Do I pay wealth tax on my savings in Switzerland?

Yes. If you are a Swiss tax resident, your net wealth is generally subject to Swiss wealth tax. This includes bank accounts, investment portfolios, real estate and cryptocurrencies, after deducting eligible debts. Wealth tax is calculated based on the value of your assets on 31 December each year and is levied at the cantonal and municipal level. The rates vary by canton, but the principle applies throughout Switzerland.