In 1956, thousands of Hungarian refugees found a warm welcome in Switzerland. Swiss students took to the streets to demonstrate against Soviet repression of the Hungarian uprising. However, the upsurge of public sympathy for the refugees barely covered up recent controversy in Switzerland over asylum policy during the years of fascism and the Second World War. In 1954, only two years before the Hungarian refugee crisis, newly released German foreign policy documents had revealed Swiss involvement in the introduction of the ‘J’-stamp in 1938 to mark the passports of German (and formerly Austrian) Jews, making it easier for Swiss immigration officials to identify Jews as (undesirable) refugees. Those revelations came as a shock to the Swiss public, who had taken pride in the country’s humanitarian achievements during the Second World War and had readily accepted official propaganda aimed to counter Allied criticism of Swiss neutrality policy. International and domestic indignation over those revelations eventually motivated the Swiss government to mandate an official investigation into asylum policy during the pre-war and wartime period. The findings of that examination pointed to concerted efforts by the highest authorities to prevent Jewish refugees from seeking asylum in Switzerland and turn them away at the Swiss border until 1944. This led over the following decades to an ongoing debate on the history of asylum policy. Closely linked to elements of national identity, such as neutrality, the Red Cross and humanitarianism, the specifics of Swiss asylum policy were rarely considered in a wider European context. In situating recent research on Swiss refugee policy during the ‘Forty Years' Crisis' in a wider European context, this article reconsiders Switzerland's situation as one of Nazi Germany democratic neighbours in the 1930s and as the only neutral country within reach for many refugees during the Second World War. Placing special emphasis on the transnational dynamics of refugee policies, it also questions some of the received assumptions guiding the interpretation of the history of asylum in Switzerland.