Swiss Authorities Looking for High Earning Residents

Swiss authorities from the canton of Geneva have been contacting wealthy Britons and offering them favorable tax deals if they move their companies and come to live in Switzerland.

Officials have personally contacted bosses of FTSE 100 companies and offering them deals whereby they would pay a fraction of the tax they pay in the UK. One top boss was offered a flat rate of 10% tax on his personal income, regardless of how much he earned in the future.

Switzerland has traditionally been know for its willingness to negotiate tax status with foreign nationals, but these latest unsolicited approaches are believed to be a direct response to the current financial crisis in Britain.

The typical Swiss tax format for foreign nationals involves calculating a multiple of the rental value of the home they own, rather than on income earned. In extreme cases this could lead to 7, or even 8, figure savings for taxpayers coming from punitive countries like UK.

Savills, who sell high end property in Switzerland to wealthy foreigners, said:

“In Switzerland, tax arrangements are all done on private negotiation. Switzerland specialises in wealth management so, if you have wealth, it wants you, as long as you do not take a job that could otherwise have gone to a Swiss person. It is fine for companies to move there and bring jobs with them, but it is not OK to take a Swiss job.”

Several Swiss estate agents have been holding invite-only conferences in hotels across London in recent months.

It remains to be seen just how many people will take advantage of these attractive Swiss offers.