Viewing posts categorised under: Switzerland

Spectrum IFA begins Employee Ownership for a Sustainable Future

By Spectrum IFA
This article is published on: 14th October 2025

14.10.25

Empowering People, Ensuring Continuity, and Deepening Commitment to Clients

At The Spectrum IFA Group, our success has always relied on our people, their expertise, dedication, and a shared belief in doing what is best for our clients. As a firm founded on trust, transparency and building long-term relationships, we recognise that sustainable growth depends not only on sound financial advice but also a solid grounding in joint ownership and responsibility.

Since its inception, Spectrum has aspired to share company ownership with its advisers and staff. Establishing a clear succession plan is essential, not only to ensure business continuity but also to provide long-term security for our advisers, employees, and most importantly, our clients.

Today, Spectrum’s advisers and staff collectively hold over 15% of the company’s share capital. This initiative reflects our belief that those who contribute daily to looking after our clients’ interests should also participate in the company’s growth. In 2026, Spectrum plans to increase employee and adviser equity participation to approximately 30%. Our longer-term intention is for advisers and employees to own 48% of the business, with the remaining 52% retained by the founders.

This approach demonstrates our commitment to creating a resilient, people-focused organisation where everyone has a vested interest in delivering exceptional advice and service. By aligning ownership with those who directly support our clients, we are securing our longevity whilst embedding the long-term continuity of relationships that help define our unrivalled service standards.

At Spectrum, we view this as more than simply an exercise in restructuring company ownership – it reflects of our core values. We are building an organisation that empowers people, rewards dedication, and safeguards the future security of our clients, advisers, and employees alike. Together, we are shaping a stronger, more sustainable Spectrum team for generations to come.

The Value in UK National Insurance Contributions

By Chris Eaborn
This article is published on: 4th June 2024

04.06.24

If you have lived and worked in the UK and have paid National Insurance Contributions (NICS) you may be able to buy top-up years for missed years from 2006 onwards. It will depend on where you are currently living, but it can be beneficial to secure all or a portion of the UK State Pension, which is currently £221 per week.

If you are based in Switzerland or thinking of moving to Switzerland, please click here to contact Chris

If you are based in another country and would like to talk to an adviser, please click here

To qualify for a minimum UK State Pension you must have 10 qualifying years. For example, if you worked in the UK for five years, you would not qualify for a pension but you can buy five years of contributions (or for an even higher pension entitlement, the full eighteen years’ worth since 2006!) and you will receive a minimum State Pension which is currently £63 per week.

The numbers could be compelling as if you have to pay Class 2 voluntary contributions you would pay a one-off £819 (5 x £163.80) to take you to ten years of contributions and receive an indefinite pension in your retirement of what today is £63/week (£3,276 per year) compared to nothing at all! And even if you have to pay the higher Class 3 contributions you would pay £4,121 as a one-off to receive (at today’s levels) an annual pension of £3,276 per year for life from UK State Retirement Age.

You can check your National Insurance record here:

https://www.gov.uk/check-national-insurance-record

To qualify for a full pension depends on various factors that the HMRC will calculate for you.

You should urgently complete a form CF83 as there is a significant backlog for the response from HMRC with your calculations, and the deadline for making voluntary payments is 5th April 2025.

Form CF83 can be found here: https://assets.publishing.service.gov.uk/media/65a4e2117eb42e000dceb7ab/CF83.pdf

If you have any problems completing it, the telephone number for HMRC is +44 191 203 7010 and after the prompt you should say “International Case Worker” for the correct department.

The form gives you a choice of whether it is to request information about only buying back missing years, or only paying voluntary contributions in future years, or both. I was advised by the officer I spoke to that the maximum contribution required for a full pension varies (and you will be advised) but is typically 35 years.

There is no benefit to overpaying. For example, a young person working overseas who plans to move back to the UK and pick up paying NICS again, may not need to contribute for missing years if the time overseas is relatively short and they are likely to contribute at least the number of years to qualify for a maximum UK State Pension in the future.

Form CF83 must be physically posted to HMRC so we recommend registered mail of an international courier service such as DHL, FedEx, etc.

The cost of the additional contributions depends on whether you have to pay Class 2 or Class 3 contributions. Class 2 contributions are £163.80 per year and Class 3 are £824.20 per year. The HMRC report will tell you the cost and the resulting benefits and you can decide if you think the benefits outweigh the costs.

Clearly, there is no perfect calculation because you don’t know how long you will live after reaching UK State Retirement Age, but if the cost of topping yourself up looks reasonable it could be a helpful part of your retirement planning, especially if you live long into retirement as this will boost your “guaranteed” income.

**Finally, please note that this article is for information only and is subject to change. Please relay on the calculations by HMRC. Information as of 29th May 2024.

If would like to discuss your retirement planning with one of our experienced advisers, please do not hesitate to get in touch.

Are you a UK IFA with Clients Living in Europe ?

By Spectrum IFA
This article is published on: 17th November 2020

17.11.20

ARE YOU UNABLE TO SERVICE THESE CLIENTS POST BREXIT?

At The Spectrum IFA Group we can look after your clients long term as licensed and regulated financial advisers operating in France, Spain, Italy, Portugal, Malta, Luxembourg and Switzerland.

The things you should know before you contact us for our help:

We specialise in financial planning for English speaking expatriates across western Europe
We are locally authorised in all jurisdictions in which we operate and across the entire EU (and Switzerland). Our regulatory status is unaffected by Brexit
We hold financial services licenses for both insurance mediation (Insurance Distribution Directive compliant) and investment advice (MiFiD compliant)
Established in 2003, we have 50 advisers and 12 regional offices
We work only with large, well known asset managers including Blackrock, Jupiter, Fidelity and Prudential. For clients with higher value portfolios we also use discretionary investment managers such as Rathbones, Smith and Williamson and Quilter Cheviot
As part of our terms of business, clients of The Spectrum IFA Group receive ongoing, long term service and support. All advisers live within easy travel distance of their clients
We are not an offshore broker. We do not use products from UK dependant territories (such as the Isle of Man or Channel Islands) as they can produce adverse tax consequences for clients living in Europe. We advise that you don’t use any of these structures for your clients if they are EU resident
We use only locally compliant products which are designed specifically for the jurisdictions in which our clients are based
We work on a transparent charging structure with all clients. Charges are deducted directly from the products and solutions we recommend. We do not invoice separately

As the end of the transition period is rapidly approaching we ask that you contact us as soon possible to allow time for us to complete any necessary restructuring of client assets.

If your clients are resident in the EU or Switzerland, or intending becoming resident, please feel free to contact us for a no obligation discussion to determine if we can look after your clients post Brexit.

You can contact us at info@spectrum-ifa.com

Or speak to the specific country managers in France, Spain or Italy

Click the relevant flag below

The Spectrum IFA Group and Blackden Financial join forces

By Spectrum IFA
This article is published on: 26th May 2020

26.05.20

One of Europe’s leading expatriate advisory companies today announced the acquisition of a 50% shareholding in Geneva based financial planners Blackden Financial, the transaction having been concluded on Friday following discussions which began last year.

The move forms part of Spectrum’s ongoing strategic growth in Europe and expands its existing Swiss operation based in Lausanne. Blackden’s name, office and personnel will be retained.

Spectrum, established in 2003, specialises in financial planning for English speaking expatriates across Europe, operating from twelve regional offices in France, Spain, Switzerland, Italy, Belgium and Luxembourg. Blackden (also founded in 2003) operates exclusively in Switzerland from its central Geneva premises, providing investment, pension and savings solutions to a predominantly high net worth expatriate client base.

Spectrum Director, Chris Tagg, commented “Having observed Blackden Financial’s success over many years, we recognise the team’s disciplined advice process, high professional standards and commitment to long term client service. We are pleased to be investing in a company, and in people, knowing that the essential features of good business practice are already in place. We look forward to continuing the growth of our expatriate financial planning services across Switzerland.”

“The stake in Blackden allows Spectrum to further develop its Swiss based expatriate investment and tax planning capabilities, whilst giving Blackden access to locally compliant solutions in some of Spectrum’s EU markets including France, Italy and Spain.”

Chris Marriott, founder and CEO of Blackden, added “Having specialised in advising Swiss based expats for the last 17 years, we are delighted to complete this deal, which complements and strengthens our presence locally, and look forward to Spectrum’s involvement in the next phase of our business development.”

Michael Lodhi, Spectrum’s Chief Executive Officer and co-founder said “I have known Chris Marriott for more than 15 years, we were instrumental in the creation of The Federation of European Independent Financial Advisers (FEIFA) and I am delighted that we can now work together on a commercial basis.”

The Spectrum IFA Group: A corporate partner, a generous friend

By Spectrum IFA
This article is published on: 16th May 2019

16.05.19

As a small NGO, Street Child EU is always on the lookout to build relationships with corporate partners as a means of strengthening our long-term fundraising ambitions. We are always grateful when, after approaching an organisation, they take the time to contemplate our vision and give consideration for the potential benefits of our projects. Yet, even with our proven track-record, this is a competitive industry, and securing regular funding is a painstaking and uncertain process. Thankfully, every so often, we encounter a corporate organisation that immediately identifies with our philosophy and subsequently demonstrates an admirable commitment to transforming our ambitions into reality – The Spectrum IFA Group is one such case.

Over the years, this Financial Services Organisation, has shown an unwavering dedication to providing hope to some of the world’s most marginalised groups and disadvantaged children, their donations to Street Child thus far reached 14,000 € . Street Child’s relationship with The Spectrum IFA Group stretches back to 2016, when they provided us with a generous donation for our Girls Speak Out programme. This project was set in the difficult context of post-ebola Sierra Leone and Liberia. Our mission aimed to support at least 20,000 girls to access and sustainably remain in quality education. When The Spectrum IFA Group provided us with 3,750 € we could immediately family business grants for the Street Child team in the capital of Sierra Leone, central Freetown. This meant that 65 individual caregivers were given the means to protect and nurture the vulnerable children in their care. The grant also enabled an extra 65 girls and 65 of their siblings to attend school – totalling 130 children for whom education had previously been out of reach. Moreover, the donation has had a wider impact of providing an additional 195 family members with access to an increased income. Overall, this has been a great source of optimism in the community, wedging open a door of opportunity for future generations of children in Freetown.

In 2017, The Spectrum IFA Group once again willingly answered Street Child’s call to action by providing support for our Breaking the Bonds Project in Nepal. Street Child was implementing an ambitious plan to reverse the effects that decades of discrimination have inflicted upon the Musahar community. With a donation of 5,000 € we made great strides in our efforts to free Musahars from bonded labour and disrupt this cycle of poverty. The donation has enabled 27 Musahar girls to complete our livelihoods support program which, through a careful combination of business skills training and life skills workshops, has given these Musuhars the resources and skills needed to propel them towards economic independence. In 2018, The Spectrum IFA Group reiterated their support for the Musahar community by donating an extra 3,000 € to the cause.

This organisation has always been interested in receiving project updates from the field, and we have always happy to oblige with photographs and case studies. They have kindly used these materials to show off during presentations at company events, encouraging even more donations by The Spectrum IFA Group’s staff. It is important for us that our corporate partners show off the projects they have funded with this kind of pride. It is important that corporate organisations engage with NGOs out of a genuine interest in social progress and The Spectrum IFA Group clearly does so.

All to often corporate partnerships cannot stand the test of time, but the relationship between The Spectrum IFA Group and Street Child is strong and looks set to stay. We have already shared positive initial conversations in relation to our new project in Afghanistan and furthermore, an extra 2000 € donation already indicated for a new Musahar project. We are tremendously grateful for the trust and support The Spectrum IFA Group has continuously offered us. Our experience with The Spectrum IFA Group is a testament to the fact that the NGOs and Corporate organisations can positively bridge the gap between these differing industries in order to pursue a common goal.

Soti, a Musahar in Nepal has benefitted from business skills training to establish a steady income for herself and her children.

In Central Freetown, Sierra Leone, Aminata been supported through the Girls Speak Out programme. She can now attend School regularly and has aspirations to one day become a teacher

*Note: The names of individuals have been changed to protect their privacy and identity

EU Pension Transfer from the EU Institutions – It is EUr money

By Spectrum IFA
This article is published on: 15th August 2017

15.08.17

Have you ever worked for any of the below institutions for less than 10 years? Go ahead, and have a look:

• European Commission
• European Council
• European Parliament
• EEAS
• European Court of Justice
• Eurocontrol

If yes, then carrying on reading this article, as an EU Pension Transfer will definitely be of interest to you. If not, then you’ll probably want to stop reading, unless you know someone in the aforementioned position.

To Whom It May Concern, if you have worked for less than 10 years at the EU Institutions (and have left), you will not have qualified for the gold plated, much coveted, EU Pension. I say much coveted, as no one is really making pensions like them anymore; as they are very, very expensive for the employer to maintain. Yet, they can be very, very good for you, the employee. Anyway, I digress. That is for another article.

As you will know by now, you have to work at the EU Institutions for at least 10 years (this can be interrupted, as long as the total is 10 years) before you qualify for the pension. If you leave before that time, then you are eligible for a severance grant which you can transfer into a scheme that has been approved by the EU. As it states in the EU Staff Regulations handbook:

“An official aged less than the pensionable age whose service terminates otherwise than by reason of death or invalidity and who is not entitled to an immediate or deferred retirement pension shall be entitled on leaving the service:

a. where he has completed less than one year’s service and has not made use of the arrangement laid down in Article 11(2), to payment of a severance grant equal to three times the amounts withheld from his basic salary in respect of his pension contributions, after deduction of any amounts paid under Articles 42 and 112 of the Conditions of Employment of Other Servants;

b. in other cases, to the benefits provided under Article 11(1) or to the payment of the actuarial equivalent of such benefits to a private insurance company or pension fund of his choice, on condition that such company or fund guarantees that:

I. the capital will not be repaid;
II. a monthly income will be paid from age 60 at the earliest and age 66 at the latest;
III. provisions are included for reversion or survivors’ pensions;
IV. transfer to another insurance company or other fund will be authorised only if such fund fulfils the conditions laid down in points I, II and III.”

The last 4 points are the most important to note as your money will not be transferred unless the approved receiving organisation adheres to those criteria.

WHY WOULD I TRANSFER?
Essentially, you have to, unless you like losing large sums of money. If you have not transferred by the time you have reached pensionable age, then your money disappears and is absorbed by the EU. If you die before you claim your money, then it is also lost. It will not be transferred to any beneficiaries as it is not a pension. When you leave, the amount that you leave behind is frozen and only increases at a very low interest rate; no further contributions are made on your behalf. So moving it when you leave allows you the opportunity to invest it into funds that could grow your money substantially over the years (depending on how close you are to retirement). For example, if you left the institutions at 40 years old, you would have at least 25 more years to grow your money. If you leave earlier, then you would have longer.

Moving it would also allow you better protect your financial future, make provisions for your partner or dependents/beneficiaries. It can be of benefit even if you decide to return to the EU Institutions.

There may be circumstances where it is not appropriate for you to transfer the money at that time, your particular situation will be evaluated by our pension specialist who will compile a report detailing the appropriateness of the potential transfer.

SOUNDS GREAT! WHAT NEXT?
We will conduct an evaluation of your situation and also the accumulation of your money at the EU. Once we have confirmed and agreed with you that transferring out is the right option for you, we will work with an approved provider to who complies with the requirements as stated above who will help set up your new pension. Then, as part of our ongoing service, we will review your pension and personal circumstances every quarter to ensure that you are always updated with the latest information. Even if you move countries, our service will continue.

We have established contacts with case handlers in the Office for the Administration and Payment of Individual Entitlements (the department responsible for calculating and transferring your money), and have developed the knowledge and expertise to ensure a smooth transfer, putting you in control of your money and helping you make the right decisions, as and when they are needed.

So, if you have no longer work for the EU Institutions and have less than 10 years’ service, you don’t like losing large sums of money, wish to protect your financial future, and potentially provide for your dependents/beneficiaries, then contact me either by email: emeka.ajogbe@spectrum-ifa.com or phone: +32 494 90 71 72 to see whether an EU Pension Transfer is suitable for you.

Le Tour de Finance heads to Switzerland

By Spectrum IFA
This article is published on: 21st September 2016

21.09.16

Le Tour de Finance, 29th September Nyon, Switzerland.

“Three ways to save tax”

What is Le Tour de Finance?

Are you interested in finding out how to make the most of your money in France, Spain or Italy? Do you have pressing questions about making international payments, pensions, tax, wealth or the healthcare system? Why not take the time and come to a local event, bring some friends and make it a great day out?

Le Tour de Finance is the financial forum for expats which will help you with a range of different financial products and services. Just as Le Tour de France takes a route throughout the regions of France, so too does Le Tour de Finance, but we also visit Italy, Spain, Switzerland and Belgium. We want to reach expats where you live so that you can seek advice particular to your local area. Tax advice, pensions, mortgages, healthcare, schools, business advice and making the most of your assets are just some of the subjects that expats need to know more about. Le Tour de Finance is the ideal opportunity to find answers to the most pressing questions facing people living in France, Spain or Italy.

The forum will bring together key players who assist expats settling or already living in these countries. It will also be an ideal opportunity to socialise by enjoying a free Buffet lunch and meeting people in similar circumstances in your neighbourhood.

As an expat, do you make the most out of your finances? Come and join us for expert advice and to meet other like-minded expats in your local area. The event starts at 18.45 with a welcome drink, followed by some brief presentations from experts on a range of topics that could affect you now, or in the future. This engaging events ends at 20:30 with drinks and canapes and a chance to meet the experts and hopefully make some new friends.

Register for this FREE event or for further information, by sending an email with your full contact details to: seminars@ltdf.eu, register online or call +33(0)4 22 32 62 40

Where:
Le Caveau de Nyon Château de Nyon, Place du Château, 1260 Nyon,Switzerland

When:
29th September, 2016 The event starts at 18.45 and ends at 20.30 with drinks and canapes.

What:
Brief presentations on a range of topics including: Tax efficient planning: for Frontaliers and Swiss residents; Why you need a Swiss Will!, Transfers between currencies: beat the bank margins!, Wealth management: seeking positive returns post-Brexit, QROPS- the latest rules on transferring UK pensions overseas, and what the advantages may be, How do the Swiss Pillars work, and how do I save taxes?, Swiss Mortgages- how they work, how to optimise to save taxes.

REGISTER ONLINE HERE

Spectrum IFA sponsors Freddie for a Day

By Chris Eaborn
This article is published on: 4th May 2016

04.05.16

This September would have been the 70^th birthday of Freddie Mercury, legendary lead singer of the rock band Queen.

His final recordings were made at Queen’s Mountain Studios in Montreux, where Freddie also lived.

As part of a number of fundraising events, students of SEG, the Swiss Education Group, a leading hospitality education network, is hosting a fundraising weekend on 14^th and 15^th May in Montreux, entitled Freddie for a Day, to celebrate his life and raise money for the Mercury Phoenix Trust.

The Trust was established after his death and focuses on HIV awareness and prevention with a focus on young people in developing countries.

http://www.mercuryphoenixtrust.com/site/aboutus

Spectrum is a sponsor and one of our Swiss-based advisers Chris Eaborn, will be attending on our behalf.

Spectrum sponsors 23rd Swiss Classic British Car Show

By Spectrum IFA
This article is published on: 10th October 2014

Sunday 4th October was the 23rd Swiss Classic British Car Show in Morges, on the shores of Lake Geneva, Switzerland.

The Spectrum IFA Group has been a proud Main-Sponsor for several years and once again this years’ event was a real success with “shorts and tee-shirts” weather, which invariably seems to be the luck of this event!

Spectrum’s tie-in is partly because its two local advisers, Chris Eaborn and Robbin Davies, live nearby, are of British origin and both love classic cars. Also this is an event that has a huge economic impact on the town which is in the heart of the region where we have many clients.

The show itself was founded and has been run all of its 23 years by Keith Wynn, a British expatriate, and is a non-profit event with sponsorship paying solely for infrastructural costs such as posters and printing.

There is no entry fee whatsoever for exhibitors or visitors and the approximate 1,500 car-entrants come from all over Europe to display British cars and motorbikes over 20 years old (or more recent “special interest vehicles”). There is everything from eccentric enthusiast’s cars to “priceless” classics, all of which are parked unattended along the closed off quays of Morges for the pleasure of the mingling crowds with no problems whatsoever and only the lightest of security needed.

The show attracts around 20,000 visitors and the economic impact on the town through fully booked hotels, restaurants etc. is conservatively estimated at over CHF 1’000’000 of additional revenue.

So, for The Spectrum IFA Group, it is a fantastic opportunity to support one of the best car events in Europe (and arguably the very best featuring British cars!) whilst contributing to an event that has a highly positive economic impact to the area and brings pleasure to thousands.

Chris and Robbin had an excellent day and met many clients and friends who also seemed to have a great time.

Making a Will in Switzerland

By Chris Eaborn
This article is published on: 12th September 2014

12.09.14

Wills in Switzerland

Swiss Law

As a general rule, the Estate of anyone residing in Switzerland is governed by Swiss material law, especially by the relevant provisions of the Swiss Civil Code, which definitely apply in the absence of a Will, notwithstanding the deceased’s citizenship, personal status or religion.

Swiss law, which was influenced by the Napoleonic Code, provides for various solutions, either mandatory or optional, and includes the so-called rules of “forced heirship” – according to which some heirs (the spouse, the children and, in some cases, the parents of the deceased) are in any event entitled to a minimum portion of the Estate (similar rules apply in most countries on the continent and in Scotland).

Choice of Law

According to the Swiss Federal Law on Private International Law, foreign residents in Switzerland may, by making a Will, direct that their Estate be governed by the law of their country of origin and, thus, avoid all or some of the rules set by Swiss law.

This choice of law (that is not permitted in the event of double citizenship including Swiss citizenship) does not affect the jurisdiction of the Swiss authorities and, depending on the deceased’s Canton of residence, inheritance tax must still be paid in Switzerland (taking into consideration the deceased’s Estate on a worldwide basis).

As regards American citizens, it may be wise to specify the law of the relevant US State (with which they have some connections, e.g. California), while Brits should refer to “English law” (or “Scottish law” for the Scots) rather than UK or British law since it does not exist as such.

Making a Will

If made in Switzerland, the Will must have the form prescribed by Swiss law. As a rule, it must either be entirely handwritten, dated and signed by the “Testator”, or made before a Swiss Notary Public (where the Will is actually drafted by the Notary and signed by the Testator in the presence of two witnesses who are often the Notary’s assistants).

Typed Wills or so-called “joint” Wills (one single Will made by two people) are prohibited and void.

Handwritten Wills may be drafted in any language, while Wills made before a Notary Public are usually in the local official language (i.e. in French in the French-speaking area of Switzerland, such as Geneva or Vaud).

Although it is not legally required in Switzerland, when a handwritten Will may predictably need, at some point, to be proven in the US, it is worth asking two witnesses to certify the Will at the time it is signed by the Testator, as this would be expected by a US probate Court.

Making a Will before a Notary Public is especially advisable when the mental capacity of the person making the Will could later be questioned (due to illness, age, potential influence of other people, etc.).

Usually, Wills made with the assistance of a Notary Public are kept by the latter who must send them to the competent local Court or authority upon the testators’ death. When Wills are made privately, it is wise to leave them in some place where they will be found easily, but they can be lost or destroyed. It goes without saying that any Will may, at the Testator’s discretion, be changed, amended, replaced or cancelled at any time by their authors and mere photocopies are not effective.

Appointment of an Executor

Under Swiss law, when there is no Will, the Estate is usually handled by the heirs (who must act jointly).

An Executor (or more than one) may however be appointed by Will and, upon the Testator’s death, will be required by the competent local Court (the Judge of the Peace in Geneva and Vaud) to accept this mission. The Will may include some specific instructions to the Executor who is generally entitled to deal with the Estate without any restriction.

The appointment of an Executor in a Will (and a possible Successor Executor – contingent in the event of the death or incapacity of the first one) is recommended when some assets are held abroad (especially in the US, in the UK or in other common law jurisdictions), when some of the heirs are under 18 years of age or when the situation may prove complex for some other reasons.

Where no Executor was appointed, the local Court may, under some circumstances, appoint an Administrator to take care of the Estate and to protect the heirs’ interests, especially if they are not all known.

Probate Process

Anyone finding a deceased’s Will in Switzerland must send it to the local authorities. Probate proceedings include the notification of a copy of the Will to all the heirs and beneficiaries and, depending on the circumstances, to any relatives possibly entitled to a portion of the Estate.

If the heirs suspect that the deceased was insolvent, they may reject the inheritance within 90 days. Alternatively, they may, within 30 days, apply with the local Court for a formal inventory to be drawn up (at their own expenses) and only accept the inheritance accordingly.

When the heirs accept (even tacitly) the inheritance, they immediately become the successors of the deceased for all the Estate assets and liabilities. They must act jointly and they are severally responsible for the deceased’s debts and obligations (including outstanding contributions or taxes owed in connection with undeclared assets).

Usually, when the deceased was a foreign national, Swiss Courts require that the heirs submit a formal statement to be issued by a Notary Public, in accordance with information that must be given by two witnesses who have no interest in the Estate and who must confirm the deceased’s family status, along with a list of all relatives who may be entitled to the Estate. In the event of any doubt or if no one is able to provide the requested information, the Court may order that a formal notice be published in the official gazette, allowing any potential heir to challenge the Will within 1 year.

In some cases, the heirs also have to submit a legal opinion confirming the solution resulting from the application of some foreign rules (if selected in the Will) that are sometimes regarded as rather “exotic”.

Once the situation is clarified (and, where applicable, after a fiscal inventory is filed and inheritance tax paid), the Court issues a Certificate of Inheritance naming the heirs and allowing them to fully access the Estate assets and arrange for these to be distributed amongst them.

IN SHORT:

Non-Swiss can (should) ask for their Estate to be governed by the law of their home country and state the country (i.e. will therefore avoid Napoleonic Code).

They must clearly state in the Will that this is what they want to do, g. “I direct that my Estate shall be governed by *** law”.

If it is not made before a Notary Public, the Will must be handwritten and married couple must write a Will each (so-called “joint-wills” are invalid in Switzerland).

A handwritten Will does not have to be witnessed and it should be kept in a safe place.

The appointment of an Executor (or more than one) should be considered.

It is helpful to attach a list of worldwide assets such as the name of the bank, branch and account number in which accounts are held, details of life policies or any other assets, as well as the contact details of people who could inform the heirs (such as Attorney, Financial Advisor or Accountant).

Creating or Updating your Will / Estate Planning – The Right Questions

If you died today, how would your Estate be handled?

Is there a Will and where is it?
Which debts should be eliminated?
Which assets should be sold (such as business or real estate)…
… and which ones should be kept (such as heirlooms)?
Who is to receive which assets (financial and sentimental)?
Are there any distribution clauses (e.g. to give your watch to your son/daughter when they reach age 18)?
Who is to take legal responsibility for any children under age 18?
Who is to assist the heirs and to ensure that your instructions will be implemented?

Financial Planning

Did you know that, if you are a US citizen, Swiss banks can be required to freeze your accounts until all US taxes are declared and paid, thus a joint account could be frozen?
If a joint account holder passes away, the account can be frozen until Swiss taxes are cleared up, with the surviving spouse only able to present bills for living expenses to be paid.
If a married couple has children and one of the parents dies without leaving a Will, the child/children are deemed to inherit 50% of the Estate and depending on the Canton, may have to pay Inheritance Tax. In the Canton of Vaud, children may however be “gifted” up to CHF 50’000 per year each – tax free.

Careful individual planning allows to identify and solve a number of issues like these.

We offer a free initial consultation should you wish to discuss these or other financial planning matters and should legal advice be required, we will work in conjunction with excellent English-speaking Attorneys and likewise have access to excellent English-speaking Accountants if pertinent.

This notice is for information purpose only and does not constitute legal or other professional advice. Any specific queries should be looked at individually with a professional advisor. This document may not be disseminated or published without written authority.