Essential Requirements to Consider when Relocating to Switzerland

Essential Requirements to Consider when Relocating to Switzerland

Switzerland is well known for its high quality of life, exciting Swiss lifestyle and a good business opportunity hence the reason why many companies are being relocated there so as to tap into the European market.

However, preparing to move requires a long checklist to take care of. Cosmos Values is a reputable company dedicated in assisting both companies and individuals to relocate and settle in by taking care of the necessary steps such as the immigration details, acquisition of work and residence permits, accommodation, insurance and utilities. Here is some of the most essential requirement one ought to fulfill.

  • Immigration and registration

Almost all the EU (European Union) residents have the right to move to Switzerland according to the Freedom of Movement Act, even though they need to register for work and residence permit if they plan to stay for over 3 months

Everybody else needs a visa when entering Switzerland for a long stay duration that is more than three months.  Once you are in Switzerland you have 14 days to register with the Residents Registration Office and get a residence/work permit at the cantonal migration places of work.

  • Health insurance and social security

It is compulsory for all foreigners living and working in Switzerland to have a Swiss health insurance policy. One must therefore sign up and pay the required Swiss social security contributions after registering with a health insurer.

It is also important to note that one must be insured from the start of their residency, even though there is a three-month grace period to find one.

The European Union citizens visiting for less than three months are able to access the state Swiss healthcare using their individual European Health Insurance Card however; they are also required to apply for the Swiss health insurance scheme once they become residents.

For the cross-border commuters, they have an option of being insured in their country of choice. However, it is vital to clarify your options since you are not allowed to change once the choice is made.

  • Taxes

Upon arrival in Switzerland, one can be regarded as a Swiss tax resident under this three conditions;  the date of registration with the canton’s immigration office, the nature of travel in Switzerland especially if it’s a permanent stay or from the date you get hold of a resident permit.

For business relocation to Switzerland it’s important to note that tax is paid to the Swiss Federation and to the canton. Taxes are based on global income and amassed through the canton; the tax rates and processes differ from canton to canton.

  • The Required insurances

Individuals and companies that own property must have buildings insurance and fire insurance cover. For the tenants, household insurance is not compulsory but it is a landlord’s requirement.

One can also take personal liability insurance, in case one causes loss or injury to another person and has to compensate them. All vehicles must be covered by a third party insurance policy.

  • Opening a Swiss bank account

One can open an account with a Swiss bank even before they arrive in Switzerland but they have to provide authenticated documents. Fortunately, online banking is also available but it is advisable to walk into a Swiss bank and personally open an account.

An important fact to note is that there are national banks and cantonal banks. Cantonal banks are only intended for residents of the specific canton; when moving out of a certain canton to another you are supposed to transfer the account but moving internationally, the bank will request the closure of the account.

Conclusion

Apart from taking care of the above mentioned requirements, Cosmos Values is a perfect partner for clients from abroad who intend to transfer their business to Switzerland or wish to start a new company, as well as the Swiss citizens looking for a new corporate domicile abroad.  

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