Personal credit for cross-border workers. We answer your questions.
What is a cross-border worker?
This is an individual who resides in the territory of an EU/EFTA state and is gainfully employed in Switzerland.
By gainful employment, we mean work for which the salary is received in Switzerland as long as the headquarters of the company in question is located in Switzerland.
The nationality of the individual is irrelevant and has no influence on the status of the frontier worker.
As soon as the Swiss employment contract is signed, the G permit (cross-border commuter permit) is validated.
It should be noted that an individual of Swiss nationality who lives abroad but works in Switzerland is also considered to be a cross-border worker.
Bilateral agreements with the European Union have made it possible to apply the model of free movement of persons. This has greatly facilitated access to the labour market in Switzerland.
Despite some local reluctance, the historically low unemployment rate in Switzerland tends to show that local professional opportunities are not being challenged by cross-border workers.
Rather, they fill a void in various trades. Employers in Switzerland are facing a labour shortage, especially in the service sector.
Cross-border workers are particularly active in business services, personal services, health, transport and social work.
That's the explanation, let's look at some numbers.
Statistics in Switzerland.
The Federal Statistical Office reports an increase of almost 19% in cross-border workers between 2017 and the end of 2022.
This represents 380,000 workers who cross the Swiss border every day. In other words, that's 7% of the labor force.
Which cantons are most affected?
In terms of number of people, the top of the podium goes to the Canton of Geneva. This is followed by the cantons of Vaud and Ticino.
If we talk about the percentage of the working population, Ticino comes out on top with a third of cross-border workers. This is followed by Geneva and the Jura, with around a quarter of cross-border workers.
Nationalities of cross-border workers?
This is not a surprise. 56% of the workers are French, 24% Italian and 17% German.
Is it possible to apply for a loan as a cross-border commuter?
This is perfectly possible.
All you need to do is have had a G permit for at least three years, provide the necessary documents to put together your file and, of course:
- Don't be bank restricted
- Not being indebted
- Be of legal age
- Have a bank account in Switzerland (the borrowed money will be paid there)
If you are a Swiss national, you only need to have worked in Switzerland for 3 months for your application to be compiled.
Is it advantageous compared to France?
If you compare the conditions related to consumer credit in France with those in Switzerland, the advantages are numerous.
First of all, the rates applied and the resulting monthly payments are substantially similar or, depending on the case, higher in France.
A significant advantage is that you can receive your money in CHF in your bank account in Switzerland. Since your remuneration is received in CHF, you will also make your loan repayment in CHF. This avoids the effects of exchange rate volatility and therefore reduces the risk factor.
The borrowing limit in Switzerland is also higher than in France. This is useful depending on the type of project you want to fund.
In Switzerland, you do not have to justify why you are applying for a personal loan. No supporting documents related to your project will need to be presented.
Lately, it is generally accepted that the legislation for granting credit in Switzerland, in particular within the framework of the Consumer Credit Act, is more restrictive.
Any financing platform or broker must avoid actions that could cause a case of over-indebtedness. Your request will therefore be processed in a way that respects your ability to repay. Here, too, the risk factor is reduced.
Reminder on what documents you need to include for your file.
The list is not long.
A copy of your ID card on both sides.
A copy of your work permit on both sides.
A copy of your last three payslips.
Copies of your account statements for the last three months. This applies to both your bank accounts in Switzerland and in your country of residence.
A copy of your employment contract.
You will certainly be asked for other parts but the process is quite simple and very fast.
Why Milenia?
Milenia is the leading financing platform in Switzerland. If you are looking for a tailor-made package of services and would like to benefit from the best conditions, simply contact us.
Why are we the market leader?
Because we have the largest network of leading banking partners. Because we benefit from a file process that is both simple and fast. Because we scrupulously comply with all the regulations in force and because we are committed to carrying out your project while respecting your financial situation and your wishes.
In recent years, Milenia has risen to the top of the podium in terms of performance and recognition from its customers. Just look at the many testimonials and quality of service scores.
This is no coincidence.
Our team lives the company's values and works to exceed your expectations at all times.
Visit our website, give us a call or make an appointment at our offices.
You'll see for yourself.
What about the other services offered?
As a universal service provider, we take into account all facets of a life path. Whether it's a consumer loan, a job loss, the need to clean up your credit data or a real estate project... Our experts are at your side.
Do you need a credit card but don't want to pay an annual fee? This is also possible at Milenia.
Whatever your nationality (our team is also multilingual), whatever your job, your project is unique and deserves personalized, inclusive and confidential care.
So trust us and let's discuss together how we can support you in your efforts.
