Reaching the official retirement age1 is an important milestone for many people. Some look forward to it while others dread it. Some dreading it would prefer to continue working either because they enjoy their work or would like the extra income. Some feel they are being systematically and unfairly labelled too old to work.

In 2016, Switzerland’s government decided to tighten the VAT exemption on imported purchases, a move that affects most online orders from foreign retailers. The new rules took effect on 1 January 2019 – they were originally planned for 1 January 2018 but systems and processes were not ready.

Since the beginning of December 2018 more and more counterfeit 100 Swiss franc notes have been appearing in the Swiss canton of Valais in and around Sion and Conthey. The fake notes, which the local Police say can be spotted if compared to real ones, have been making their way into circulation via shopping centres, kiosks and service stations in the Sion and Conthey region.

Every three months the rate of interest used to set Swiss rents is reviewed. If it goes down some renters have the right to request a decrease in rent. This time it remained at 1.50%. The last time it dropped was 2 June 2017 when it fell to 1.5%, its lowest level since 2008.

This week, Switzerland’s Federal Council decided the planned electronic motorway vignette will be optional. Drivers will be able to choose. Anyone wanting to drive on Switzerland’s motorway network must first buy a vignette, a road tax sticker introduced in 1985, which must be displayed on the windscreen. It currently costs CHF 40.

Switzerland’s unemployment benefits might be generous but they are strictly policed, as one recipient recently discovered. For a period of up to approximately two years after losing a job, most workers in Switzerland receive 70% of their former salary up to a maximum of CHF 88,200 a year – the amount paid varies depending on circumstances1.

After a referendum in March 2018 threatened to axe Switzerland’s costly broadcasting fee, the government put forward a counter proposal, which was adopted when 71.6% of voters voted to keep the fee. On 1 January 2019, the lower fee contained in the government’s plan will come into force. Next year, instead of CHF 451, each household will need to cough up CHF 365.

On 25 November 2018, Swiss will vote on whether to accept laws allowing detectives to uncover welfare fraud. Currently, there is nothing specific in Swiss law covering the practice. In the past, investigators have been used to gather evidence on disability and accident beneficiaries. Between 2009 and 2016, detectives were used on around 220 investigations a year, of which around two thirds were found guilty of fraud.

By 2017, 40.5% of those married in 1987 were divorced, compared to 33.2% of those married in 1977 and 24.7% of those married in 1967. Divorce in Switzerland starts early. 9.4% of those married in 1987 were divorced after five years, as were 8.1% of those married in 1977 and 4.8% of those who tied the knot in 1967.

More bad news for Swiss household budgets was released today for residents of all but three Swiss cantons. Health insurance premiums in 2019 will be on average 1.2% higher than in 2018 across Switzerland as a whole. However, within this figure there are significant cantonal variations.

Recent government figures show a 13% rise in the number of vacant homes over the 12 months to June 2018. The number has more than doubled since 2009 when there were close to 35,000 vacant dwellings. By 1 June 2018, there were more than 72,000, a vacancy rate of 1.62%.

Starting in September 2018, health insurance premiums in excess of 12% of income in the canton of Vaud will be covered by the government. From the beginning of 2019, this percentage will be reduced to 10%, increasing the number of people who qualify and the size of the subsidies, according to the newspaper Le Matin.

Currently, home owners in Switzerland must pay tax on fictional rent, calculated based on a home’s size and location. At the same time home owners get to deduct mortgage interest and home maintenance costs from their taxable income.

This week, a government commission gave its verdict on the vote, recommending two weeks of paternity leave instead of the four set out in the referendum’s text. Their commission’s main concerns are centred on the impact on companies and the cost of funding it.

Switzerland began updating its notes starting with the 50 franc note in April 2016. It then issued the new 20 franc note in May 2017, and the new 10 in October 2017. The newest note to grace Swiss wallets, pockets and purses is the 200 franc note, which was launched on 22 August 2018.

Swiss health insurance companies are aiming to change laws to make it easier for them to unilaterally end complementary insurance contracts, according to the newspaper Le Matin.

An initiative entitled: zero losses, was filed this week in Geneva. It aims to ring fence current public spending in the face of future company tax reform. The initiative gathered 9,147 signatures, more than the 7,840 required.

In Switzerland, the official retirement age for women is 64, a year earlier than it is for men. A poll by gfs.bern shows that around two thirds are in favour of raising the retirement age of women to 65. Only 16% are against the idea, with a further 18% somewhat against it. Men (78%) are more in favour of the change than women (54%), according to the newspaper 20 Minutes.

With TV recording there’s no need to miss programmes just because they’re on at the wrong time. And, when it’s time to watch them, it’s easy to fast forward through the adverts, something that can’t be done when watching live. In Switzerland, television recording is offered by big distributers, such as Swisscom, Sunrise and UPC. Broadcasters don’t provide it.

Historically, Switzerland has offered certain foreign companies special preferential tax deals in order to attract them. In response to international pressure, the current system is to be phased out replacing preferential tax rates with lower universal ones in the hope that these companies will stay.

In Switzerland, much in life revolves around the canton. Cantons have their own health, social and education systems, parliaments and tax rates. Federal government, based in Bern, is a layer that sits over the top, bringing the cantons together as Switzerland.

A report by The Boston Consulting Group highlights the size of Switzerland’s personal offshore wealth management sector. Total personal offshore wealth grew by 6% to reach US$8.2 trillion in 2017. US$2.3 trillion (28%) of this was managed in Switzerland. The top three offshore centres: Switzerland ($2.3 trillion), Hong Kong ($1.1 trillion) and Singapore ($0.9 trillion) made up more than half (52%) of the total.

The residents of Vaud are among the highest taxed in Switzerland. In 2016, a single person in Lausanne earning CHF 100,000 paid CHF 16,050 in cantonal and communal tax on top of CHF 1,840 of federal tax. This was the fourth highest across all of Switzerland’s 26 cantonal capitals, and almost triple Zug, the lowest, where the figure was CHF 5,750 – see chart below.

Against the wishes of the Federal Council, Switzerland’s upper house, the Council of States, rejected a plan to prevent people from withdrawing lump sums from their 2nd Pillar pensions, according to the newspaper Tribune de Genève. Last week, the Council of States voted 25 to 15 to reject the plan.

Every three months the rate of interest used to set Swiss rents is reviewed. If it goes down some renters have the right to request a decrease in rent. This time it remained at 1.50%. The last time it dropped was 1 June 2017 when it fell to its lowest level since 2008.

A recent report published by UBS shows real estate price changes in european mountain resorts. Over the last year, Verbier (-3.2%) and Crans Montana (-3.0%) experienced the largest price declines, while Saas Fee (+14.3%) and St. Moritz (+7.4%) climbed the most.

Switzerland’s government is working hard to find ways to fix a looming state pension shortfall. Two politicians in the canton of Fribourg have decided to seek savings by attempting to cut lifetime government pensions granted after short stints in the job, according to the newspaper 20 Minutes.

Sometimes Swiss voters are presented with questions that only specialists are equipped to answer. The vote on 10 June 2018 to change their monetary system appears to be one of these. On the surface it appears simple. Upon closer inspection it contains much complexity and uncertainty, compounded by a widespread misunderstanding of how the financial system works – banks do not act simply as intermediaries, lending out the deposits that savers place with them, nor do they multiply central bank money.

Swiss Rail has dropped plans to install Wi-Fi in its trains, according to the newspaper Le Matin. After a survey revealed that customers would only use on-board Wi-Fi it was free, the company decided there was no justifiable way to cover the cost, according the the newspaper. Swiss Rail is not prepared to bear the costs the mobile operators would charge them for the service and cannot not justify adding the cost to ticket prices.

By January 2018, the number receiving disability welfare in Switzerland had dropped to 217,200, 40,300 fewer than in 2006 when the number reached a record 257,500. Switzerland’s Federal Social Insurance Office (FSIO) attributes the reduction to an occupational rehabilitation programme started in 2008, and disability welfare fraud investigations.

Switzerland’s Federal Council, or cabinet, plans to increase the maximum annual deduction for child care costs to CHF 25,000 per child, up from CHF 12,100. This would allow parents to deduct up to this amount from their income for federal tax purposes but would not affect canton and commune taxes. Deductions could not exceed the amount spent.

In collaboration with the Swiss union Unia, Switzerland’s Young Socialists have launched a protest against the exploitation of interns. To get on the career ladder, many young people feel compelled to take internships offering little or no pay. The Young Socialists are demanding interns be better paid. Recent data from the Federal Statistical Office shows that 23% of young workers (15-24) are on short-term contracts, 41% of them interns.

Switzerland has the world’s most expensive meat according to a survey compiled by Caterwings in Germany. The survey, which looks at meat prices in 52 countries, ranks Swiss prices at the top across all meat categories. On average, Swiss shoppers pay 142% more than the average across all meat categories.

This week, ch-direct, an association of public transport providers that sets ticket prices, announced there would be no ticket price rises in 2019. Instead the prices of some tickets will fall slightly on 1 June 2018. The price small cuts on standard fares in June relate to the shift from 8.0% to 7.7% VAT at the beginning of the year.

The cantons of Neuchâtel (14.7%) and Geneva (14.6%) have the highest percentages of taxpayers owing money, according to the newspaper SonntagsBlick. Fribourg (12.6%), Bern (9.5%) and Luzern (6.5%) complete the top-five. Vaud (5.9%), Basel-City (5.5%) and Zurich (2.4%) are further down. Aargau (2.0%) and Uri (1.0%) sit at the bottom with fewest with oustanding tax payments.

Statistics published today show a further rise in Swiss healthcare costs. In 2016, spending on healthcare rose by 3.8% reaching over CHF 80 billion, 12.2% of GDP. In 2015, Swiss healthcare spending was equal to 11.9% of GDP. The challenge of rising healthcare costs is not confined to Switzerland. In the UK in 2015, healthcare costs rose 3.6% to reach 9.9% of GDP.

Philomena Colatrella, the CEO of Swiss insurer CSS Insurance, has stirred the lively debate around Switzerland’s rising cost of health insurance by proposing deductibles of CHF 5,000 and CHF 10,000 – deductibles set the amount people pay out of their own pockets before their insurance kicks in.

In some parts of Switzerland welfare payments are effectively loans that must be repaid when the recipient’s financial situation improves. According to the Aargauer Zeitung, a welfare recipient in the commune of Klingnau in the canton of Aargau received a bill of 173,000 francs after he came into some money. A windfall of 173,000 francs is rare, according to Rolf Walker, head of administration at the commune.

Comparing the most recent statistics on Swiss consumer inflation to those in 1993 reveals a steep drop in the percentage of spending allocated to food. When statisticians calculate consumer price rises they look at the prices of a standard basket of goods. In 1993, food and non-alcoholic beverages made up 14.3% of the value of this standard basket. By 2018, the percentage had fallen to 10.4%, a 27% drop.

When Geneva’s finances make the news it is typically bad. At the end of 2016, the canton had debts of CHF 12.5 billion, equal to 153% of its income. In January 2018, the rating agency Standard and Poors gave Geneva a negative outlook citing risks related to the canton’s poorly funded public pension scheme.

In Switzerland, married couples file one combined tax return. Because tax rates rise in line with income it means that second incomes of married couples are taxed at a higher rate than those of single cohabitating ones. Those campaigning to have this changed argue that it is unfair and acts as a disincentive for second income earners.

Last week, State Councillor Peter Hegglin (PDC/CVP) withdrew his motion demanding Switzerland’s retirement age automatically rise with life expectancy. He argues that Switzerland urgently needs to find a way to ensure the financial health of its pension system and raising the retirement age is the main way to do this.

Last week, work started on a project to construct 1,000 apartments in Geneva. The project known as the Quartier de l’Etang will unfold over an 11 hectare site in Vernier, not far from Geneva airport. The video above shows the commencement ceremony and a computer animation of the completed project.

Switzerland has a system of compulsory health insurance. Residents must choose an insurer and pay. Those who don’t are automatically signed up and sent a bill. Other than shopping around, choosing a policy with an excess, a sum that must be covered out of your own pocket before the insurance kicks in, is one of the few ways to reduce your premium.

A recent survey calculates 60.1% of Switzerland’s population was middle class in 2015, a figure that has remained broadly stable since 1998, reaching its highest in 2009 (61.3%) and lowest in 2013 (56.8%). But what is middle class in Switzerland? According to Switzerland’s Federal Statistical Office, it is anyone living in a household with a gross income between 70% and 150% of the gross median income.

Lukas Reimann, a parliamentarian and member of the Swiss Peoples Party (UDC/SVP), fought to have parliamentarians paid by health companies partially excluded from government commissions dealing with health issues. He thinks vested interests are behind high health premiums and that cartels must be broken.

While many national governments, such as the US and UK, regularly spend more than they collect, Switzerland managed a CHF 2.8 billion surplus in 2017. In addition, CHF 2 billion of withholding tax is expected, which would push the surplus up to CHF 4.8 billion.

On 4 March 2018, voters in Vaud will vote on a plan to provide basic universal dental care funded by a tax on salaries. The initiative entitled: Reimbursement of dental care, Pour le remboursement des soins dentaires in French, claims that 10% of the population avoid the dentist because of the cost. They also claim links between poor dental health and cancer, diabetes and premature births. Their plan envisages the creation of a network of polyclinics that would provide basic dental care, but not orthodontics, crowns or dental implants.

While Switzerland isn’t the most financially secretive nation in the Tax Justice Network’s recently published report, its combination of size and secrecy pushed it into first place, the worst rank in the Financial Secrecy Index 2018. Size is factored in because it measures the damage a nation’s financial secrecy has on the world, says The Tax Justice Network.

Tickets cannot be bought on public transport in Switzerland. Passengers are required to have a ticket before boarding. Those caught on public transport without one will soon have their names put into a national register. This will ensure progressively higher fines are issued to repeat offenders.

The UBS Swiss Real Estate Bubble Index declined in the last quarter of 2017, the second quarterly decline in a row. Prices are considered balanced when the index reaches zero. Between zero and 1 is considered a price boom, between 1 and 2 is considered at risk and above 2 a bubble. At the end of 2017 the index sat at 1.32, still in the zone where there is a risk of a price correction.

In 2015, Swiss residents made 24 million shopping trips abroad. The average Swiss-based cross-border shopper travelled 69 kilometres to shop in a neighbouring country, 55 kilometres further than they did when shopping in Switzerland, according to a study published by Credit Suisse.

The Swiss People’s Party (UDC/SVP) in Geneva wants shopping hours in Geneva to be standardized and extended. In general, French-speaking Switzerland has stricter laws on opening hours that the rest of Switzerland. For example a Migros store in Zurich is open until 9pm every night except Sunday. A similar store in Geneva is only open until 9pm one day a week. The rest of the week it shuts between 6pm and 7:30pm.

If you rent a home in Switzerland it is more likely to belong to an individual than a big real estate company or pension fund. In 2017, 49% of residential rental properties in Switzerland were owned by individuals, according to Statistics published by the Swiss Federal Statistical Office. The highest rate of rental home ownership by individuals was in the Italian-speaking canton of Ticino (71%). The lowest rate was in the Lake Geneva region (41%).

Income inequality in Switzerland has remained stable according to a report published by Switzerland’s Federal Statistical Office. A key measure of inequality involves dividing the income share of the top 20% by that of the bottom 20%, a measure known as S80/S20. 1 is complete equality.

A poll run by the media group Tamedia shows a clear majority in favour of rejecting the initiative, dubbed “No Billag”, which aims to end Switzerland’s broadcasting fee. This poll follows one done in December 2017, which showed a majority in favour of the initiative.

The Economist has just published its January 2018 Big Mac index, a light-hearted measure of whether currencies are under or overvalued. The underlying assumption is that a Big Mac is the same whether bought in Kiev or Chur, so any price difference must be due to the exchange rate.

Figures published in 2017 show that only 37% of Swiss healthcare costs were covered by basic compulsory health insurance premiums. The remaining cost was covered by the government (20%), accident and social insurance (10%), private complementary health insurance (7%), charity (1%) and out-of-pocket spending by individuals (26%).

In a report published today entitled: rents losing altitude, UBS says asking rents for apartments will probably drop by up to 10% over the next three years. Competition in the rental market is getting even fiercer. By mid-2017, 2.4% of all rental apartments were vacant. This level was last exceeded in 1998, when 2.8% of rental apartments stood empty, says the bank.

The current rate of 8% is set to drop on 1 January 2018. Temporarily increased by 0.4% in 2011 to shore up funding for disability welfare, the rate will revert to 7.7%. The 0.1% difference between the new rate and pre 2011 rate of 7.6% is a new increase that will be used to help finance rail infrastructure.

Recently published international price comparison numbers show just how expensive life is in Switzerland. The price of a standard basket of items, including food, clothing, accommodation, healthcare, transport, education and other regular expenses, was far higher in Switzerland than in the rest of Europe.

A recent OECD study, which looks at retirement, shows the relatively large amount spent on pensioners in Switzerland. Switzerland consumes 11% of its GDP on retirees, compared to 9% across OECD nations. Despite this high spending, the risk of poverty is higher in Switzerland than across the OECD. According to the organisation, 19% of those over 64 in Switzerland are at risk of poverty, compared to an OECD average of 13%.

It’s the question lurking in many people’s minds, especially during the frenzy of online Christmas shopping: has my email account been hacked? MELANI has got your back – up to a point. The Reporting and Analysis Centre for Information Assurance (MELANI), is part of the Swiss Federal Intelligence Service.

Many Swiss residents travel to neighbouring eurozone countries for their holidays. These countries are close and Swiss francs go far there. However, to get the most out of a strong currency you need a good exchange rate. If a Swiss resident presenting euro cash at a checkout in Germany or France was told they couldn’t pay in euros because they live in Switzerland – “I’m sorry sir but you live in Switzerland, you must pay in Swiss francs at our inflated exchange rate” – few would return. But this is what Airbnb does.

After the Swiss mountain village of Albinen hatched a plan to pay parents (CHF 25,000 each) and children (CHF 10,000 each) to move there, it has been inundated with applicants. Articles about the offer have been published by Time, The Sunday Times, The Sun, El Pais, and many other publications. Rather than celebrating, the picturesque town’s administration is unhappy. It published a statement on its website accusing the media of false reports that have created unnecessary fuss and confusion.

According to the newspaper Bilanz, Amazon has signed an agreement with Swiss post to provide rapid customs clearance. The head of postal customs, Felix Stierli, confirmed discussions with the company.A maximum customs clearance time of 3 hours will allow 24-hour delivery, one element of Amazon’s Prime offer.

A recent report from Switzerland Federal Statistical Office shows how an average Swiss household spends its income. In 2015, the mean income was CHF 9,946 per month, including all forms of income and any 13th month payment received at the end of the year.

The Credit Suisse 2017 Global Wealth Report, shows total global wealth rose 6.4% to USD 280 trillion in 2016, taking it to the its highest level since 2007, before the financial meltdown in 2008. Globally, average wealth per adult was USD 56,540. In Switzerland, the same figure was USD 537,600 (CHF 533,000), close to ten times the global average, placing Switzerland in the lead, if Iceland – with unreliable data – is ignored.

At the end of September the Swiss government announced an average nationwide health premium rise of 4% in 2018. This government calculation is rather narrow. It only looks at the price of standard compulsory insurance, including accident cover, for an adult with a CHF 300 deductible. Price comparison site bonus.ch calculates that this policy configuration only applies to 18.3% of residents.

As next year’s health premium bills find their way into Swiss mail or email boxes, the reality of another round of price increases starts to bite. Earlier this week, Switzerland’s Federal Council unveiled 38 measures that will be considered as part of a plan to tackle Switzerland’s rising health costs. A final plan will be presented next spring, according to 20 Minutes.

Last year Switzerland’s government announced plans to change the rules on charging VAT on imported goods. Currently, most things ordered abroad and sent through the post to Switzerland that attract VAT of less than CHF 5, are waived through customs free of charge.

On Wednesday, the Federal Council said it will cut Switzerland’s TV-Radio tax from CHF 451 to CHF 365 annually from 2019. According to Federal Councillor Doris Leuthard, the cut is made possible by cost savings from simplifying the system and an increase in the numbers who will pay it – everyone will soon pay, not just those with a receiving device.

The third in a series of gorgeous new Swiss franc bank notes will be released by the Swiss National Bank (SNB) on October 18th. The 10-franc note keeps its yellow colour, but most everything else in the design and construction is different. What’s most remarkable about the new bank note? Not the 40 centimes or so it takes to make each note, nor that each note is projected to last only about a year. Not the sophisticated security measures, including multiple layers of transparent and inked polymers, paper and other materials, plus other features embedded to combat counterfeiting – all this is done in Zürich by Orell Füssli.

Call it “dirty money” if you wish, because there’s about CHF 3 million in gold and silver found each year in Swiss sewage. But no one is going to get rich, according to a just-published report by the Swiss Federal Institute of Aquatic Science and Technology (Eawag). Recovering the estimated CHF 1.5 million in gold, and the same in silver, that passes through Swiss wastewater each year, wouldn’t be cost-effective, says the report. On the bright side, the concentrations measured pose no environmental or health threat.

According to Le Matin, Jean-Luc Addor, a parliamentarian and member of the Swiss People’s Party (UDC/SVP), wants to know what savings could be made if pensions paid to those abroad were adjusted for living costs in those countries. According to the newspaper, after the rejection of the vote to reform Swiss pensions, Addor said that the rejected reform was aimed at guaranteeing the financing of the pension system over the coming years, as well as maintaining the level of payments.

Yesterday, the Swiss government released health insurance premiums for 2018. There are price hikes across the board, particularly in French-speaking Switzerland. Next year, the price of standard compulsory insurance for an adult with a CHF 300 deductible will rise 4% on average. The cost varies by canton. Prices rises range from 1.6% to 6.4%. Health premiums for children will rise by an average of 5%, more than those for adults.

A survey by Tamedia offers clues to why 52.7% of Swiss voters rejected the pension reform plan that was put to a vote last Sunday. 20% of those voting “no” thought it was a pseudo reform that didn’t go far enough, while 26% felt it left too much of a burden on younger taxpayers. In 1981, when the life expectancy of an average Swiss woman was 79.2 years, the average time spent collecting the state pension was 15.2 years. Now an average Swiss woman can expect 21.3 years of state pension – life expectancy has risen to 85.3 years and the current official retirement age is 64.

Some who move to Switzerland might not be aware that they are almost certainly required to pay one of the world’s highest broadcasting fees. An annual Swiss licence costs CHF 451.10 per household. A successful vote in 2015 changed the rules on who must pay the fee. From 2019, it will be compulsory for anyone with a primary or secondary residence in Switzerland to pay it, effectively making it a tax on all households. At a new lower price of CHF 400 It will become a little cheaper.

The UBS Global Real Estate Bubble Index 2017 describes housing in Zurich and Geneva as only moderately overvalued. The two Swiss cities rank 6th (Geneva) and 9th (Zurich) in a list of 20 selected global cities.
The top eight: Toronto, Stockholm, Munich, Vancouver, Sydney, London, Hong Kong and Amsterdam are all classified as bubble risk. Only Chicago is undervalued.

Home vacancy rates in Switzerland’s main cities have all risen over the last few years, bringing some hope to those looking for a place to live. The latest 2017 data confirm this trend. While these percentage shifts might appear big, very low vacancy rates underly them. On 1 June 2012, none of these cities had a vacancy rate above 1%. Zurich (0.29%), Bern (0.48%), Basel (0.13%), Lausanne (0.28%) and Geneva (0.21%) were all well below 1% vacancy rates

When 10-year mortgage interest rates fall to 1%, home ownership becomes a very attractive alternative to renting. A recent report on home ownership shows why home ownership remains out of reach of the average Swiss household despite very low interest rates.The report, by Credit Suisse, says that despite the strong desire for people to own their own home, fewer and fewer households are able to afford them as the years go by.

According to data from comparis.ch, Switzerland’s most expensive apartments are found in Zurich, Maloja – home to Saint-Moritz, and Lavaux-Oron. One square metre will cost you CHF 12,250 (US$ 13,000) in Zurich, CHF 11,500 in Maloja and CHF 11,250 in Lavaux-Oron. Lavaux-Oron contains posh parts of Greater Lausanne, such as Lutry, and the UNESCO-listed wine terraces of Lavaux on the shore of Lake Geneva.

A recent Credit Suisse report, entitled: Tenants Wanted, says capital continues to flow into Swiss real estate, boosting the supply of rental properties. Against a backdrop of negative interest rates at Switzerland’s central bank, investors continue to plough money into constructing new residential properties. At the same time, declining immigration has hit the demand for rental apartments.

In Switzerland, home owners have to add a theoretical rent to their taxable income. This means home ownership can increase your annual tax bill, sometimes substantially.

In June 2017, Switzerland’s Federal Council announced plans to reduce the discounts offered to those willing to risk paying the first chunk of their annual medical bills. The plan included reducing the maximum premium discounts given for opting for deductibles, the amount paid by the insured before insurance kicks in.

At 1 June 2017, 3,650 empty homes, of which 2,655 were for rent and 995 for sale, were on the market in Vaud. This brought the vacancy rate to 0.9%, a rise of 0.1% compared to the year before. This rise follows an increase of 0.1% in 2016 from a rate of 0.7% in 2015. The market is considered balanced when the vacancy rate reaches 1.5%. The last time it was above this mark in Vaud was in 1999.

Recent analysis by Credit Suisse, London Business School and Cambridge Judge Business School shows the Swiss franc’s enduring strength. The reports says that for a small country with just 0.1% of the world’s population and less than 0.01% of its land mass, Switzerland punches well above its weight financially.

Swiss Rail plans to test a new smartphone app that will charge you when you arrive. The app will automatically search for the cheapest fare once the journey has ended, promising users the lowest possible fare. The new app, which will be added to Mobile Preview, will be tested in 2018.

The Swiss government announced plans to reduce the discounts offered to those willing to risk paying the first chunk of their annual medical bills. It also plans to adjust deductibles in line with shifts in medical costs. This will be discussed until 19 October 2017.

A real estate report by the bank UBS, which looks at 25 top resorts in Switzerland, Austria, France and Italy, shows vacation home price drops across Switzerland. These price falls contrast with price rises in resorts in Austria, France and Italy.

Swiss pensions have three parts. The first is a standard payment based on the number of years you have paid social security taxes (AVS / AHV). The second (2nd pillar) is based on a personal pot of money built up from compulsory salary deductions. And the third is a personal pot derived from optional tax deductible savings, known as a 3rd pillar.

Yesterday, the price comparison website Verivox published a study comparing mobile phone costs across 13 european countries. On most measures Switzerland was the most expensive, and by a wide margin. A plan including 100 minutes of talk and 1 Go (gigaoctet1) of data per month costs an average of CHF 25 per month in Switzerland

Every three months the rate of interest used to set Swiss rents is reviewed. If it goes down some renters have the right to request a decrease in rent. This time it dropped 0.25% to 1.50%. The interest rate used to set the reference rate was the average rate on Swiss mortgages at 31 March 2017 of 1.61% which rounds to 1.50% under the rounding rules, which round to the nearest quarter of a percent.

A study of data from 195 countries from 1990 to 2015 published recently in the medical journal The Lancet, ranks Switzerland’s healthcare system third. The analysis looked at mortality rates from causes that should not be fatal in the presence of effective medical care. It considered both healthcare access and quality and was designed with the aim of normalising for local environmental and behavioural risks.

A recent article in the newspaper 20 Minutes highlights the nasty surprise some young people experience when their parents fail to pay their health insurance premiums. Turning 18 is one of life’s key milestones. It corresponds with the end of school and entry into a new world. In Switzerland it is also a health insurance milestone.

Ahead of the automatic exchange of bank account information, which comes into effect at the beginning of next year, Swiss residents with undeclared foreign bank accounts are rushing to come clean to the tax authorities, according to Swiss broadcaster RTS.

It is widely believed that as the price of real estate climbs those on low incomes are forced out of city centres. A study by the University of Geneva, commissioned by the Swiss Federal Statistical Office focused on the period between 2010 and 2014, shows this is not true in Switzerland.

According to a recent study, employees in certain roles in Switzerland are paid around 50% more than those second-placed Luxembourg. The premium applies to recent hires, middle managers and qualified professionals, says the study conducted by Willis Tower Watson.

In Switzerland, more than a million people moved house in 2015, 12.1% of the population. The figure has never be higher, according to a report called Immo-Monitoring published by Wüest Partner. The home moving covered around 490,000 dwellings. Of those who moved, 344,000 stayed in the same commune (Gemeinde) while the other 659,000 changed municipality.

The new 50 franc note, launched last year, was voted the best new bank note in 2016 by the International Bank Note Society, a society founded in 1961. Nearly 120 new banknotes were released worldwide in 2016. The Swiss 50 only narrowly beat the Maldive Islands 1000 Rufiyaa bill, Argentina’s 500 Peso jaguar, and the Royal Bank of Scotland’s 5 Pound first polymer note.

Over the year ending 31 March 2017, apartment prices across Switzerland dropped by 6.8%, according to a property price report published by the Zurich-based research and consulting firm Fahrländer Partner FPRE.

On 11 March 2012, Swiss voted to accept a law restricting the construction of secondary residences, homes that are only used occasionally by owners living somewhere else. Under the law no more than 20% of a municipality’s housing can be second homes. Those with percentages above 20% run into building restrictions.

Some United Nations consultants haven’t paid taxes on their income, thinking it was exempt. When the tax authorities catch up with them they’ll risk paying back taxes and fines. As a general rule, foreign UN functionaries are not required to pay local taxes on their income. On the other hand UN consultants must.

In 2015, 21.7% of Switzerland’s population was unable to cover an unexpected expense of CHF 2,500 within a month, says a report from the Swiss Federal Statistics Office. Single parent families were the least able to cope with 46.1% of them falling into this camp. Single parent families were followed by single people under 65 (27.1%) and two-parent families (24.0%).

According to the bank Raiffeisen, if rents had followed the path prescribed in the Swiss Code of Obligations, they would be much lower. Their figures show that changes in interest rates have not flowed through to renters. If rents had fallen in step with mortgage interest rates they would be 40% lower than they are currently.

In Switzerland, those who own the home they live in must add imputed rent to their income when calculating their income tax. This means owner-occupiers are taxed for living in their own homes, an odd concept for some who are new to Switzerland.

The bank Raiffeisen has dropped its attempt to reduce minimum deposit requirements for home loans, according to RTS. Last autumn, it unveiled plans to reduce loan deposit requirements. However, last week, the bank announced that FINMA, Switzerland’s financial regulator, was opposed to the idea.

Switzerland’s public price watchdog chief, Stefan Meierhans, also know as “Mr Price”, has taken aim at high Swiss drug prices. A report published last week shows prices of generic drugs are nearly 2.4 times more expensive in Switzerland compared to the average price across 15 european countries.

Volkswagen shocked the world when it was revealed it was cheating on emissions tests on a grand scale. Now some television makers may be gaming the energy efficiency ratings of some of their televisions, according to the Economist.

Last October, Geneva state councillor Mauro Poggia, had his department send out close to 91,000 letters to those receiving social benefits, asking them to contact the authorities if they had failed to declare any assets or income. Laurent Paoliello, a spokesperson from the DEAS, said they received 3,200 letters back. So far, we haven’t been through all the letters, he said.

The Swiss States Council commission on public health endorsed a plan that could lead to higher health insurance premiums for those over 25. Swiss health insurance providers are required to pay into a communal pot to spread risk between insurance companies.

In Switzerland, how much you pay for compulsory health insurance depends on where you live. Premiums vary hugely by canton. For 2016, average monthly adult premiums in Basel City are CHF 545.60, Switzerland’s most expensive, compared to CHF 326.70, in lowest-cost Appenzell-Innerhoden. The difference between the two cantons is 40%.

This week the bank Credit Suisse published its cantonal cost of living report. Its ranking considers a typical household’s biggest expenses: tax, housing, commuting, basic health insurance and childcare. It takes income and deducts all of these costs to arrive at a measure of disposable income.

In Romania, 96.1% of the population owns the home they live in. In Switzerland the percentage is 37.4%. Home ownership rates vary significantly across the country. The lowest rates are found in the canton of Basel-City (16.0%) and Geneva (18.3%). Relative to these two cities, home ownership abounds in Valais (57.2%), the highest. Vaud (31.4%), Zurich (28.5%), Bern (39.9%), and Luzern (34.8%) are all in between.

After reaching a historical low in the third quarter of 2016, rates started rising in the fourth quarter. Rate increases hit mortgage tenors of five and ten years. Compared to Q3, fixed mortgage rates on loans of ten years went up an average 0.2% to 1.62% according to price comparison website Comparis.ch.

Swiss financial markets regulator Finma is not planning to loosen mortgage lending directives, according to its director Thomas Bauer, after the bank Raiffeisen expressed a desire for looser lending rules. In an interview with Zentralschweiz am Sonntag, Bauer said that this could allow certain households to get mortgages that they wouldn’t be able to service over the long term.

Rents have dropped across Switzerland, declining substantially in the Lake Geneva region, according the the property consulting firm Wüest Partner. According to the firm, Swiss rents in the second quarter of 2016 were 1.6% lower than the same quarter in 2015. Geneva saw rents drop by 8.3% over the same period, while the region around Lake Geneva, known as the arc lémanique, saw a fall of 7.2%.

Switzerland has around 4.4 million homes. In 2000, 52,608 (1.49%) of them were vacant. By 2003, this number had dropped to 33,039, a vacancy rate of 0.91%. After fluctuating between this level and 1.07%, the rate started to climb in 2014 to its current rate of 1.30%, its highest level in 15 years.

Some Swiss politicians would like to focus minds on the costs of going to the doctor to reduce the number going for the most minor of reasons. Their plan would require deductibles to rise annually in line with increases in the cost of basic health insurance. Higher deductibles, they think, would put people off going to the doctor unecessarily, reducing pressure on the health system.