Expert warns of financial pitfalls: “Immigrants often don’t learn enough in advance”

One of the reasons why Swiss people abroad frequently return to their home ports is financial problems. “Immigrants often don’t get enough information in advance,” Rustichelli says. For example, immigrants often only contact the foundation when the problem already exists. Swisscommunity provides a free legal service and comprehensive information material. “But this is not enough for proper preparation,” the director explains.

Don’t save in the wrong place

This often takes years and is associated with significant effort and costs. That’s why it’s important to prepare a budget with the help of a financial professional if needed. According to Rustichelli, in most cases it is helpful to consult an expert. “Anyone who does it without advice for cost reasons is saving in the wrong place,” he says. This also applies to tax and insurance advice.

Otherwise, there is a risk of a rude awakening, especially when it comes to social insurance. “You might not think about it when you’re young. That can take revenge later,” says Rustichelli. A gap in AHV can be avoided with the help of voluntary AHV/IV.

But be careful: this is only possible for immigration to non-EU and non-EFTA countries. You must also have had social insurance for at least the last five years just before leaving the compulsory AHV/IV. Anyone who immigrates to an EU or EFTA country is automatically covered by the social security system. Employees working in a Swiss company abroad also get rid of the gap. “But this is the deluxe version,” Rustichelli admits.

Self-employment is particularly risky

Large international companies also often support their employees in the necessary preparations. Hence his tip: “Think about all aspects early enough. Don’t emigrate before you get your job, flat and insurance done.”

However, he criticizes self-employment abroad: “Most of them don’t have a network they can trust in the new location,” says Rustichelli. That’s why he warns against paying off pension fund assets when immigrating.

Probably another important financial item: healthcare costs. If a couple immigrates to an EU country with only one working person, only they are automatically insured. Private insurance is mandatory for the partner. In this money.

For emergencies, Rustichelli recommends keeping the door open for the return to Switzerland. “For example, as a property owner in Switzerland or by leaving a bank account.” According to the Swiss community director, some banks, such as the Zürcher Kantonalbank or Banque Cantonale de Genève, offer particularly good conditions to immigrants.