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  #81  
Old 28.09.2020, 12:05
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Re: What To expect From The RAV

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My job has basically been automated - FX trading and they are moving the desk to run out of NY - The pnl numbers this year have been dreadful - The cut will happen and I expect t just after bonus day
Sorry to hear that.

Not trying to be rude at all - just want to say: with an 180k+ basic, and average Swiss salary around 75k, you say you only are able to save on the bonus - time for you to change to a healthier more realistic way of living, perhaps?
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  #82  
Old 28.09.2020, 12:11
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Re: What To expect From The RAV

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Sorry to hear that.

Not trying to be rude at all - just want to say: with an 180k+ basic, and average Swiss salary around 75k, you say you only are able to save on the bonus - time for you to change to a healthier more realistic way of living, perhaps?
I ve already provided my numbers - My fixed housing costs are 7k a month. Soon they will be 5.5K but you can see that running a flat in london and zurich is eating up a lot of the salary

I cant rent out the london home because of capital gains and also I love that flat - Its all I have.

So I have left over : 1K a week which really does not go that far...

If the RAV does happen I will need to remortgage and take out some equity from the london place until I get back on my feet
  #83  
Old 28.09.2020, 12:54
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Re: What To expect From The RAV

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If the RAV does happen I will need to remortgage and take out some equity from the london place until I get back on my feet
Would anyone remortgage you when:
a) you would be unemployed, anbeit with a 'salary'
b) your salary is drastically reduced from what it once was
c) recession looming, property prices in London declining



If this is your plan (equity release), with interest rates so low currently, is it worth to do it now, while you are 'viable' and then just take the minimal interest hit? If you don't spend the money, pay it back.
  #84  
Old 28.09.2020, 13:04
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Re: What To expect From The RAV

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I ve already provided my numbers - My fixed housing costs are 7k a month. Soon they will be 5.5K but you can see that running a flat in london and zurich is eating up a lot of the salary

I cant rent out the london home because of capital gains and also I love that flat - Its all I have.

So I have left over : 1K a week which really does not go that far...

If the RAV does happen I will need to remortgage and take out some equity from the london place until I get back on my feet
Multiple ways of calculation the CGT, it's probably a non issue assuming you have lived there long enough. As you are not living in the UK, your UK home will also be potentially subject to CGT depending on length of ownership.
  #85  
Old 28.09.2020, 13:06
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Re: What To expect From The RAV

I ve done it before - There are many bridging loans / second charge lenders who will lend provided loan to value under 75% which it is

its for short term lending which is suitabel in my case - I expect it for a year max

I also can use the swiss credit cards and pay only the min for a while - It costs but its there for a reason
  #86  
Old 28.09.2020, 13:07
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Re: What To expect From The RAV

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Multiple ways of calculation the CGT, it's probably a non issue assuming you have lived there long enough. As you are not living in the UK, your UK home will also be potentially subject to CGT depending on length of ownership.
I ve been here three years - The house was bought ten years ago - Its my primary residence and it has gone up quite a lot - That is all CGT free
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Old 28.09.2020, 13:17
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Re: What To expect From The RAV

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I ve been here three years - The house was bought ten years ago - Its my primary residence and it has gone up quite a lot - That is all CGT free
It was your primary residence for 7 years, for the last 3 years it was not your primary residence. Historically foreign based owners / landlords were not subject to CGT, that changed on 6 April 2015..

Renting it out will make zero difference.

You will be liable to gains based on since you moved out, can be calculated 1 of 3 ways.
  #88  
Old 28.09.2020, 13:21
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Re: What To expect From The RAV

I donīt know if anybody can relate and maybe itīs just me thinking weird.
But it seems to me that a lot of people who are used to having a lot of money suddenly go into a tailspin when their food trough is being kicked.
  #89  
Old 28.09.2020, 13:22
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Re: What To expect From The RAV

Not true https://www.gov.uk/tax-sell-home/absence-from-home

You get relief if you were away from it for:

any reason for periods adding up to 3 years
up to 4 years if you had to live away from home in the UK for work
any period if you were working outside the UK
  #90  
Old 28.09.2020, 13:24
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Re: What To expect From The RAV

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Not true https://www.gov.uk/tax-sell-home/absence-from-home

You get relief if you were away from it for:

any reason for periods adding up to 3 years
up to 4 years if you had to live away from home in the UK for work
any period if you were working outside the UK
You have been away 3 years already, that spans 4 tax years that may complicate matters.

Being on RAV is not working
  #91  
Old 28.09.2020, 13:28
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Re: What To expect From The RAV

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I donīt know if anybody can relate and maybe itīs just me thinking weird.
But it seems to me that a lot of people who are used to having a lot of money suddenly go into a tailspin when their food trough is being kicked.
Coming to zurich on paper should have allowed me to save money - I was on 150GBP in the UK plus a bonus.

Actually I thought Zurich would be about the same cost but for me Zurich is at least double what london costs - Im talking about London zone 2 battersea area to compare

Food is easily 200 a week! Housing is expensive and so is car ownership Furniture is just insane as well

For me the biggest eye opener is anything which requires help - Dry cleaning / clothes tailoring etc is just riddiculous

Zurich is great for an experience but the reality is its not always easy to just save.
  #92  
Old 28.09.2020, 13:29
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Re: What To expect From The RAV

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You have been away 3 years already, that spans 4 tax years that may complicate matters.

Being on RAV is not working
You are being funny right?

It says any period of time if you were sent for work - Not just four years

And RAV is indeed work
  #93  
Old 28.09.2020, 13:34
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Re: What To expect From The RAV

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You are being funny right?

It says any period of time if you were sent for work - Not just four years

And RAV is indeed work
RAV is unemployment, it even goes in a different part of the Swiss tax return.
Being here whilst unemployed will not be accepted by HMRC as being away for work.
You are not only intending to defraud the Swiss Unemployment fund but HMRC.
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Old 28.09.2020, 13:39
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Re: What To expect From The RAV

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...So I have left over : 1K a week which really does not go that far...
I know you're in high-rent Zurich and I'm in the sticks outside of Bern, but... 1k a week left over after housing costs sounds plenty generous for a single person.

There's an old saying I heard a lot growing up: "Expenses have a way of rising to meet your income". Sounds like you've run into this situation.

It sucks to be facing some of these choices, but thankfully you have a measure of control. You know what's coming and time to prepare for it. You've been given some good suggestions on things to do now. Best of luck to you.
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Old 28.09.2020, 15:33
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Re: What To expect From The RAV

What a thread. Summarises what SVP claim about foreigners.. RAV is a service to help people maintain a decent standard of living whilst they search for a new job. Such a pity that people see it as something to be milked.

Someone earning 148k is well inside the top 10% of earners in Switzerland, which itself is a a top paying country globally. How anyone can claim that it is difficult to save with this amount of money is beyond me.
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Old 28.09.2020, 15:57
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Re: What To expect From The RAV

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Such a pity that people see it as something to be milked.
Sounds to me like it's the Europeans are being milked... he says he was on 180 CHF in the UK and came to take a job here well below that... typical wage dumping.

What is more since many/most expat earn over the RAV max salary limit, we are the ones getting sh*fted... You pay your RAV contributions on your full salary year after year, but then when the time comes and you need help, they'll only give you up to more or less 8 grand a month... is that fair?
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Old 28.09.2020, 16:04
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Re: What To expect From The RAV

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  #98  
Old 28.09.2020, 16:05
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Re: What To expect From The RAV

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Sounds to me like it's the Europeans are being milked... he says he was on 180 CHF in the UK and came to take a job here well below that... typical wage dumping.

What is more since many/most expat earn over the RAV max salary limit, we are the ones getting sh*fted... You pay your RAV contributions on your full salary year after year, but then when the time comes and you need help, they'll only give you up to more or less 8 grand a month... is that fair?
RAV contribution is reduced above max insured salary, so yes it's pretty fair.
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Old 28.09.2020, 16:10
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Re: What To expect From The RAV

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Sounds to me like it's the Europeans are being milked... he says he was on 180 CHF in the UK and came to take a job here well below that... typical wage dumping.

What is more since many/most expat earn over the RAV max salary limit, we are the ones getting sh*fted... You pay your RAV contributions on your full salary year after year, but then when the time comes and you need help, they'll only give you up to more or less 8 grand a month... is that fair?
ALV is 1.1% on salary up to 148k and then 0.5% above. You think this is unfair?
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Old 28.09.2020, 16:13
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Re: What To expect From The RAV

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RAV contribution is reduced above max insured salary, so yes it's pretty fair.
Thankfully there are golden parachutes too
every little helps
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