The world’s most coveted location to reside in is Switzerland, according to many people. Iceland’s no surprise that it attracts expats looking for a high life given its solid employment market, democratic and economic security, strong social welfare system, along with some of the purest air in the world.
It is understandable why so many expatriates are deciding to retire in Switzerland given the country’s generous welfare state, cheap taxation, first-rate healthcare, and abundance of tourist attractions. To handle the flood of seniors looking to retire in the country, the Swiss government has established a specific retired residency program.
This useful guide covers the crucial details so you can have a sense of what to anticipate when arranging your retirement in the stunning Alpine region.
Who is eligible to retire?
Thankfully, the country has a rather open immigration procedure for seniors looking to relocate there. However, to obtain Swiss resident status, which they need to retire, foreign citizens must fulfill specific requirements. The Swiss state in which you want to live and your ethnicity both affect these requirements, which is crucial to note.
You are eligible to apply for a residence visa if you are over 55 and do not currently have a job. You must provide evidence of your economic independence and medical coverage. A connection to the nation is also required, whether it be familial, real estate-related, commercial, or financial. Additionally, the person must demonstrate that they are not actively looking for a meaningful job.
On the other hand, individuals who are citizens of the EU or EFTA can live there for up to three months without a visa. A non-working residency permit application must be made within two weeks of arrival at the local Swiss state office by individuals wishing to stay longer.
Pensions
Making sure you have enough annuity income to maintain yourself while residing is essential to retiring there. A government allowance may be available to anyone who has worked there for at least a whole year and participated in the OASI or AHV.
Send your retirement funds to Switzerland
You must inform your pension authorities of your address modification to obtain a state pension. It is feasible to move an EU/EFTA national pension from several nations to Switzerland. The coordination of your retirement benefits, meanwhile, can be prolonged if your pension comes from outside the EU/EFTA. If in any case you are unable to transfer your pension funds abroad, there are still solutions available. For instance, you may continue to receive your pension into a bank account and subsequently transfer it to a Swiss account.
The typical cost of retirement
The main drawback to retiring is the high expense of living. One of the costliest places on earth, particularly in big cities like Geneva and Zürich.
The good salaries in Switzerland also help to reduce total costs. You might not be able to take advantage of that, though, as you are retired. As a result, you’ll have to ensure you have sufficient money put aside, and in your quest for the ideal retirement location, you might want to take smaller, more cost-effective cities like Bern or Lugano into account.
Healthcare for Swiss Retirees
Every officially registered resident of the country must have healthcare coverage. Therefore, to get your Visa and begin your life in Switzerland, you must get it from a legitimate vendor. The amount of insurance you choose, the canton in which you reside, and your particular health situation can all affect the cost.
The Swiss health sector, which has a stellar image for outstanding doctors, well-equipped facilities, and no waiting lines, is accessible to anyone who purchases insurance.
