35 Advertorial Beyond borders: Tips and Insights from an expert Did you know that Zürcher Kantonalbank does not require a minimum deposit from Swiss citizens living abroad, regardless of which country they live in? Silvana Leutwiler, Market Manager for Swiss Citizens Living Abroad at ZKB, tells us about the needs of the “Fifth Switzerland” and the challenges they face. What trends have you observed in your role at ZKB? Three key trends have emerged when it comes to financial services for Swiss citizens living abroad: Firstly, personal advice remains an important factor, as many expats value having individual support in their native language. Zürcher Kantonalbank offers support worldwide and provides a feeling of home through our shared values. Secondly, security plays a key role – the stable Swiss economy, the strong Swiss franc as well as good old Swiss discretion continue to make Swiss banks attractive, which is why many clients keep their accounts even after relocating abroad. Thirdly, digitalisation has thoroughly transformed the financial sector: mobile banking and digital channels enable secure transactions and communication at any time and from anywhere, reinforcing the connection to home. What do you recommend in terms of legal and regulatory requirements? Swiss citizens living abroad should contact their bank in good time to find out whether it is possible to maintain or open a banking relationship in their country of residence. Depending on the country, legal or regulatory requirements may affect doing business with a Swiss bank. Necessary steps include updating banking documents and carrying out administrative formalities such as contract amendments, which may sometimes require a signature to be given within Switzerland. What tax considerations should be kept in mind? Swiss citizens living abroad should be aware of various tax-related issues when managing their finances, such as double taxation agreements, reporting obligations or capital gains taxes. Depending on the country, specific regulations concerning pensions, differing tax systems, social security contributions and levies may also apply. In order to meet tax obligations correctly both in Switzerland and abroad, it is advisable to comprehensively assess one’s individual situation and seek advice from a qualified professional. Silvana Leutwiler, Market Manager for Swiss Citizens Living Abroad at Zürcher Kantonalbank One of Silvana Leutwiler’s main responsibilities is to help make sure that Zürcher Kantonalbank fulfils its public service mandate. This means enabling Swiss citizens to maintain their banking relationship in Switzerland, regardless of their wealth or country of residence (sanctioned countries excluded). Practical Tips: How Swiss citizens abroad can ensure their banking activities remain safe and secure: 1. Choose a bank you trust and consider its ratings of independent rating agencies. 2. Maintain regular contact with your bank. 3. Use strong passwords. 4. Monitor your accounts on a regular basis. 5. Use secure internet connections. 6. Keep your software updated. 7. Stay alert to phishing attempts. We remain fully committed to being the bank that’s close to you for Swiss citizens living abroad. Are you emigrating? Zürcher Kantonalbank accompanies you with expertise. zkb.ch/swiss-abroad Photo: Getty Images
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