Non-resident mortgage amortization

Hi,

I own an apartment in Switzerland and currently staying in US for a duration of three years. I am not a Swiss Citizen and have been told by my bank that I am not allowed to contribute to indirect amortization. Please advice the available options or you recommend to stay for direct amortization.

Regards

Hi there,

By law, only residents of Switzerland and non-residents which work for a Swiss employer are able to contribute to the 3a category of Swiss retirement savings.

For this reason, indirect amortization through a 3a bank account or life insurance policy is not possible when you reside outside of Switzerland and do not work for a Swiss employer.

However, many Swiss banks allow you to directly amortize your mortgage while residing abroad. A good first step would be to find out whether your Swiss bank is willing to maintain a relationship with you as a resident of the U.S. (many Swiss banks will not). If they are willing, consider moving to direct amortization.

Best regards

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