Home sweet home, in Switzerland too: buying a home in Switzerland is becoming a reality for many people--including expats. Swiss News takes a look at one couple's experience and talks with two men 'in the know.'.
| Auteur | Blake, Chris |
For John and Erin, living in Switzerland included the dream of buying their own home. So they recently navigated uncharted waters and managed to purchase a 320[m.sup.2] property including a garden not far from Zurich.
"I think it's the mentality in the UK. You're taught to get on the property ladder as soon as possible," says Erin, who is English. "My husband and I still had houses in the UK (hers) and Ireland (his). Instead of paying the humongous rents here in Switzerland, we sold those properties and bought."
Despite their experience, the Swiss process proved wholly unfamiliar. "In the UK, you tend to use an estate agent. Here, it was more 'find it yourself.' I found our property on a website. The agent only came into the picture later. She was employed by the seller, but really didn't do much and it seemed she was only in it for the commission. We agreed to a price with the seller and handled other important details just between ourselves."
When the sale closed, "there were no attorneys involved, just a notary," but the process was very professional. "They wouldn't let us sign the contract until they were convinced we fully understood the German. We had hired a Swiss attorney friend on the side to make sure the contract was standard, but people don't normally do that."
Increased ownership
Looking back, Erin says their European nationalities--she is English and he, Irish--seemed to give them an option to buy in major centres. "We considered buying in the Zurich area and called (local authorities) to find out if it was possible. For this. we were referred to a lawyer. His first question was about nationality. Then he said it wouldn't be a problem."
UBS declined an interview on expat buying trends, but Ulrich Braun of Credit Suisse's Economic Research Division, said bilateral agreements have made it easier for expats from EU countries, like John and Erin.
"Federal law restricts foreigners from buying a home in Switzerland," Braun says. But since 2002, bilateral agreements between the EU/EFTA and Switzerland have permitted foreigners from EU/EFTA countries to buy a home without authorisation-if they make it their primary residence.
Other sources, including American embassies, note that foreigners from outside EU/EFTA, including those with only a B-permit, can now buy a home as a primary residence without authorisation.
Such changes in the law many have led to a rise in the number of foreigners buying homes in Switzerland but Braun is...
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