Experts find Switzerland a dream ex-pat destination due to its excellent quality of life, great career prospects, and robust economy and infrastructure. Switzerland is not cheap, however. Zurich ranked as one of the world’s top five most expensive cities in 2011.
It is helpful to know what life as an ex-pat will cost if you move to Switzerland for good, retire, or temporarily relocate there. Check out this quick guide to learn more about Geneva cost of living.
Factors affecting Geneva Cost Of living
Health and dental care costs in Geneva
Swiss nationals are required to purchase private health insurance. Ex-pats may choose from various policies, from the most basic to the most comprehensive, within three months of moving.
Even so, Swiss healthcare is costly the amount people spend on healthcare in Switzerland is only second to what they spend in the United States. Over 12% of Switzerland’s GDP is allocated to health and medical costs.
Swiss headlines have been filled with increasing healthcare, dental, and social care costs, with private households that pay out-of-pocket being most impacted.
Cost of restaurants meals out in Geneva
The costs are very high for hotels’ daily room rates, restaurants’ meals and beverages, and take-away food and beverages. In New York, the price of a basket costing USD1, 000 is USD1150. An international franchise burger costs USD$18.77, a medium cappuccino (regular, medium) USD$5.70, a 330ml cold drink (USD$5.01) USD$5.01, and a meal for two in an international restaurant costs USD$130.18.
Taxes cost in Geneva
The tax system in Switzerland consists of three separate costs, the federal income tax, the cantonal tax, and the municipal tax. As a general rule, the tax rates in this area are progressive, meaning the higher the income level, the higher the tax rate. However, there are some municipal taxes that all residents must pay, regardless of their income level.
Besides the federal income tax, canton taxes are also based on income level; the federal rate is 0%, and the canton tax is 13%. Individuals with dependents pay lower taxes than joint earners.
Cost of Clothing in Geneva
There is a high cost of clothing and footwear for women, men, and children. New York prices a basket for USD 1,500 at USD 1,520. Global chain stores sell quality international men’s jeans for USD$113, quality international running shoes for USD$135 and medium-size international summer dresses for USD$60.
Cost of Travel in Geneva
Despite its poor public transportation system, Switzerland has an excellent network. It would be expected that in a country with such a great reputation for clocks, it runs punctually and is expensive.
86.45 USD is the average monthly cost of a public transportation ticket. It costs about 90 USD/month to commute by public transportation in Zurich, so you should consider that cost.
Cost of groceries in Geneva
Consumer products, cleaning supplies, dairy products, fruits, vegetables, general food products, snacks, and soft drinks are costly. It costs USD$1080 to buy a basket worth USD$1,000 in New York. A typical grocery price at a significant international retailer is USD$5.46 for a kilo apple, USD$4.62 for a kilo orange, USD$4.22 for a kilo potato, USD$5.64 for a kilo boneless, skinless chicken breast, USD$22.13 for one-kilogram cheddar cheese, USD$6.26 for a dozen large eggs, USD$3.74 for one-liter full cream milk, and USD$1.49 for 1.5 liters.
Is living in Geneva affordable?
Geneva is one of its priciest cities, along with Zurich. Rents in Geneva are typically more costly than in places like London, Paris, or even New York, giving you an indication of what to anticipate.
Geneva, one of Switzerland’s most well-known towns, is recognized for its customs, culture, and career opportunities that attract foreigners looking for work and students pursuing further education. Meanwhile, Geneva’s average monthly cost of living is $3580 for families, $1880 for students, and $1980 for bachelors living alone.