Escalating global tariff tensions and the changing political landscape in the US under current president Donald Trump have prompted many Americans to consider alternative investment options.
A little ski village in the Swiss Alps, Andermatt, has seen a particular boost in housing demand due to this. This is mainly through the Andermatt Swiss Alps project, which includes apartments, hotels, restaurants and a golf course, constructed and handled by the real estate developer Andermatt Swiss Alps AG.
Russell Collins, chief commercial officer at Andermatt Swiss Alps AG, said in an email note: “Over the past 18 months, we’ve observed a marked uptick in interest and transaction volume from US-based buyers in Andermatt, a trend supported by triple the number of enquiries in Q1 2025 compared to the same period last year, and sales transactions or reservations during the first 3 months of this year already double the total number of sales from US-based clients last year.”
He added: “If we consider that in 2023 we had no US-based buyers in Andermatt, the increase is significant.”
In Switzerland, most property purchases are strictly regulated under the Lex Koller federal law, which restricts purchases of real estate by foreign companies and individuals, by requiring them to have permits among other things.
This is mainly in order to control the amount of foreign influence on the Swiss property market and make sure that it still remains accessible to Swiss residents.
However, the Andermatt Swiss Alps project is largely exempt from these rules, mainly because of its size. This means that foreign buyers are allowed to buy and sell houses and apartments freely, without needing approvals or adhering to holding periods. This provides a level of access rarely seen in the Swiss property market.
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“In my view, this shift is being driven by a confluence of factors. First, the development of Andermatt into a fully-fledged year-round Alpine destination is proving highly attractive to international buyers,” Collins added.
“American demand in particular accelerated following the integration of the ski area with Vail Resorts, aligning Andermatt with a brand that’s familiar and trusted by the US market.”
Collins also noted that Andermatt is increasingly being seen as a viable base for long-term residence, instead of just a skiing holiday destination.
He explained: “Our American buyers tend to be drawn to Switzerland for its long-standing stability, neutrality, and robust legal protections. There's also a strong lifestyle component: the clean air, first-class healthcare, and year-round outdoor pursuits - skiing, hiking, golf, and cycling - are a significant draw.
“In a world that feels increasingly uncertain, Switzerland’s reputation as a safe, civilised and well-governed country carries significant weight.”
Professor António Alvarenga, Professor of Strategy and Entrepreneurship at Nova School of Business and Economics, noted that this move could point towards US investors trying to diversify their assets in franc and euro denominated real estate.
He highlighted: “Apart from Alpine locales promising a high quality of life (with natural beauty, strong infrastructure, and the ability to work remotely while earning US salaries), European communities combating dwindling rural populations now offer generous incentives.”
“Examples include Albinen, Switzerland, where newcomers under 45 receive CHF 25,000 (€26,6059) (plus CHF 10,000 (€10,643.6) per child) for ten-year residency; Italy, Spain and other countries similarly entice digital nomads with cash stipends and coworking facilities.”
Additionally, the flexibility and ease of remote working has also added to the global trend of people moving overseas in search of better lifestyles.
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Graham Hill, real estate consultant at Find Hokkaido Agents, pointed out: “Many high net worth owners have always been able to work from home, or to relocate their businesses to the resort communities.
“The new trend for work from home has created a new dynamic, as it allows for more double-income couples to leave urban areas, creating conditions where couples can choose to live and work in resort communities, even when two jobs or careers are involved.”
Coming to other Swiss regions that could see similar demand from Americans, Andrew Fortune, realtor and brokerage owner at Great Colorado Homes, pointed out: “Regions like Verbier, Zermatt, and Gstaad could become increasingly popular with Americans. Verbier and Zermatt stand out because of their legendary ski resorts, while Gstaad attracts those seeking a luxurious and sophisticated lifestyle.
“Then there's Lugano, closer to Italy, which appeals to people who prefer milder weather, scenic beauty, and beneficial tax conditions. Each of these places has its own unique charm and practical benefits that appeal to different types of buyers.”
While moving to a Swiss ski village might seem like an attractive solution, given the current geopolitical environment, challenges such as US tax laws could still remain.
Stewart Koesten, MSFS, chairman at Aspyre Wealth Partners, said: “Issues surrounding income tax are unique to Americans because citizens are taxed on their income regardless of where they live. So, if an American moves to Switzerland, then earns income as a nomad or business owner, their income from the US and from Switzerland will both be taxable.”
He added: “Double taxation may be reduced in countries with bilateral treaties addressing double taxes. Along with these legal issues, buying property abroad as an American may prompt US estate and other tax requirements that require investigation.”
Koesten also pointed out that if Trump’s full range of tariffs following the current 90-day pause come into effect, they are likely to impact global stock values, while also increasing interest rates. US bonds could be negatively affected as well, especially if people start to unload their US treasuries.
As such, Americans moving to Switzerland, who still have some assets back home may not be entirely immune to Trump’s policies. Similarly, if these tariffs cause a major US recession, it could very well spill over into a global recession, which could impact Switzerland as well.
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Fortune noted: “Moving to Switzerland can definitely help Americans soften the blow of tariffs and other US market uncertainties, but it's not a complete escape from global economic shifts or tax responsibilities back home.
“That said, putting money into Swiss real estate or setting up a base overseas is a smart way to diversify financially. It helps minimize the direct impact of any one country's policies, including those from the U.S., making this approach appealing for many Americans.” What are some things to consider before moving to Switzerland?
One of the main things to consider before moving to Switzerland is that work permits can be heavily regulated, especially for foreigners and non-EU passport holders. Residency requirements can also be quite rigid, which means that Americans need to be clear on how long they plan to reside in Switzerland for.
Small ski villages and towns such as Andermatt can also have relatively limited employment opportunities, outside of the hospitality sector, which can make finding suitable jobs outside of remote ones challenging. The relatively high cost of living in Switzerland is another factor to consider.
Cultural and language differences, especially between cantons and regions should be kept in mind, along with the tax and legal differences between cantons.
Koesten pointed out: “As exciting as buying a property abroad may seem, the math may not work for everyone. For example, if you are paying a premium price for a condo abroad, financed with a mortgage, plus paying taxes, utilities, maintenance and management fees that could reach as much as 30 percent of the rent, then you might be better off renting than buying.
“Likewise, If you buy a property that you are only staying in for one to three months a year, any problems you encounter by offering short term rentals could kill your returns.”
