Capital’s Swiss Tips – Outlook for 2018
It’s safe to say that the political and economic actions of 2017 created uncertainty and instability across the globe. But as we now move further into 2018, it’s clear to see that this year is a positive one for doing business internationally – particularly in Switzerland.
In this edition of Capital’s Swiss Tips, I hope to share with you an overview of working in Switzerland as a foreign business or individual and the great opportunities the country presents for those looking to expand internationally.
Which are Switzerland’s leading sectors?
Switzerland’s economy is incredibly healthy, and the country is constantly in need of skilled and experienced personnel. The most influential sectors include pharmaceutical, banking and IT, and these industries attract talented contractors from all over the world. For businesses operating within these sectors and looking to expand internationally, the Swiss market provides a healthy outlook for 2018.
Is Fintech a big sector in Switzerland?
Fintech is growing everywhere, but nowhere more so than in Switzerland. In recent years we have seen Switzerland become a hub for dynamic and innovative fintech start-ups. These continue to thrive and have grown into some of the sector’s leading institutions which require talented foreign workers. Last year, the Swiss Federal Council decided on new fintech regulations which reduced barriers to entry for fintech firms. This news meant that we can expect to see even more foreign fintech businesses entering Switzerland in the following years. The sector is set to be one of the most country’s most influential industries this year.
Has the Swiss Immigration Referendum deterred foreign businesses from working in Switzerland?
In February 2014, Switzerland voted in favour of restricting immigration from EU countries. This move caused concern not only in Switzerland but also across the rest of Europe. Understandably this caused many EU citizens to question their ability to work in Switzerland in the future. As the 9th February 2017 deadline for Switzerland to impose the proposed restrictions has passed, it now seems unlikely that further action will be taken.
This news means that little will change for EU nationals wanting to work in Switzerland, and entry into the country is as easy as ever before. Needless to say foreign businesses have not been deterred by the political uncertainty in Switzerland as the Swiss economy and industries continue to thrive.
Is Switzerland an expensive country to live and work in?
In the Mercer 2017 Quality of Living Rankings, Zurich and Geneva ranked second and eighth respectively. Swiss citizens enjoy a very high standard of living, and 2018 is set to be an even more prosperous year for individuals living and working in Switzerland. While the country isn’t exactly cheap to live and work in, adjustments in the economy have made Switzerland significantly more economically viable and potentially lucrative for foreign workers.
According to the Global Property Guide rental property prices in Switzerland dropped by 1.6 per cent at the end of 2017. This, coupled with a rise in Swiss salaries, means that 2018 is an incredibly positive time to be working in Switzerland, where residents and workers can enjoy an unparalleled quality of life.
If you are a contractor, staffing firm or company looking to work and do business in Switzerland please contact us at email@example.com