A Swiss Bank Account

I have a Swiss bank account! Actually, it’s complicated but the bottom line is I do not have a Swiss bank account but I do have control over one. 

Swiss bank accounts are laden with some hefty fees.  I could get one, but it would cost me. The Wife on the other hand gets a Swiss bank account with fees waived for the first two years due to an agreement between here employer and a large Swiss bank. So you are probably saying ‘just get a joint account.’ Good thinking; that is what we proposed but then we found out about a bit of a quirk in the Swiss banking rules. Deposits to the account have to be made matching all names on the account, not any name on the account like in the US. So, if we had the joint account, The Wife’s paychecks would have to be made out to both of us in order to be deposited into the joint account (true whether done by check or direct deposit). It is doubtful that her employer would want to add my name to her payroll record.

The ‘fix’ in the end was to open the account in the name of The Wife, only, but to give me power of attorney on the account. That is why I have control on a Swiss account, but no account in my name.

A couple of additional comments on the Swiss account and banking. Opening a Swiss account as a US citizen means part of the paperwork is an IRS form! Uncle Sam wants to make sure you are not hiding behind the Swiss curtain! The other oddity is that one of the limitations placed on US citizens here is we are not allowed to invest in the local stock markets. There was no explanation as to why that restriction is imposed, but we will have to live with it.

Registering

At the outset of the process The Wife had to apply for a Visa that would permit her to work in Switzerland.  A bunch of paperwork and a couple of weeks later we learned that she had been approved for a 'B' permit.  This was good;  'B' permits are for up to 5 years, and allow the spouse to not only accompany the applicant but also to work in Switzerland (though I have no intention of taking a paying job).

Obtaining the authorization for the work Visa was just the start.   The authorization generated letters we had to take to the Swiss Consulate and get temporary Visa's allowing us to enter and for The Wife to work for up to 3 months.  A condition was that we had to register with the authorities in the local postal code in which we were staying within 14 days after entry.  We made that visit the day after we landed in Switzerland, and presented a lot of paperwork to the nice lady processing our registration:

• Passports
• Visa authorization letters
• FBI background checks
• Marriage Certificate
• The Wife's work contract

At the end we ended up with another letter, each, and an appointment to go to the immigration office in another part of the city two weeks later for 'Biometrics' (photos and fingerprints).  We did the 'Biometrics' yesterday, which entailed about 5 minutes each after 30 minutes of travel.  In a week or so we should receive our residency cards in the mail.

We are registered!  Not so fast ...  we will be moving in month to a flat in a town about 4 miles away  and will have to re-register with the local authorities in that town.   There is no flying under the radar here; they want to keep track of where everyone is residing.   Failure to comply can result in expulsion, so we intend to be compliant.

The Ex-Pat transition begins

The Wife and I had been talking for years of moving outside the U.S., at least for a while.  As with many ideas people think and talk about this concept seemed destined to be an aspiration and never a reality.  Then it happened, and in less than six months we went from a concept to living in Zürich.  We know the road will be windy, and rough in ways we cannot anticipate at this time, but we are ‘all in’ and ready to see where this ex-pat path takes us.

We are now in week two of living in Zürich.  A year ago we owned two automobiles, today we own none.  Two weeks ago we were ensconced in a house we have called home for over 12 years, but today other people, renters, are taking comfort within those walls while we search for an apartment or flat here to work on making our home.  As we prepared for this transition, as much as one can prepare for a life change of this magnitude, we worked to shed as many possessions as we could and lighten our footprint. 

We understand this path we have chosen will be twisty with rough spots we cannot imagine or foresee.  But we are ‘all in’ and ready to take this on head first.  We will try to document as much of the process, challenges, surprises, failures, and successes as we can.  And along the way we will add bits on the trips we intend to take as we use this location as a jumping off spot to explore this small continent.  It is time to get moving on this!