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Old 29.05.2015, 11:08
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Leaving Switzerland - Job offer in the USA

I am from UK, I have a job offer from the USA - Leaving Switzerland.

My company have told me I can withdraw my money but they can't help me to do that themselves. Asked me to contact Zurich Insurance Bank where my money is.

However they tell me, they can't do it and I need a Financial Advisor to help me do this.

Anyone know about someone who can help me? A link? A contact?

Thanks
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  #2  
Old 29.05.2015, 11:26
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Re: Leaving Switzerland - Job offer in the USA

What money are you talking about?

might it be your pension?
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Old 29.05.2015, 11:28
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Re: Leaving Switzerland - Job offer in the USA

Indeed
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Old 29.05.2015, 12:09
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Re: Leaving Switzerland - Job offer in the USA

Not sure why you would need a financial advisor:

https://www.ch.ch/en/withdraw-pension-early/

Permanent departure from Switzerland

You may draw on your pension if you can prove that you are leaving Switzerland permanently to settle abroad.

Payout of the pension fund to persons moving to an EU / EFTA member state

Anyone leaving Switzerland to settle in an EU/EFTA member state, may generally not cash in their pension from the compulsory pension plan as persons in the new country of domicile are insured by law to receive old age, survivors' and invalidity benefits. The mandatory portion of your pension assets must therefore remain in a blocked account (vested benefits account or policy) in Switzerland and can only be paid out when you reach retirement age. The extra-mandatory portion of your pension, however, may be paid out in cash. The mandatory and extra-mandatory portions of your pension are listed on the personal insurance certificate under the heading ‘Retirement provision information’.


What you need to do

Contact the pension fund you paid into with your last employer or the vested benefits institution where you have an account or a policy. Notify them of your departure from Switzerland and provide them with the necessary documents.
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Old 29.05.2015, 12:12
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Re: Leaving Switzerland - Job offer in the USA

Well Zurich Insurance Bank are saying they don't offer assistance for these things anymore and I need to contact a "financial advisor"

I've contacted both the Zurich office about this and the USA office in Chicago and they both said the same.
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Old 29.05.2015, 12:16
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Re: Leaving Switzerland - Job offer in the USA

My point is why do you need assistance at this early stage?

Just ask them for the correct form, they surely can't refuse to provide that.

Then you fill it in and provide whatever documents it requires. Or get a financial advisor if you don't understand it, but at least you haven't paid someone to send an email to get you a simple form.
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Old 29.05.2015, 13:01
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Re: Leaving Switzerland - Job offer in the USA

Agree, in overall it should not be a complex process that requires any kind of expert assistance, certainly you'll need to fill in some forms and provide some documents to prove you are really leaving CH and not going into an EU/EFTA member country. I know people who did it by herself.

Last edited by henrikh; 29.05.2015 at 13:04. Reason: some points become obsolote due to other replies (was too slow when typing...)
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Old 29.05.2015, 13:08
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Re: Leaving Switzerland - Job offer in the USA

If you are from a EU/EFTA country, can you then take out your pension? if you leave EU/EFTA?
That would be new to me...

Maybe im wrong (im not in banking)
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Old 29.05.2015, 13:18
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Re: Leaving Switzerland - Job offer in the USA

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If you are from a EU/EFTA country, can you then take out your pension? if you leave EU/EFTA?
That would be new to me...

Maybe im wrong (im not in banking)
For the UK there's a period if you transfer a pension into Switzerland, during which time the UK still limits what you can do with it.

For example, house purchase using those pension funds is not allowed; I imagine taking cash would be similarly restricted.

I think the period is five years.

I don't think there's a limit on the money you invested while a Swiss resident.

Last edited by newtoswitz; 29.05.2015 at 13:19. Reason: added last line
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Old 29.05.2015, 13:32
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Re: Leaving Switzerland - Job offer in the USA

I suspect this may have something to do with the fact that your new job is in America, given all the hassles regarding FATCA. So yes, you may need to contact a financial advisor I'm afraid.

golfer, yes as newtoswitz posted, if you're not moving to another EU/EFTA country you can take your pension with you.
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Old 29.05.2015, 13:51
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Re: Leaving Switzerland - Job offer in the USA

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I suspect this may have something to do with the fact that your new job is in America, given all the hassles regarding FATCA.
FATCA wouldn't be an issue taking money into America (it's purpose is the opposite, to find funds not declared to them), and anyway not relevant as he's not American.
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Old 29.05.2015, 14:30
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Re: Leaving Switzerland - Job offer in the USA

Um. Checking ZIB's website you find the following message.

"IMPORTANT INFORMATION: Zurich Bank International Limited (ZBI) has withdrawn its entire product range to new and existing customers.

The decision to close its product range was taken as Zurich has decided to focus on its core business of insurance. However, Zurich remains committed to servicing its current customer base and ZBI will continue to offer a quality service to existing account holders."

https://www.zurich.com/zurichbankinternational/home/home.htm

Perhaps that has something to do with it though it seems they haven't offered products since Dec 2012.

I suggest you write to them asking for any necessary forms and what documentation they need for you to be able to withdraw your funds. Don't e-mail or call, write a letter. If they still say they can't help you then either contact a financial advisor or the banking ombundsman.

http://www.bankingombudsman.ch/en/
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Old 01.06.2015, 09:58
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Re: Leaving Switzerland - Job offer in the USA

Hi thanks for the information, I thought it would be simpler too but for some reason I don't know who to contact in Zurich Insurance and any information where to send any forms to.

I sent an email to the guys at VP, and they've responded asking me to fill in a form where they can see what they can do then I'll meet them. Of course I guess that means they are going to want to take a cut for their services.

What is Banking Ombundsman? Why do I need to contact them?

-

The lady who works in my HR said to me, I need a letter to confirm I am leaving Swiss, a letter to confirm my maritial status and lastly a copy of my job offer contract from the US and that I am supposed to send that to Zurich Insurance Bank with details of where to send the money to.
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Old 01.06.2015, 10:31
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Re: Leaving Switzerland - Job offer in the USA

If you have a dispute with your bank that can't be settled to both parties' satisfaction then you can take that up with the banking ombudsman to make a final decision. It's a last step scenario, but a major insurance bank not being able to even provide you with the info/forms to tell you how to withdraw your pension as you're legally entitled to do is just plain wrong.

If you know when you're leaving Switzerland then you need to deregister with your gemeinde who'll give you a document stating when you will stop being a resident. You can do this several weeks in advance. You need to provide copies of this document to the insurance company along with the other documents and info requested by ZIB. Send these by registered post to the Zurich office.

You'll also need the document from the gemeinde for things like cancelling phone contracts, your health insurance, etc. Make sure all contracts are cancelled by registered post letters and not any other methods, only terminations received by registered post count here.
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Old 01.06.2015, 11:32
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Re: Leaving Switzerland - Job offer in the USA

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Hi thanks for the information, I thought it would be simpler too but for some reason I don't know who to contact in Zurich Insurance and any information where to send any forms to.
Here are all the forms for Zurich Versicherung Pension plans, including a form to terminate membership of the scheme:

https://www.zurich.ch/en/corporate-c...ownload-center

You should have received an annual pension fund statement from your employer, and maybe you recognise one of the product names in the link above, based on what appears on your statement.
Anyway, it does seem unlikely that ZIB (an defunct international bank) would be operating your recent employer's pension scheme.
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