Leaving Switzerland
Plan your departure ahead of time
Whether you are leaving Switzerland for a new work opportunity, you have decided to move away, or you intend to return to your home country for any other reason, it is important to plan ahead for your next move.
There are several considerations that will require action locally. You'll need to tie up any loose ends with bank accounts, sell property, and should also ensure your health and life insurance plans will remain valid.
If you are returning to the UK, many of the assets that you may hold in an offshore structure, such as a portfolio bond and/or retirement accounts such as QROPS and SIPPs, could create a tax headache with HMRC.
Likewise if you are a US expat and are returning to the United States and hold investment products or accounts that you have taken out whilst in Switzerland now is a good time to check these are compliant with the IRS
In addition it is very likely that you will have built up Swiss Pillar 2 and maybe Pillar 3 benefits. All of which will currently be held in CHF, however your expenses will now be in another currency causing potential exchange rate issues.
What’s more if you are no longer a resident of Switzerland there can be some great tax savings to be had with your Swiss retirement schemes. By transferring then into a lower taxed canton, you could save considerable amounts of tax as well as potentially gain access to them early.
