Did you work in Switzerland and contribute towards a Swiss pension?
If you have subsequently left Switzerland and are living abroad, then you could potentially claim your pension in a tax efficient way. Your Swiss pension is most likely now sitting in a parked account (called a vested benefits account) with no investment strategy and no growth opportunity.
When a Swiss pension is paid out to a person living outside Switzerland, it is taxed based on the location/Canton of the Pension Plan, usually the higher tax Cantons of Zurich, Basel, Geneva or Vaud. However, you have the right to transfer it to a newly established pension account in a lower tax Canton such as Canton Schwyz, and then transfer it out from there at a much-reduced tax rate.
• Access your Swiss pension now instead of at retirement
• You have a say as to where your funds are invested for maximum growth
• Tax saving
• Greater control over access and drawdown that is suited to your personal circumstances
(*Note that if you live in an EU/EEA country, the mandatory part of your 2nd Pillar pension (known as the BVG part) must remain in Switzerland until you reach retirement age. However, this part can be put into a managed investment strategy for you)
|Swiss pension tax savings example|
|Schwyz Tax (including admin & exit fee)||33,300CHF|
|Total Pot available for Reinvestment:||466,700CHF|
* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.
Contact me about moving your Swiss pension in a tax efficient manner and reinvesting it into a tailor-made investment plan.