Hypothetical Success Story *
It’s a New World
American trailing spouse
in Switzerland
Primary Goal
Create a new professional path in a new country
The Background
Amy C., 32, a hypothetical client*, is a dual US-Italian citizen and grew up in Brooklyn, NY. Five years ago she met Taylor, who is a dual Swiss-American citizen and shortly after they became a couple.
Two years ago, Taylor had the opportunity to return to Switzerland to become and investor and partner at a Swiss start-up in Zurich with three colleagues. Having never lived outside the USA, Amy decided to follow Taylor and see where life led them.
At the time of the move, Amy was working as an editor for a scientific journal. She loved her job, but she didn’t think it was possible to keep working for her US employer from Switzerland, so she resigned when she moved to Zurich.
A year after the Swiss move, Amy and Taylor decided to get married and settle in Zurich, where Taylor’s start-up is thriving. Having hiked and skied her heart out, and missing her prior financial independence, Amy is ready to get back to work and she needs help getting started.
The Challenges
- Swiss German is a language barrier when seeking employment in Zurich.
- Being location independent is important, as she and Taylor may need to move if the start-up continues to grow.
- Amy is considering starting a scientific editing consulting business.
- She has never worked independently before.
- She would like to take advantage of the Swiss social insurance system.
- She has a limited budget to start her business.
- She finds the Swiss system confusing and frustrating.
Approach & Results
We sat down with Amy to understand her situation, financial resources, initial motivation and short- and long-term goals.
- What options had she already explored?
- Did she have a business plan?
- Did she have a clear vision of what she wanted her business and life to look like in one, three, five years?
- Did the prospect of running her own business excite her or scare her?
- Did she have a business background or experience in business administration?
Through our discovery process we gathered information about her wealth, such as financial accounts in the USA and Switzerland, debts including student loans and credit cards; and cash needs to support her lifestyle and getting established professionally in Switzerland.
With a clear understanding of Amy’s situation and goals, we looked for the best fitting solution for her. We considered Amy’s limited budget and lack experience running businesses, her upcoming wedding and her discomfort with administrative complexity. We focused on the solution that would allow Amy to hit the ground running with a low initial investment and limited effort for ongoing management. We helped Amy:
- Select the right Swiss payroll company through which to operate her business.
- Create a one-page business budget and marketing plan to get her business rolling
- Understand the Swiss social insurance system and make appropriate employer benefit and insurance choices
- Get her financial information organized in a centralized, user friendly dashboard.
- Understand her US and Swiss tax obligations as a Swiss income earner and develop a system for tax compliance.
- Consolidate her many small US financial accounts into one at a Swiss-resident friendly US custodian.
Amy felt prepared and relaxed as she launched her scientific editing business. She was able to focus her attention on marketing and land a large client shortly after getting set up. She is now regularly working with two steady clients.
After Taylor and Amy got married, Taylor became a client of Swiss American Wealth Advisors. Working with us has helped them to reduce their taxes and simplify their financial management. They rely on us for the management of their US investment assets and to help them grow their wealth in a cost efficient and US-Swiss compliant way.
