Leaving Switzerland: Important Financial Questions Answered

Here, moneyland.ch team answers the biggest financial questions related to leaving Switzerland.

Can I keep my Swiss bank account?

That depends on which Swiss bank you use. Some banks let you keep your account. Some let you keep it if you meet certain criteria (receiving a pension or other income in Switzerland, for example). Some banks require you to close your bank account when you leave Switzerland. The vast majority of banks which let you keep your account as a non-resident charge supplemental non-resident account fees.

If you need a Swiss bank account, ask your bank whether you can keep your account after you leave Switzerland, and which non-resident fees apply. Do this well ahead of your move so that, if necessary, you have time to find a different Swiss bank which is favorable to non-residents.

Do I have to cancel contracts myself?

Yes. Although certain contracts are voided when you leave Switzerland, the onus generally rests on you to terminate any Swiss contracts you may have. Contracts to review include mobile plans, home Internet plans, insurance policies, gym memberships, newspaper subscriptions, food delivery subscriptions, and club or association memberships. Many Swiss service providers automatically extend contracts and continue to bill you if you do not give notice of termination. In the worst case, this can result in debt collection cases.

You can find practical information in the guide to terminating Swiss insurance policies and the guide to terminating Swiss mobile plans.

Am I liable to pay Swiss taxes after I leave?

Your tax residence in Switzerland ends when you give up your residence. However, you will have to pay Swiss taxes on your income and wealth for the period between the start of the calendar year and the date on which your Swiss residence ends.

Note: If you earn income from self-employment in Switzerland, or if you collect rent money on Swiss real estate that you own, this income may still be taxable in Switzerland. If you own real estate in Switzerland, you must pay Swiss property taxes for that property. You also pay Swiss property capital gains taxes if you sell a Swiss property, even if you do not live in Switzerland. Taxes and tax rules vary between cantons.

Can I keep my Swiss phone number?

Swiss mobile plans are generally only available to residents of Switzerland. If you want to keep your Swiss phone number, you should port the number to a Swiss prepaid mobile offer before you move. 

You can keep the Swiss prepaid mobile number after moving abroad, and continue using it to receive phone calls. You can also use it to get online and make calls with mobile roaming if necessary. Swiss prepaid mobile accounts can generally be topped up online using a credit card or debit card, and you should check the inactivity and expiry periods and top up as necessary. You can compare Swiss prepaid mobile offers here.

What will happen to my Swiss debts?

All entries in Swiss debt collection suits remain in place when you leave Switzerland. Assets which you hold in Switzerland can be seized to repay your debts. Your Swiss pension fund benefits and pillar 3a assets can also be seized as soon as you withdraw them. You can find detailed information about which assets can and cannot be seized here.

Will I stop receiving Swiss unemployment insurance benefits?

If you receive unemployment benefits from Swiss social unemployment insurance, you can continue to receive these payments for up to three months after you leave Switzerland if you meet these criteria:

• You are a Swiss citizen

• You move to an EFTA or EU country

As the citizen of an EFTA country, you can continue receiving benefits for up to three months after you move from Switzerland to another EFTA country. The same applies to citizens of EU countries who move to an EU country.

If you do not meet the above criteria, you will no longer receive unemployment benefits.

Will I still receive Swiss child benefits after leaving Switzerland?

If you have children and receive Swiss family benefits through your employer, you can continue to receive these benefits if you meet these criteria:

• You continue to be employed by a Swiss employer after leaving (as a cross-border worker, for example)

• You are a Swiss citizen or a citizen of an EFTA or EU country

• Your children live in a country in EFTA or the EU.

If you meet the above criteria, you can continue receiving child allowances and education allowances after leaving Switzerland. 

If you also receive child benefits in the country your children live in, you must report these to the Swiss social security office. In that case, you will receive the difference between the foreign child benefits and Swiss child benefits.

Can I keep my Swiss health insurance?

That depends. There are situations in which you are required to remain insured by mandatory Swiss health insurance after leaving Switzerland. You can find an overview in the table below.

Table 1: Swiss mandatory health insurance for non-residents

A number of Swiss health insurance companies offer voluntary international health insurance for people living outside of Switzerland. This can be worth considering if adequate health insurance is not available in the country you are moving to.

What will happen to my Swiss pensions and retirement savings when I leave Switzerland?

Your citizenship and which country you move to determines whether or not you can continue receiving a Swiss pension, and whether you can withdraw your Swiss retirement savings early. The rules are shown in Table 2.

Table 2: Swiss pensions and retirement savings

* Albania, Australia, Bosnia and Herzegovina, Brazil, Canada, Chile, China, India, Israel, Japan, Kosovo, Montenegro, North Macedonia, Philippines, San Marino, Serbia, South Korea, Tunisia, Turkey, Uruguay, United Kingdom, United States.
** Israeli citizens can only receive a Swiss OASI pension if they reside in Israel.
*** Getting a refund is not possible if you are married to a citizen of Switzerland or an EU or EFTA country. If you have children under the age of 25 who will remain in Switzerland, you can only apply for a refund if these adult children have completed an initial education. If you already began receiving a pension before leaving Switzerland, the pension payments you already received are deducted before the refund is paid out. To claim an OASI refund, contact this office: Swiss Compensation Office SCO, OASI Benefits, Av. Edmond-Vaucher 18, P.O. Box 3100, 1211 Geneva 2, Switzerland.

Do I have to pay Swiss taxes when I withdraw my retirement savings?

OASI refunds are subject to a cantonal withholding tax in the canton of Geneva where the Swiss Compensation Office is located. You can apply for a refund of the Swiss withholding tax by proving tax residence in your new country.

For pillar 2 pension fund benefits and pillar 3a retirement savings, a cantonal withholding tax is levied by the canton in which the pension fund, vested benefits foundation, or pillar 3a retirement foundation is domiciled. Withholding tax rates vary between cantons. 

If the country you move to has an eligible double taxation agreement (DTA) with Switzerland, then you can reclaim the Swiss withholding tax by proving that the withdrawn assets were declared in your new country of residence. If there is no eligible DTA, then it is advisable to transfer your pension fund benefits and/or pillar 3a savings to a canton with a low retirement capital withdrawal tax before you withdraw. The canton of Schwyz currently has the lowest withholding tax rates.

When choosing a pillar 2 vested benefits foundation or a pillar 3a retirement foundation in a low-tax canton, it is important to check the fees they charge for early withdrawals made on the basis of leaving Switzerland or living abroad. These fees are shown on the information pages of offers included in the moneyland.ch vested benefits account comparison and pillar 3a account comparison.

If you choose to leave your retirement savings in Switzerland until you reach retirement age, it is important to choose the right solution for your vested benefits or pillar 3a savings. If you will withdraw the money in the not-too-distant future, then using the highest-interest vested benefits savings account or pillar 3a savings account is advisable. On the other hand, if you will leave your retirement savings in Switzerland for a long time (10 years or more, for example), then you could consider investing them with a low-cost retirement fund or robo advisor.

Do I have to pay Swiss tax on my Swiss pensions?

Depending on which country you live in, a Swiss withholding tax may be deducted from pensions you receive from Swiss occupational pension funds (pillar 2). In many cases, you can reclaim this Swiss withholding tax by proving that the pension has been declared and taxed in your country of residence.

Can I continue to receive my disability pension after I leave Switzerland?

That depends. If you receive a disability pension from social disability insurance (DI), whether or not you can continue to receive your pension after you move will depend on several factors. 

Disability level of 40-49 percent:

• Swiss citizens can continue receiving a Swiss disability pension if they move to a country within the EU or EFTA. 

• Citizens of an EU country can continue receiving a Swiss disability pension after moving to an EU country. 

• Citizens of an EFTA country can continue receiving a Swiss disability pension after moving to an EFTA country.

• Citizens of all other countries do not continue receiving a disability pension from the DI after leaving Switzerland.

Disability level of 50-100 percent:

• Swiss citizens and citizens of countries which have a relevant social security agreement with Switzerland (see point 14) can continue receiving a Swiss disability pension no matter which country they move to.

• Israeli citizens can continue to receive a DI pension after they move to Israel. 

• Citizens of all other countries do not continue receiving a disability pension after leaving Switzerland.

Important: Even if you are eligible to continue receiving a disability pension from the DI after leaving Switzerland, you will no longer receive possible supplemental benefits and benefits towards physical aids and rehabilitation. You will only receive your basic pension.

Will I keep receiving my Swiss survivor’s pension after leaving the country?

Yes. You can continue receiving your OASI survivor’s pension regardless of your citizenship and which country you move to.

More on this topic:
Health insurance for Swiss living abroad explained
International health insurance explained
Bank account fees for non-residents compared
Personal finance for digital nomads in Switzerland