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US expats in Switzerland: Investment considerations

Expert cross border wealth management and international asset protection for US citizens and expats.

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Discretionary Portfolio Management

Designed for clients who want their assets holistically managed by the investment manager, but who do not wish to be involved in their management

Portfolio Advisory

The portfolio advisory service is designed for clients who would like their account to be holistically managed but still wish to be involved in every investment decision.

Hold Only

The hold-only service is for clients who do not want discretionary portfolio management or advisory. It applies only to accounts holding cash, precious metals, and commodities, with no securities included. No advisory services or risk monitoring are provided. Clients are solely responsible for asset allocation and all investment decisions.

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What changes for US expats in Switzerland?

Relocating to Switzerland can change the financial environment around an American investor quite quickly. A salary may now be paid in Swiss francs, everyday expenses move into CHF, and local banking relationships become part of normal life. U.S. status, however, remains relevant. For US expats in Switzerland, this creates an unusual investment context. Their day-to-day finances may be increasingly Swiss, while U.S. tax and regulatory considerations can continue to affect financial accounts and investments. The distinction is particularly important when building an investment portfolio. Products, banks, and services available to other Swiss residents are not necessarily available or appropriate on the same basis to an American living in the country.

Why CHF matters for US expats in Switzerland

Currency becomes tangible when both income and expenditure move into Swiss francs. For US expats in Switzerland, that does not automatically mean an investment portfolio should also be converted predominantly into CHF assets. Instead, currency exposure can be considered in relation to the investor's overall financial circumstances. An investor earning CHF but retaining substantial U.S. dollar investments, for example, already has exposure to more than one currency. Future liquidity requirements may also influence how much cash or other assets should be available in Swiss francs. The currency in which an investment is quoted should not be confused with its underlying economic exposure either. A Swiss-listed company may generate revenues internationally, just as a U.S.-listed company may have significant exposure to markets outside the United States.

Local funds can be different for US expats in Switzerland

Moving to Switzerland gives residents access to a developed local investment market, but U.S. persons need to evaluate that market from an American perspective. Certain funds and other investment vehicles commonly available to Swiss residents may have particular U.S. tax or reporting implications. Passive Foreign Investment Company (PFIC) rules are one example that can be relevant when considering non-U.S. pooled investments. As a result, US expats in Switzerland should not assume that a product's availability through a Swiss financial institution determines its suitability for an American investor. This does not prevent an internationally diversified portfolio. It means the available investment universe can be assessed with the investor's U.S. status in mind before individual investments are selected.

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Can US expats in Switzerland use Swiss banks?

Americans living in Switzerland can establish relationships with Swiss financial institutions that accept U.S. persons, subject to the institution's own client criteria and onboarding requirements. Not every bank serves this client group. For US expats in Switzerland, it can therefore be useful to distinguish between the banking services required for everyday life and the custody relationship used for investments. The same institution does not necessarily have to perform every function. A Swiss custodian bank can hold investment assets, settle transactions, and provide account reporting. Investment advice or portfolio management can then be provided separately where the bank permits an external investment advisor.

Investing for US expats in Switzerland

Living in Switzerland does not mean that an investment strategy has to become predominantly Swiss. A portfolio can include exposure to different international markets, sectors, currencies, and asset classes according to the investor's objectives and agreed risk parameters. The Swiss element may instead be the location of the investment advisor or custodian. Kaiser Partner Financial Advisors Ltd. is a Zurich-based investment advisor registered with the SEC and focused on U.S. persons. It provides Portfolio Advisory and Discretionary Portfolio Management while working with specialist custodian banks in Switzerland and Liechtenstein. Hold Only is also available where investment advice and portfolio risk monitoring are not required. For US expats in Switzerland, this provides one way to combine a Swiss-based financial relationship with an internationally oriented portfolio while taking relevant U.S. investment considerations into account. Contact us if you are ready to learn more.