Switzerland is changing its tax system for foreigners
As reported by Gzt.ru, taxes in Switzerland are generally significantly lower than in other European countries. For example, while in most EU countries contributions to the state treasury range from 30 to 55%, in Switzerland taxation does not exceed 25%. Moreover, each of the country's 23 cantons has its own tax legislation. The preferential system for foreigners operates in Zurich and in a number of other cantons, making Switzerland attractive to foreign millionaires and billionaires.
According to statistics, about 150 wealthy foreigners benefit from tax privileges in Switzerland. Each of them contributes approximately €100,000 to the state treasury annually, while Swiss millionaires pay tens of times more.
Both the cantonal government and the local parliament repeatedly spoke out against holding the referendum. According to politicians, the abolition of tax benefits would lead not only to numerous legal violations but also to an outflow of foreign capital from the country. However, despite all the concerns of the cantonal government, 53% of residents voted for the abolition of tax benefits for foreigners.
Some foreign businessmen living in Zurich had already stated before the referendum that if the vote turned out this way, they would leave either Zurich or the country altogether. Among those who have now lost tax breaks, GZT.ru names American singer Tina Turner and famous race car driver Michael Schumacher.
Recall that earlier Switzerland became the first country to support the global campaign to return money illegally appropriated by corrupt state leaders. The country, which has always declared the inviolability of banking secrecy, now promises its assistance to ensure that stolen money does not disappear without a trace.
The global banking community seeks to strengthen relations between developed and developing countries in the matter of returning funds to their rightful owners. Representatives of the World Bank say that this campaign will be a warning to all corrupt state officials: they cannot escape justice, no matter where they place their money. With its unequivocal support for this initiative, Switzerland wants to show that from now on there will be no place for illegally appropriated capital in the country. Paul Seger, a representative of the Swiss Foreign Ministry, stated: "We do not want our financial system to be used to place illegally obtained funds, and we have sufficient means to prevent the inflow of this money into Switzerland."