Countries To Retire – Retiring in Switzerland
Retiring in Switzerland is something I get asked about a lot. I am exploring the retirement relocation options and have recently released blogs on my 10 reasons why certain locations could be the perfect retirement home for you. Germany, Spain & France have been released to date, so check them out to find out which location is best for you. Do you love to visit Switzerland? You will not be alone.
Switzerland is a very popular tourist destination for many travellers from around the world. Switzerland isn’t just for travel, though. Many retirees are now calling the country home. In fact, the Swiss government has set up a special retirement residency program to accommodate the influx of retirees.
Who should consider retiring in Switzerland? It’s not your typical retirement hotspot. You’ve probably heard about countries where you can dramatically reduce your cost of living in retirement. Switzerland isn’t one of those places. If you’re trying to retire on a budget, Switzerland will certainly not be for you.
However, if you can afford it, Switzerland may be the perfect retirement base camp.
So, here are ten reasons why you should consider retiring in Switzerland:
High standard of living.
Switzerland is routinely named one of the best places to live in the world. In fact, Zurich is often named one of the three best cities in the world. Why? Violent crime is virtually non-existent. There are plenty of jobs to go around. And the country benefits from political and financial stability.
High pay and plenty of jobs if you want to work.
You may need to take a part-time job to help fund your new Swiss lifestyle. Or you may just want to work to fill the time. If so, you’ll find plenty of jobs available, from those related to the huge tourism industry to traditional business and service fields. Also, you’ll be happy to know that every job in Switzerland comes with a generous minimum wage.
Taxes in Switzerland are generally lower than those in the United Kingdom and the United States. As a retiree, you can also choose to pay a lump-sum tax when you enter the country, which expedites your permit processing and offsets some or all of your future taxes.
Emphasis on leisure.
The Swiss work to live, not the other way around. They place an emphasis on recreation, sports and enjoying life. You’ll find that most businesses close early, and very few are open on Sundays.
Switzerland is literally in the heart of Europe. You’re only an hour away from Germany and a couple of hours away from France. A trip back home, no matter where “home” is, shouldn’t be a problem from Switzerland, which offers international airports and plenty of train routes.
Do you love the snow? Is skiing a passion? If so, retiring in Switzerland should be perfect for you. It gets cold weather nine months out of the year. Even its summers aren’t unseasonably hot. The climate is kept cool by the country’s high elevation.
Food, chocolate and beer.
There’s no better way to satisfy a sweet tooth than with authentic Swiss chocolate. The best Swiss chocolate isn’t the kind that you find in the Zurich airport. Rather, it’s sold in small chocolate shops in villages throughout the country. Switzerland isn’t just famous for chocolate, though. It has first-class native cuisine and some of the finest beers in Europe.
Political and financial stability.
Switzerland is so famous for being neutral that the idea is often the first thing that people think of when the country’s name is mentioned. It’s not just an idea, though. Switzerland’s traditional neutrality in international disputes has helped it become one of the safest and most secure countries in the world. If you can’t feel secure with your retirement assets in a Swiss bank, then you probably won’t feel secure with them anywhere.
Easy residency requirements.
Access to Switzerland isn’t hard, provided that you meet the country’s requirements. If you do, you’ll almost certainly be approved for residency. Moving to Switzerland may be easier in the years before your retirement, especially if you have a job waiting for you there.
However, if you don’t have work in the country and you are over the age of 55, you can apply for a retirement residency permit. You must be financially self-sufficient and have health and accident insurance. You must also have a tie to Switzerland, such as family, property or a Swiss business in which you’re a primary investor. If you’re serious about retiring in Switzerland, it’s best to establish those ties as soon as possible.
Beautiful and clean environment.
Finally, no discussion of Switzerland would be complete without a mention of the country’s idyllic beauty. The Swiss value the environment, so you’ll find that you’re surrounded by clean air and untouched natural mountain scenery.
If you’re interested in moving to Switzerland and even retiring in Switzerland, it’s wise to start planning as soon as you can. It can be a wonderful place to live, but the amount of available property is often limited and, as mentioned, you’ll need to establish ties.
Consulting with a specialist, independent financial adviser will help to make an overseas move as hassle-free as possible and ensure your financials are under control to enable you to enjoy your retirement to the full.
About Mike Coady
Mike Coady is an expat expert based in Dubai and is on hand to help with all of the above and more.
Mike is an award-winning money coach and industry leader in the financial sector.
Qualified to UK Financial Conduct Authority (FCA) standards, a member of the Chartered Insurance Institute, a Fellow of the Institute of Sales Management (FISM), a Fellow of the Institute of Directors (FIoD), and featured as a highly qualified Financial Adviser in Which Financial Adviser.
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Blog published by Mike Coady.
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