Investing in Gold and Bitcoin in Your Swiss Pillar 3a

As a freelancer in Switzerland, building a solid retirement strategy is crucial since you likely don't have access to a traditional occupational pension (Pillar 2) like salaried employees.
The Swiss pension system revolves around three pillars: Pillar 1 (state pension via AHV/AVS), Pillar 2 (employer-sponsored), and Pillar 3 (private savings). Pillar 3a, the tax-advantaged component of private pensions, allows you to deduct contributions from your taxable income, making it an essential tool for self-employed individuals. In 2025, freelancers without a Pillar 2 can contribute up to CHF 36,288 annually (or 20% of net income, whichever is lower), while those with a Pillar 2 are capped at CHF 7,364.

But what if you want to diversify beyond stocks and bonds into assets like gold and Bitcoin (BTC)?
These alternative investments appeal to many freelancers seeking hedges against inflation, market volatility, or fiat currency devaluation—especially in an era of economic uncertainty.

This article explores whether gold and BTC are permissible in Pillar 3a, recommends solutions to incorporate them, details allocation limits, and proposes a sample portfolio maximizing BTC exposure alongside gold and S&P 500 stocks. We'll draw on current regulations and offerings from leading providers to provide a comprehensive overview tailored to Swiss freelancers.

Can You Include Gold and Bitcoin in Your Pillar 3a?

Directly?

No. Pillar 3a funds must be held through approved Swiss pension foundations or banks, and you can't buy physical gold bars, store them in a vault, or hold BTC in a personal wallet within this structure. Regulations under the Federal Ordinance on Occupational Retirement, Survivors' and Disability Pension Plans (BVV 2 / OPP 2) and the Tax Harmonization Act restrict investments to secure, liquid assets to protect retirement savings. Cryptocurrencies and commodities like gold are classified as "alternative investments," which are subject to strict oversight by the Swiss Financial Market Supervisory Authority (FINMA).

Indirectly?

Yes, through financial instruments like Exchange-Traded Funds (ETFs), Exchange-Traded Products (ETPs), or index funds that track gold or BTC prices. These are available in modern, digital Pillar 3a platforms that emphasize index-based investing. For instance, since 2021, FINMA has approved Swiss crypto funds, and U.S. Bitcoin ETFs (approved by the SEC in January 2024) are now being integrated into some Swiss offerings. Gold exposure typically comes via commodity ETFs or gold-miner stocks.

Key caveats

Tax implications: Gains within Pillar 3a are tax-deferred until withdrawal (taxed as income at a reduced rate), but early withdrawals before age 59.5 (or 64 for women) incur penalties. Freelancers should note that Pillar 3a assets are locked until retirement, making high-volatility assets like BTC riskier.
Risk profile: Gold and BTC don't generate dividends or interest, relying on capital appreciation. They're volatile—BTC can swing 50%+ annually, while gold offers stability but limited growth compared to equities.
Freelancer-specific considerations: With irregular income, freelancers benefit from flexible contributions (no minimums in many plans). However, ensure your provider allows self-employed status without AHV gaps.

Regulations and Allocation Limits for Gold and BTC

Swiss pension regulations (BVV 3 for Pillar 3a) allow up to 15% of portfolios in alternative assets, including commodities and cryptocurrencies, for pension institutions. However, individual Pillar 3a providers often impose tighter internal limits to manage risk, especially for volatile assets like BTC.

Bitcoin/Cryptocurrencies: Typically capped at 5% of total 3a assets to comply with FINMA's emphasis on diversification and stability. This limit stems from viewing crypto as high-risk alternatives. Some providers bundle BTC with other cryptos (e.g., Ethereum) in index funds.
Gold: More flexible, often up to 10-15% as part of commodities or alternatives. Physical gold-backed ETFs are common, but limits may align with overall alternative caps (e.g., 5-10% combined with crypto).

These percentages are not hard-coded in law but enforced by providers' strategies. Exceeding them could violate the plan's terms, risking tax benefits or forced rebalancing. Always check your provider's factsheets, as limits can evolve—e.g., post-2024 U.S. ETF approvals, more BTC options emerged.

Provider	Key Features	Gold Exposure	BTC/Crypto Exposure	Fees	Best For Freelancers
finpension	Up to 5 portfolios; custom strategies; app-based.	Via UBS ETF Gold (CHF) Hedged or iShares Gold Producers ETF (gold miners). Up to 5-10% as alternatives.	Up to 5% in iShares Bitcoin ETP or Crypto Market Index Fund (70% BTC, 22% ETH).	0.39% flat management fee.	Flexible contributions; referral bonuses (CHF 25 credit).
VIAC (by WIR Bank)	Strategies from 0-99% equities; free life insurance add-on.	Via UBS Gold or Swisscanto Gold ETFs. Up to 10% in commodities.	Up to 5% in iShares Bitcoin Trust ETF (pure BTC).	0.00-0.52% TER avg.; no admin fees.	Cost-conscious freelancers; automatic risk monitoring.
Frankly (by Zürcher Kantonalbank)	Simple app; vested benefits integration.	Limited; via commodity funds in custom portfolios (up to 10%).	No direct BTC; alternatives under review (0-5% cap expected).	0.44% all-in fee.	Beginners; secure cantonal bank backing.
Swissquote 3a Easy	Multi-currency; high interest on cash (up to 5%).	Gold ETFs available in investment plans.	Crypto ETPs like 21Shares Bitcoin (up to 5%).	Variable; low for securities.	Multi-currency freelancers (e.g., international clients).

To get started:

Open an account via the provider's app (e.g., finpension or VIAC—both free to join).

Verify self-employed status with AHV statements.

Select a custom or "individual" strategy to allocate to gold/BTC ETFs.

Fund via bank transfer; deduct from taxes using the provided certificate.

Monitor via app; rebalance annually to stay within limits.

These solutions are FINMA-regulated, with assets held as "special assets" protected in bankruptcy (up to CHF 100,000 for cash). For max BTC, choose VIAC or finpension, as they explicitly list BTC ETFs.

Recommended Portfolio for Max BTC Exposure with Gold and S&P 500

For a freelancer aiming for maximum BTC exposure (within safe limits), gold as an inflation hedge, and S&P 500 for growth, focus on diversification to mitigate risks. Since BTC is capped at 5% in most plans, we'll max it there. Gold can take 10% (as commodities), with the bulk in S&P 500 for broad U.S. equity exposure (historically 7-10% annual returns).

This portfolio assumes a moderate-high risk tolerance (suitable for freelancers under 50 with stable income). Total: 100% allocation. Use a provider like finpension or VIAC for implementation.

Asset	Allocation %	Rationale	Recommended ETF/ETP	ISIN	TER
Bitcoin (Max)	5%	Highest allowable for crypto; provides asymmetric upside and diversification from fiat.	iShares Bitcoin Trust (VIAC) or iShares Bitcoin ETP (finpension)	US46438F1012 or XS2940466316	0.25% or 0.15%
Gold	10%	Inflation hedge; lower volatility than BTC; complements equities during downturns.	UBS ETF (CH) Gold (CHF) Hedged or Swisscanto Gold	CH0106027128 or CH0568725631	0.23% or 0.00%
S&P 500	85%	Core growth engine; tracks 500 largest U.S. companies (tech-heavy for future-proofing).	iShares Core S&P 500 UCITS ETF	IE00B5BMR087	0.07%

Why this mix?

Max BTC

5% is the practical ceiling to avoid regulatory issues; it offers significant exposure without over-risking locked retirement funds.

Gold balance

10% provides stability—gold has averaged 5-7% annual returns historically, acting as a "safe haven."

S&P 500 dominance

Freelancers benefit from U.S. market resilience; this ETF is low-cost and tax-efficient in 3a (no withholding tax on dividends).

Overall risk/return

Expected annual return ~8-12% (based on historical data), with volatility moderated by gold. Rebalance yearly; consider CHF-hedged versions if currency risk concerns you.

Implementation tips

In finpension's individual strategy, select these funds directly. In VIAC, use "Global 100" as base and customize alternatives. Total fees: ~0.2-0.4%. For freelancers with variable income, start small (e.g., CHF 1,000) and scale up.

Final Thoughts for Swiss Freelancers

Incorporating gold and BTC into your Pillar 3a can enhance diversification, but it's not for everyone—volatility could erode savings if markets crash. Consult a financial advisor or use providers' risk calculators.

Remember, Pillar 3a is for long-term retirement; prioritize contributions for tax savings (e.g., deduct CHF 7,000 to save ~CHF 2,000 in taxes at 30% marginal rate). Monitor regulatory changes, as crypto limits may expand post-2025. By choosing providers like finpension or VIAC, you gain access to these assets affordably, empowering your freelance financial independence.

For more details, visit provider sites or the Federal Tax Administration's.