If you are de-registering from Switzerland, or have already left, you can have your Pillar 3a paid out.
If you are de-registering from Switzerland, or have already left, you can have your Pillar 3a paid out.
If you are still resident in Switzerland at the time your Pillar 3a is paid to you, even if definitely leaving soon, you will pay tax at the rate of the canton in which you are resident.
If you have already de-registered from Switzerland and departed, the tax rate applied is that of the canton in which your Pillar 3a provider is based.
Your provider should deduct the tax directly before paying it to you. This is why it can be beneficial to move your Pillar 3a to a lower tax canton prior to your departure (and why some foundations are domiciled in canton Schwyz!).
It is not always worth moving your Pillar 3a to a lower tax canton. You should consider the tax rate differences with your canton of residence, the fees you may pay for the service of extracting your Pillar 3a soon after switching providers, and the total value of your account.
In addition, there are countries in which a Pillar 3a withdrawal may be taxed upon receipt. In such cases, you may wish to consider leaving your Pillar 3a where it is, though still would likely benefit from relocating it to a lower tax canton, or making a withdrawal from your canton of residence prior to your departure from Switzerland.
The same rules generally apply to the Pillar 2 lump sum, though you should confirm with your Patterson Mills Adviser the personal impact on you with regards to both your Pillar 2 (or Vested Benefits) and Pillar 3a.
Experience over 39 years tells us that everyone really is different. The differences in taxation between cantons for Swiss pensions can seem complex. With the myriad of differing tax rules, investment regulations, and more, it can be extremely challenging to know whether or not your money is working as efficiently as possible for you.
This is where we come in.
With our specialist advice service at Patterson Mills, which is tailored to ensuring you have the best possible chance of financial independence in retirement, we are well versed in the differing types of solutions available to you for your Pillar 3a and wider investments.
There is no one-size-fits-all solution. However, being completely independent, we have ensured that our access to the entire market enables us to offer our Clients a service that is just as distinctive as them.
To find out what you may be missing, get in touch. You have nothing to lose and potentially much to gain.
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