Your vested benefits foundation for all stages of life
 

Frequently Asked Questions

FAQ

Here you will find the most frequently asked questions and answers about moving abroad.

Do I have to withdraw the funds from my vested benefits account if I apply to move abroad?

No. The vested benefits account can also be left in place up to no later than your 70th birthday (69th birthday for women). During this period, the vested benefit assets are not subject either to income tax, wealth tax or withholding tax.

Can I also just take some of the retirement assets?

You may not make any partial withdrawals. The only exception is if you move to an EU/EFTA country. In this case, the BVG portion must, by law, remain in Switzerland. THis can then also be taken from your 60th birthday (men) or 59th birthday (women).

What is the earliest possible date on which the payment can be made?

The earliest date for payment is one day after the official date of deregistration from Switzerland. No prior payment is permitted.

What is the payment procedure?

The retirement assets have to be transferred to the Independent Vested benefits Foundation for processing.

You then make the request for payment by submitting the application for payment in cash, together with the necessary documents (see checklist cash payment), to the foundation. Your documents will be checked to determine if they are complete and if so, the withholding tax will be calculated and deducted. We will then trasnfer the amount to your chosen bank account. As confirmation, you will receive a final Statement containing a list of all the deductions and charges.

How much time should I allow for the retirement assets to reach my private account?

As soon as we are in possession of all the documents, it takes 10 working days before ayment to your account can be triggered.

Please take note of any cancellation periods depending on the bank.

Does my partner have to co-sign the application for payment?

Since the introduction of new divorce law, which came into force on the 01.01.2017, all payment forms must be co-signed by the partner. This applies to married persons or persons in a regstered partnership. For reasons of due diligence, the signatures must also be notarised.

Can I also have my retirement assets transferred to a foreign bank account?

Payment to a foreign bank account an only be accepted in exceptional cases. Please contact us for any information.

What can I do if I am abroad and am unable to find a Swiss Consulate to have the signatures legally certified?

In agreement with the foundation, the signatures can also be certified by a notary. In this case, an additional form of certification is required, the so-called apostille. This document must be provided to us, together with the original application for cash payment.

How current must the certificate of registration be?

The certificate of registration (gas, water or electricity Statement) must not be older than three months. The applicable date in this respect is the date on which we receive the documents.

Can I take my retirement assets if I have made voluntary purchases into the pension fund?

The retirement assets cannot be taken for three years after the purchase. I this respect, the value date of the purchase is definitive.

Is it necessary to submit a copy of the departure statement?

The departure stateent will be sent to us direct by your previous pension institution on the transfer of your vested benefit assets. You do not Need to send us this document again.

What are the fees in event of a permanent move abroad?

The consultation and processing fee is dependent on the amount of the retirement asests and will be debited to your vested benefits account.

Retirement assets Fee
up to 0.5 million CHF 1'000.00
> 0.5 million CHF 750.00
> 1.0 million CHF 500.00

How can I apply for a refund of withholding tax?

The key factor is whether there is a dual taxation agreement between your new country of residence and Switzerland. If the agreement allows for a refund and providing you properly declare your retirement assets at your new place of domicile, you can apply for a refund of the withholding tax.

You will find the corresponding form on the Website of the Schwyz Tax Office.

What are the tax consequences of the capital sum being paid abroad?

The taxation varies from country to country. We recommend you to consult a local tax adviser to clarify this issu.

Independent
Vested benefits foundation
Herrengasse 14
CH-6430 Schwyz
Phone +41 41 819 60 73
Fax +41 41 819 60 69
info(at)independent-foundation.ch
www.independent-foundation.ch
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