Why Switzerland, still
Switzerland remains one of the largest centres for cross-border wealth management, with Geneva and Zurich concentrating most of the expertise. For expats — whether relocating for work, retiring, or simply diversifying jurisdictions — the appeal is a combination of political stability, a mature legal framework, a strong currency, and access to institutions that have been managing family capital for generations.
Opening a Swiss bank account as a non-resident
Retail banks in Switzerland do serve non-residents, but the more relevant conversation for anyone with meaningful assets is with a private bank or an independent portfolio manager. Expect a structured onboarding: identity verification, source-of-wealth documentation, tax residence declarations (including FATCA / CRS), and, in most cases, a minimum relationship size that typically starts between CHF 500,000 and CHF 1,000,000.
New residents in Geneva usually have a simpler path: a Swiss address, a residence permit and a local tax file remove most of the friction. Non-residents can still open a Swiss relationship, but the bank will pay close attention to the tax framework of the client's country of residence.
Advisory vs discretionary management
The two dominant service models are:
- Investment advisory. The manager recommends trades and portfolio changes; the client approves each decision. This suits clients who want to remain closely involved.
- Discretionary management. The manager invests within a written, agreed mandate — objectives, risk profile, constraints — without asking for approval on individual trades. This suits clients who prefer to delegate day-to-day decisions.
Neither is inherently better. The right choice depends on how involved the client wants to be and how quickly the portfolio needs to react to market conditions.
Costs to expect
Costs in Switzerland are usually broken down into a management fee (a percentage of assets under management), custody fees, and transaction costs. Independent portfolio managers often charge a single, transparent management fee and use a custodian bank for safekeeping. Ask, in writing, for the total-cost ratio — including fund fees and retrocessions — before signing anything.
Tax considerations for expats
Swiss taxation is set at the federal, cantonal and communal level, and Geneva is one of the more expensive cantons. Expats commonly look at:
- Ordinary taxation versus forfait fiscal (lump-sum taxation) for eligible foreign nationals not gainfully employed in Switzerland.
- Coordination with the tax regime of the country of departure — exit taxes, trailing tax obligations, and the local treatment of a Swiss portfolio.
- Wealth tax on worldwide assets for Swiss residents, which influences portfolio construction.
This is where a portfolio manager works alongside a Swiss tax adviser rather than replacing one.
Choosing a partner in Geneva
A few questions worth asking any Geneva-based private banker or independent portfolio manager:
- Are you regulated by FINMA or a recognised supervisory organisation?
- Is my mandate advisory or discretionary — and can I switch?
- Where are my assets held, and in whose name?
- What is the total, all-in annual cost as a percentage of assets?
- Who is my direct point of contact, and who covers when they are away?
How I work with expat clients
As a Portfolio Manager at Genève Invest, I work with private clients — Swiss residents and non-residents — on discretionary and advisory mandates. My background is a Master of Science in Quantitative Finance, and the approach is fundamentals-driven, long-term and deliberately conservative. If you're relocating to Switzerland, or already based here and reconsidering your setup, I'm happy to have an initial conversation.