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Old 23.01.2019, 13:46
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Re: Moving from London to CH for less money?

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Re lower tax rate - I have been reading about that. However, a local person from Zurich advised me to take ~40% from my gross salary for all deductions (incl. health insurance + pensions + federal taxes + kanton taxes). So I erred on a side of caution and assumed 40%.

Also, I can run a theoretical spreadsheet, but only a person that has been to both places and lived there, would realistically know how they feel in each respective location with a given income. And thus far it seems that overwhelming majority would feel better in London.
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But, realistically speaking I was not aware how much worse the salary comparison is. Someone mentioned above, that CHF100-120k ‘feels’ like £55-60k in London.
40% feels high to me. According to the Zurich tax authorities tax at source (https://www.steueramt.zh.ch/dam/fina...rif_2014_b.pdf), as a married single earner with 1 child you would pay 16.62% tax. Social Security is about 6.5%. Your personal contribution to the company pension scheme is likely under 10% and given typically bonuses have a lower % pension contribution on them. Health insurance doesn‘t scale with income. Figure max CHF 1,000 a month for the 3 of you. Obviously there are many variables, but I would say all in your are looking at keeping closer to 70% of your income, rather than 60%. Living in Kanton Schwyz or Zug would increase it further. Wealth tax is not going to be a deciding factor, based on the info you‘ve given.

I moved to Zurich 10 years ago. In the UK I earned GBP 55k base + bonus. When I moved I earned CHF 127k base + bonus. The exchange rate was around 1.75, although it fell strongly. At the time it felt like a big pay rise, despite the higher prices. Ultimately it will depend on your lifestyle though. Eating out is a killer here, as is drinking decent wine in a restaurant. Hiking is free, as is swimming in the summer. I go back to the UK a couple of times a year and being British, I still think in GBP when I‘m there. There has been a lot of inflation in the UK in the last years, particularly in London. Whereas the prices in Switzerland have remained steady or decreased, apart from property which has increased somewhat. With rentals I think you get more for your money in Switzerland than you do in London.

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That's really good info re the environment.

I have a fairly good visibility among clients across Europe/US in what I do (within capital markets), and indeed already some 'network' in GVA and ZUR. I threw the idea of moving there to just 2 of my clients there in December and that's how they both started interviewing me, without any job adverts out there, etc.

At the same time it is good that you say this package they are talking about is "big bucks". If this is the top end, then at least I understand there is not much upside from there (obv I appreciate more senior people will earn more etc, but at VP this is good if you can get it I suppose).
The base seems very low for a VP, but the bonus as % seems high. As a front office VP, I‘d have said the total comp seems about right, but I‘d be pushing for a split with 150 basic. I could see some upside, but not a huge amount on the total package as a VP, but as you say there would be more to come as you get more senior.
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Old 10.03.2019, 21:08
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Re: Moving from London to CH for less money?

In my estimation, in general, Swiss salaries are high relative to London salaries...this based on anecdotes of a dozen Brits I know who are living in Zurich. Obviously it depends on the position. I never seen a particularly strong work ethic here so many consider the “lifestyle” here quite relaxed.
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