ON THE OTHER SIDE OF THE ALPS

Snow-peaked mountains. Crystal-clear lakes. Exciting cities and beautiful countryside. , at the heart of Europe, has many obvious charms for those planning to move to the country, writes Charlotte Beugge

And there are plenty of other less visible reasons why Switzerland is such an attractive place to live. The currency, the Swiss franc (CHF), is one of the most stable in the world. And according to KOF Swiss Economic Institute (www.kof.ethz.ch) Swiss GDP will increase by 1.6% this year and 1.8% in 2017.

Unsurprisingly, Switzerland is often ranked one of the best places for foreigners to settle. It’s a multi-national culture which makes fitting in easier: out of the 8m population, around 1.65m weren’t born in Switzerland and this includes reporter

ranks Switzerland the best place to live based on economic factors. Taking into account other factors including lifestyle, Jet d'Eau, Geneva family and the ease of integration with locals and Switzerland comes fifth in the HSBC report: the top rated country is Singapore.

Politically stable, Switzerland ranked seventh in the world in the 2016 Global Peace Index from the Institute for Economics and Peace: the UK was ranked 47th (the highest ranking went to Iceland). And while Switzerland is not in the EU it is in the Schengen area – so it’s easy to move around Europe. Within the country, the public transport system is safe, punctual and comprehensive. The public school system is good and there are plenty of private international schools if want your children educated in English. You can find a list of international schools at www.swiss-schools.ch. Famous international schools include Aiglon College, which has educated children of film stars and royalty.

Healthcare is excellent – but you will have to take out medical insurance if you planning on living in Switzerland for more than 90 days. There are plenty of insurers covering the market (see www.priminfo.com) and while a basic policy is compulsory, most settling in Switzerland will also take out an additional policy to cover most costs.

The cost of living can be high in Switzerland. Website www.numbeo.com ranks the cost of living in Switzerland as 76.8pc higher than in the UK and if you include the cost of property rental, it is 84pc higher. For those wanting to buy property Numbeo says the typical price per square metre for a City Centre apartment is CHF10,810 (£8,917). In comparison it says the equivalent figure for a city centre , late summer 2016 apartment in London is £3,548 – although prime property in

Epesses is a former municipality in the Swiss canton of , located in the district of -Oron on Lake Geneva. It is noted for its wine production

central London will cost more than that. A meal for two in a mid-range restaurant would cost about CHF100 (£82) in Switzerland; in the UK about £50.

However, salaries for foreigners moving to Switzerland for work can be very generous for those who have the expertise and skills demanded by blue-chip employers. Indeed the 2015 HSBC survey said that a quarter of those who had moved to Switzerland earned more than £125,000 a year. Popular sectors to work in are technology, pharmacology and biotechnology: there’s the European Organisation for Nuclear Research - CERN - in Geneva as well as the headquarters of Hoffman La Roche, Novartis, Nestlé and Glencore.

Banking too is big business in Switzerland: the Bank for International Settlements is based in Basel as is the headquarters of UBS. And Switzerland’s also home to the headquarters of the Red Cross, the United Nations High Commission for Refugees and more controversially, football’s governing body Fifa.

And settling in Switzerland is not just for those planning to work there. It could be a perfect place to relocate for high net worth individuals and ultra-high net worth individuals. That is because for those foreign nationals taking up residence in Switzerland who are not planning to work, there is a particular tax rule which makes moving to the country advantageous. Cecile Vuillier, senior relationship manager at ZEDRA explains that foreign nationals residing in Switzerland but not working can choose to pay an expense-based tax based on their cost of living instead of ordinary income and wealth tax. They do this by declaring their annual family living expenses to the tax authorities before moving to Switzerland – and if approved, it means effective earnings and wealth need not be declared.

She added: “The lump-sum taxation regime may be attractive to wealthy foreigners given the fact that the ordinary tax rates only apply to a portion of the taxpayer’s worldwide income and assets”. Only foreign citizens who become resident in Switzerland either for the first time or after a ten- year absence and who do not earn a salary are allowed to pay tax on this basis – and if they become Swiss citizens or start work the right ceases. It also only applies to income and wealth taxes, Ms. Vuillier adds, not inheritance and gift tax. These latter taxes are levied in the canton where the deceased or donor has lived – unless it involves property, when in which case it’s the canton where the real estate is that levies the tax. And while Swiss law doesn’t have any explicit provisions on trusts since 2007 it has recognised trusts and the law under which it was recognised.

Of course, apart from the tax regime and work opportunities, Switzerland has plenty to attract those wanting to relocate. For skiing fans, the slopes are only a couple of hours’ drive from the major cities. And mini-breaks to other countries are easy: you can jump on a train (no need for

queuing at airports) and experience another country quickly. Switzerland has borders with Austria, France, Germany, Italy and Liechtenstein – indeed, if you live in Geneva you are only a few kilometres from the French border; Basel has suburbs in both Germany and France and Zurich residents are only 24 kilometres from the German border. And if you want to travel further Geneva and Zurich have major international airports – as well as smaller ones in Lugano, and St Gallen.

While Switzerland is a multi-lingual country – German, French, Italian and Romansch are the official languages – English is widely spoken. For those missing the UK or the company of their fellow countrymen, there are plenty of societies and clubs appealing to Anglo Saxons, from amateur comedy clubs in Zurich (www.zcc.ch) to cricket clubs (www.cricketswitzerland.ch). So for those wanting life at the centre of Europe, in beautiful surroundings, with a tempting tax regime for those not working and generous salaries for those want to work, Switzerland offers the perfect answer. And that’s even before considering the amazing lifestyle opportunities on offer.

For more information:

Cécile Civiale Vuillier | Senior Relationship Manager Direct Line: +41 22 888 06 26 | Mobile: +41 79 962 44 85 | Email: [email protected] Boulevard Georges-Favon 8, PO Box 5634, 1211 Geneva 11, Switzerland www.zedra.com

About Cécile Civiale Vuillier

Cécile has enjoyed a long and extensive career working with small and large trust companies alike in a career which has spanned more than 15 years. During that time she earned her stripes working for companies across the globe; earning a solid reputation for her work on international trust & foundation administration and corporate services.

Prior to joining ZEDRA in Geneva, she previously worked in the United Kingdom and France before relocating to Switzerland heading up a trust company.

Cécile is a member of several significant professional bodies, including The International Tax Planning Association and the Association of International Business Lawyers. Her in-depth business knowledge and constant up-to-date industry understanding lends itself well in her role as Chairwoman of the STEP (Society of Trust and Estate Practitioners) Swiss and Liechtenstein Federation.

Cécile took her degree in trade and commerce, before pursuing her studies further to gain qualifications in company law and practice, international trust management, trust administration and accounts, and trust creation.

On a personal level, Cécile has the unique ability to build positive individual relationships with her clients, relationships she has nurtured and maintained for years.

It is her uncompromising integrity, business acumen and hands-on operational approach which make her such a valuable member of the ZEDRA team.