Leaving Switzerland to go to India, Insurance withdrawals

Banks, Insurances & Third Pillar
1

Hello,

I am a UK national who has been working in Switzerland for 4 years. I will be leaving Switzerland permanently this Fall to move to India. I am not an Indian national, but I will have OCI status by the time I leave. I am 30 years old.

I’m struggling to find specific info regarding withdrawal of pillars in this instance given Brexit and OCI status. Does anyone know the relevant places I can look to find info on this? E.g. social security agreements between India and Switzerland, UK and Switzerland etc.

Main question underlying all of this is: Can I cash out all of my Pillars, including Pillar 1, when I leave Switzerland permanently this Fall?

I know this has been asked many times, but thanks in advance for any help wrt my specific residency/nationality status.

2

You can for sure not cash out Pillar 1 as there is nothing to cash out. It’s not an account where you save money. Instead money is distributed from the contributors to the retirees.

Edit: Above statement seems to be wrong

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You can be reimbursed: Reimbursement of contributions

but there’s a social security agreement with UK so that won’t work for them.

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On the other hand, you should be able to totally cash out 2nd pillar (obligatory and over-obligatory) as well as 3a.You can check with the relevant institutions about the process.

How it will be taxed once you are in India has to be checked in the DTA and the Indian tax laws (good luck with that - I tried once since I am also OCI and then figured I will do it when the situation would be realistic). However I would be interested in your feedback :stuck_out_tongue_closed_eyes: