Food, Home and Style

Ditch the Downturn, Go to… Zurich

From the picturesque buildings to the awe inspiring landscapes, there is a reason people like Zurich so much. Designer boutiques and culinary treasures lie behind every corner, while world-class ski resorts are just a short ride away. Meanwhile, with the unemployment rate in the U.S. rising to 9.8. percent last month, abandoning the States for a better life overseas may have never sounded like a more rational decision. Of course, picking up and leaving isn’t quite that simple.

Job prospects in many exotic locales are even bleaker than they are in the States, while the benefit from a low cost of living could easily be offset by high taxes or low wages in other cities across Europe.

To sort through the confusion, Ditch the Downturn will outline the pros and cons of moving to new cities abroad. Today we take on Zurich, known for its high wages, high cost of living, and nearly nonexistent taxes.

Residents of Zurich maintain a good quality of life thanks to high net wages—the second highest in the world.

Why go now: Residents of Zurich maintain a good quality of life thanks to high net wages—the second highest in the world, just behind Copenhagen, according to a 2009 “Prices and Earnings” report by UBS—along with comparatively low tax rates, which allow employees to take home a larger portion of their income than nearly any other place in Europe.

Why stay home: Along with the high wages comes an extremely high cost of living in Zurich. In fact, residents pay around 20 percent more in Zurich for products, services and rent than those living in other Western European cities. When excluding rent, the cost of living in Zurich is actually higher than it is in New York, which means you probably wouldn’t save much money by moving there.

What you need to know: As a whole, Switzerland has fared worse through the recession than anticipated, and the economy has already shrunk by an estimated 2.2 percent. This doesn’t bode well for job seekers hoping to land a position, which is why you probably shouldn’t head over unless you’ve already got a new job in place.

Job seekers’ edge: Employees in the computer science industry are still in demand throughout Switzerland, which makes landing a job in that field slightly easier than others. Among the U.S. companies currently hiring in Zurich are Google, IBM, and Cambridge Technology. For a more complete listing of opportunities, check out JobsinZurich.com, which offers a comprehensive listing of employers looking for English-speaking professionals.

Tags: economy, jobs, travel, work