offshore Procedures exist for exactly this: three years of returns, six years of FBARs, penalties waived. Check your eligibility with the free eligibility tool or read the Switzerland-specific guide.

The Switzerland desk

Every Swiss-US guide on the site.

FBAR for Americans in Switzerland

What the FBAR is, when your Swiss accounts trigger it, and how to prepare — without guessing your way through it.

FATCA & Form 8938 for Americans in Switzerland

How FATCA affects U.S. persons with Swiss accounts, how Form 8938 differs from the FBAR, and what Swiss banks report.

PFICs & Swiss Investments for U.S. Persons

Why Swiss and European funds are often PFICs, what Form 8621 means, and how to check your holdings before filing.

Swiss Bank Accounts & U.S. Tax

What having a Swiss bank account means for your U.S. taxes — reporting, the $10,000 question, and FATCA.

Pillar 3a for U.S. Citizens

A Swiss Pillar 3a is great for Swiss tax — but for a U.S. person an invested 3a usually holds PFICs. Here's the cash-vs-invested split, the provider reality, and what to file.

Swiss Pillar 2 (BVG/LPP) & U.S. tax

How the Swiss occupational pension (2nd pillar) is reported to the IRS, and the areas that are genuinely unsettled.

Streamlined Filing for Americans in Switzerland

Behind on U.S. taxes from Switzerland? An overview of the Streamlined Filing Compliance Procedures and who they may help.

Dual Swiss-U.S. Citizens & U.S. Tax

What dual Swiss-American citizens need to know about U.S. filing obligations, reporting, and catching up.

The US–Switzerland Tax Treaty: What It Covers for Americans in Switzerland

What the 1996 income tax treaty helps with, what it doesn't fix, and why it offers no relief from the PFIC rules.

Swissquote & PFICs for U.S. citizens

Why Swissquote steers U.S. persons away from U.S.-domiciled ETFs — and how the funds you can buy instead become Form 8621 PFICs.

Interactive Brokers (IBKR) & PFICs for U.S. citizens in Switzerland

Why IBKR is the go-to broker for Americans in Switzerland — and the one PFIC trap that remains even there.

UBS, Swisscanto funds & PFICs for U.S. citizens

How UBS handles U.S. persons, and why UBS and Swisscanto fund-based products can be PFICs that need Form 8621.

Form 8621 for PFICs in Switzerland

Why Americans in Switzerland end up with multiple Forms 8621 — from UCITS ETFs to a fund-based Pillar 3a — and how to produce them.

By city

U.S. tax · Zurich U.S. tax · Geneva U.S. tax · Basel U.S. tax · Lausanne U.S. tax · Zug U.S. tax · Bern

Also for Switzerland: the Swiss-US tax checklist, the complete Switzerland guide, and the treaty desk.

Frequently asked questions

Is pillar 3a a PFIC?: A cash/bank pillar 3a is just a foreign account (FBAR/Form 8938 territory). An investment-based 3a — VIAC, finpension, frankly, or a bank's fund-based 3a — typically holds Swiss-domiciled funds, which are PFICs for US persons, and the 3a wrapper generally isn't treaty-protected the way an employer pension is. That's the trap: the account Swiss advisors recommend by default is the one US persons usually need to avoid.
My Swiss bank sent me a FATCA letter (W-9 request). What now?: It means the bank already reports your account to the IRS. Respond to the bank — ignoring it leads to frozen services or closure — and use it as the prompt to check your own filing position: FBAR, Form 8938, and any PFIC holdings. There's no IRS deadline to catch up, but the bank's timeline is real.
Which Swiss brokers work for US persons?: Interactive Brokers issues US tax statements and gives access to US-domiciled ETFs (not PFICs). Swissquote serves US persons but blocks US-domiciled ETF purchases for retail investors, which pushes people toward UCITS funds — the PFIC problem. Most fund-based 3a providers (finpension notably) can't serve US persons at all. Policies change; verify with the provider.
Do I pay US self-employment tax as a freelancer in Switzerland?: Usually no — the US-Switzerland totalization agreement assigns social security coverage to one country. If you pay Swiss AHV/AVS, a certificate of coverage documents why you owe no US self-employment tax. Without the certificate, the IRS default position is that you owe it.
I haven't filed US returns since moving to Switzerland. How bad is it?: Almost always fixable. If your failure was non-willful (didn't know — the common case), the Streamlined Foreign Offshore Procedures let you catch up with 3 years of returns and 6 years of FBARs, penalty-free. Most expats owe little or nothing after the Foreign Tax Credit on Swiss taxes.