Did you know that Zürcher Kantonalbank remains a reliable point of contact for Swiss citizens abroad – even after emigration? Silvana Leutwiler from Zürcher Kantonalbank talks about the financial needs of the so-called “Fifth Switzerland” and the associated challenges. The focus is on personal contact, the connection to Switzerland and one’s homeland, as well as digital transformation. Discover current trends and practical recommendations to help Swiss citizens abroad manage their finances securely and efficiently.
Recently, the Swiss Federal Statistical Office (FSO) published the latest 2024 figures on the Swiss abroad. The numbers are impressive: around 827,700 Swiss nationals live beyond the country’s borders.
We spoke with Silvana Leutwiler, responsible for the Swiss Abroad Market at Zürcher Kantonalbank (ZKB), about the specific financial needs and tailor-made solutions for the “Fifth Switzerland” and the bank’s role in this important context.
Silvana Leutwiler, according to the 2024 statistics, 64% of Swiss abroad live in Europe. What does the distribution look like among ZKB’s clients living abroad?
Compared to the Federal Statistics for Swiss Abroad statistics, the top 20 countries in which our clients reside are almost identical. Only Belgium and New Zealand fall outside our top 20. The trend of an increasing number of retirees moving abroad is also reflected in our data.
What trends are you currently seeing in financial services for Swiss abroad?
That’s an interesting question, especially in a dynamic sector that is constantly evolving. Three trends come to mind:
Personal Consultation: Those who decide to move abroad often appreciate personalized and individual advice in their native language – particularly when it comes to finances. Although ZKB is based in Zurich, we support and advise our clients around the world. As a local bank, we share the same values and speak the same language as our customers, making the service mor personal. For many, this represents a piece of home.
Security: Security is a fundamental human need. It’s not just about the amount of capital someone holds, but also about the assurance of keeping assets in a Swiss bank. Switzerland’s stable economy and strong franc are additional reasons why many Swiss abroad consider maintaining a Swiss bank account even after relocating. Discretion continues to be highly valued.
Digitalisation and mobile banking: Digitalisation has changed how people communicate and manage their finances worldwide. It enables secure communication and transactions anytime, anywhere. Thanks to digital development, we can maintain close relationships with our clients abroad. Digital channels – such as blogs – also serve as a valuable bridge to home, helping Swiss expats stay well-informed and connected.
What steps should be taken to maintain a banking relationship with ZKB after moving abroad?
It’s helpful if we’re informed early about a relocation, so we can offer guidance throughout the process during this life phase. Typically, banking documents need to be updated in advance. Some administrative formalities must also be completed in Switzerland, for example, contract adjustments, as some documents are only legally accepted if signed within Switzerland.
| «Even far from home, Zürcher Kantonalbank remains a trusted financial partner – for a lifestime.» |
 Silvana Leutwiler, responsible for the Swiss Abroad Market at Zürcher Kantonalbank |
Are you emigrating? Zürcher Kantonalbank accompanies you with expertise.
Are there any legal or regulatory requirements Swiss abroad need to consider when banking with a Swiss institution?
Yes, there are. First and foremost, Swiss citizens abroad should check with their bank whether maintaining or opening a new banking relationship is possible due to their new country of residence, local regulations may apply.
What tax considerations should Swiss abroad take into account when managing their finances?
There are several: double taxation agreements, reporting obligations, capital gains tax, and more. Some countries have specific regulations for retirement planning, while in other states, claims on invested capital may be lost upon returning to Switzerland. Additionally, tax systems vary greatly by country; from tax rates to social security contributions and other levies.
In these matters, it’s essential to take a holistic view and not focus on a single point. To meet their tax obligations both in Switzerland and their country of residence, it is advisable to consultation from experts with cross-border experience.
Silvana Leutwiler
Silvana Leutwiler works as the Market Head for Swiss Expats at Zürcher Kantonalbank.
One of her key tasks for her is to fulfil the Zürcher Kantonalbank’s service mandate. This means ensuring that Swiss citizen can maintain a banking relationship in Switzerland, regardless of the country of residence (except for sanctioned countries). Together with her team, she maintain a close partnership with the Organisation of the Swiss Abroad (OSA) and Soliswiss. This direct exchange provides authentic feedback on the needs of the “Fifth Switzerland.”
Silvana Leutwiler has also lived abroad herself and is therefore well acquainted with her customers’ requirements: «From experience, I can say that an overseas stay begins with a personal need and requires financial planning. It’s essential to choose the right financial partner early on, who understands your individual goals and circumstances. That way, you can enjoy new experiences and unforgettable moments without financial worries.»
Practical Tips – How Swiss citizens abroad can ensure their banking activities remain safe and secure:
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- 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.