Zurich and Geneva were recently named the most expensive cities in the world besides New York. But the residents of Zurich and Geneva also have the highest salaries, and they’re right afterthe residents of Luxembourg in terms of purchasing power, according to UBS. The average cost of a Swiss working hour is estimated to be 41 dollars, while the minimum is considered 21 dollars an hour.
Accommodation costs in Switzerland
Accommodation is considered to be the hardest part of living in Switzerland, where the rent for a 1 bedroom apartment starts from $1,495 per month, for 99 sq. ft. Of course, a house will be much more expensive than an apartment in the same area. When first moving in, a deposit of 3 months should be lodged in the owner’s bank account. In addition to rent, the tenant must also pay the utility bills and the service fee for the care and maintenance of communal areas. The water rate is usually included in the rental cost as well, and all the accommodation costs should take about 20 percent of the monthly income.
Transportation costs in Switzerland
When you own a car in Switzerland, additional costs are involved: monthly insurance, cantonal tax, parking permit taxes, highway taxes and off course gas taxes. Bicycles also involve annual license purchases. The most cost efficient transportation remains the Swiss public transportation. Considered to be one of the best in the world, the Swiss public transportation is punctual and fast. All the public transportation companies in Switzerland are integrated into one big system with just one schedule and ticketing system.
Education costs in Switzerland
In Switzerland the educational system is both public and private. The public schools have high standards and they’re all free of charge.But the difference is made by teaching language that will be canton's official language. Bilingual schools exist, but their tuition fee starts from 25,000 CHF per year. For expats who want their children to learn their home country’s curriculum in their home language the tuition can be wellover 35,000 CHF per year.
Living costs in Switzerland
Switzerland payssome of the highest wages in the world, and even though the cost of living is extremely high as well, it still is an affordable country for those who decide to live in it. According to Eurostat figures, the total household costs for a family in Switzerland is 60% higher than the European Union average. For example a family of three in Zurich spends more than 3,600 dollars each month to live. The estimation does not include the costs related to rent and other utilities.
Switzerland is a country full of opportunities, both for highly skilled professionals who want their work to be paid with highest salaries in the world, as well as for entrepreneurs who would like to benefit of the advantages of Swiss double taxation by forming a company in Switzerland.
Setting up a company in Switzerland can be an easy process if assisted by a specialized team.Depending on the availability of the necessary documents, the registration of the company can take 5 to 10 days. The process includes the following services:
- drafting of Statutes and bylaws
- certified copies of the certificate of incorporation, statutes and bylaws
- preparation of all registration documents
- share capital bank account introduction (banks fees are not included)
- Application for the VAT, if required
- capital bank account opening
In the case in which the company owner will be an expat, then a Swiss resident should be named in the Board of Directors. He will only act as a liaison to the tax authorities and the Trade Register.
If for tourists, Switzerland might seem an expensive country, for those who live and work in Switzerland this is not applicable due to high salaries which provide high living standards.
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