Account, insurance, taxes: What you need to know if you want to immigrate

They are looking for happiness, want to realize a dream, or are in the mood for adventure; The number of immigrants in Switzerland is at a record high. But before you pack your bags and leave home, you need to clarify a few things. A checklist prepared by the Swiss Overseas Cooperative offers guidance to immigrants. Soliswiss Managing Director Nicole Töpperwien (50) explains the most important points that need to be clarified six to two months before leaving the country.

Mandatory health insurance usually ends when you move abroad. You either get health insurance in your new home or apply for international health insurance with a Swiss health insurance company. You will then continue to be insured in Switzerland. “This contract must be signed before you deregister from Switzerland, otherwise it will be too late,” says Töpperwien. According to the expert, health insurance companies have the right to request a health check and reject the application for foreign insurance due to previous illnesses.

You are subject to compulsory insurance in Switzerland if:

• If you are a student
• You are not registered as a traveler in any country
• You are retiring to an EU country and receive your pension only from Switzerland
• If you were sent abroad as a worker by your employer
• If you are working as a cross-border traveler in Switzerland

If you do not have permanent residence in Switzerland, your liability insurance will also lose its validity. Immigrants can get a new one in their future country of residence. “But not all countries have offers comparable to Swiss providers,” says Töpperwien. Depending on the destination, it is recommended that you obtain internationally valid liability insurance from a provider outside your future home.

Everyone who migrates must deregister. If you move to an EU or EFTA country (Liechtenstein, Iceland and Norway), you will be covered by the relevant social security system as soon as you register. According to Töpperwien, if you migrate to more distant countries, you may have the opportunity to pay through the voluntary AHV insurance in Geneva. Depending on your future country of residence, the capital can be paid out from the Swiss pension fund or transferred to the vested benefits account. You can access the money five years before retirement or later.

If you still need a Swiss account, before you emigrate you should check with the bank whether the account can be continued and, if so, under what conditions. Because: “Some banks will cancel your account or increase fees excessively,” says Töpperwien. This can especially happen when you migrate to another continent. If a Swiss bank closes your account, you will need to switch to a bank that also offers accounts abroad. Important: You must be in Switzerland to open an account.

According to Töpperwien, if you own a house or house in Switzerland, you should check with the bank in advance whether the mortgage is still valid abroad. “Depending on the bank and your future country of residence, your mortgage may be canceled,” says the expert. In this case, you need to switch to a bank that gives mortgages to Swiss people living abroad.

“As a rule, you have to pay tax in your new country of residence,” says Topperwien. “If you still own property after migrating to Switzerland, you still have to pay tax on it in Switzerland.”