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Date: Sun, 23 May 2004 16:32:38 -0400
Dear Stefan,
For a US Holder defined as a US citizen or resident for United States for
federal income tax purposes it is recommended to file a 83(b) election.
However, even that election should be analyzed under the particular facts and
circumstances regarding the expectation of the performance of the Company's
stock.
You are only subject to United State federal income taxation if you fall within
the scope of a "US Holder" - 1) citizen: actually holding a US passport and
therefore paying US taxes on your worldwide income or 2) resident: green card
holder, employment on a work visa or present in the United States for 183 days
or more a calendar year (with some exception for students and visiting
scholars) or 3) income effectively connected with a U.S. trade or business. If
none of the above (1-3) applies to your situation you have no U.S. source
income and you will not be subject to US federal income taxation, and therefore
the 83(b) election is not applicable to you.
I have no idea how Switzerland treats stock options, but it might be worth
while to see whether a similar rule is available to Swiss taxpayers. In certain
circumstances this can save you a lots of money and the inclusion in income in
the year of the stock option transfer, which is the value of substantially
nonvested property that was received in connection with the performance of
services, is a small price to pay.
best, Friedemann
Friedemann Thomma
US Associate
Linklaters, New York
Tel: 1 212 424-9043
Fax: 1 212 424-9100
friedemann.thomma_at_linklaters.com
www.linklaters.com
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Received on Sun May 23 2004 - 15:48:58 PDT
