Free Republic
Browse · Search
General/Chat
Topics · Post Article

Skip to comments.

Why the Wealthy Are Leaving Switzerland
EuroWeekly News ^ | 22 Jul 2024 | Anna Akopyan

Posted on 07/22/2024 5:31:05 PM PDT by nickcarraway

Home to an estimated 110 billionaires and even more multi-millionaires, Switzerland is in danger of losing a large part of its population. The ultra-rich are preparing to flee the country in fear of a new tax proposal.

Yes to the tax

The JUSO (The Socialist Youth), under the Social Democratic Party, are determined to impose a law for a 50 per cent inheritance tax on all residents whose assets exceed 50 million francs (€51 million).

The Vice President of JUSO, Melanie Rufi stated to the Press that the rich should be held “responsible” for climate change, as they “contribute enormously to the destruction of the climate through their investments and consumer behaviour.”

The Party has now collected 109, 988 signatures (from the 100,000 required) and submitted them to the Federal Chancellery for verification in March this year.

The Socialist Youth have estimated that the tax would generate 6 billion francs (€6 billion) in income for both the government and Swiss residents. “With the initiative for the future, we are ensuring socially fair financing of climate protection,” said the Party´s Vice President.

No to the tax While the left of the Swiss parliament is fully in support of the initiative, MPs from other parties are concerned about the consequences on the local economy.

“Switzerland clearly needs wealthy people, as more than 50 per cent of the tax revenue comes from the super rich,” said Elisabeth Schneider-Schneiter, the representative of the Centre Party. “If we drive out individuals with strong fiscal capacity through radical laws, finances will ultimately have to come from the middle class.”

According to Michele Blöchliger, an MP from Nidwalden; a region inhabited by the Swiss wealthy, “the first departures have already taken place.” MP, Erns Stocker from Zurich also stated to the local Press that the wealthy individuals are now already “planning to move.”

The head of the large Swiss company, Stadler Rail, Peter Spuhler expressed that the tax would cause “gigantic damage” to Switzerland, losing its high position in the world of global business.

He estimated that he alone would have to pay between 1,5 and 2 billion francs (up to €2 billion) and stated to be fleeing from Switzerland “at least temporarily before the vote” and would stay abroad should the initiative be approved.

What will it take?

To become the law, the initiative has to go through numerous stages. Initially, a parliamentary consultation and recommendation will be held, which are likely to last at least until the year 2025. Therefore, the decision will not be made until 2026, and even then it would require the support of the majority.

Despite this, many of the Swiss wealthy are already moving abroad, as Norwegians who have fled to Switzerland in fear of their country´s high taxes are preparing to find a new country, welcoming to the ultra-rich.


TOPICS:
KEYWORDS: banking; switzerland; wealth
Navigation: use the links below to view more comments.
first 1-2021-4041-50 next last

1 posted on 07/22/2024 5:31:05 PM PDT by nickcarraway
[ Post Reply | Private Reply | View Replies]

To: nickcarraway

So where will these billionaires flee to?


2 posted on 07/22/2024 5:36:56 PM PDT by BipolarBob (First I was called a big fat lair and then showed a certain Lake of Respect.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: BipolarBob

I want to know too!


3 posted on 07/22/2024 5:38:24 PM PDT by null and void (I identify as a conspiracy theorist. My personal pronouns are told/you/so.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: BipolarBob

Switzerland has just 41 billionaires.


4 posted on 07/22/2024 5:38:41 PM PDT by nickcarraway
[ Post Reply | Private Reply | To 2 | View Replies]

To: BipolarBob

Singapore. Or Zurich East, as it is rapidly becoming. :)


5 posted on 07/22/2024 5:41:32 PM PDT by Mr. Jeeves ([CTRL]-[GALT]-[DELETE])
[ Post Reply | Private Reply | To 2 | View Replies]

To: BipolarBob

Jacksonville.


6 posted on 07/22/2024 5:41:40 PM PDT by Fuzz
[ Post Reply | Private Reply | To 2 | View Replies]

To: nickcarraway

The JUSO (The Socialist Youth), under the Social Democratic Party, are determined to impose a law for a 50 per cent inheritance tax on all residents whose assets exceed 50 million francs (€51 million).

The Vice President of JUSO, Melanie Rufi stated to the Press that the rich should be held “responsible” for climate change, as they “contribute enormously to the destruction of the climate through their investments and consumer behaviour.”
************************************************************************

Jeez, the rich must also be responsible for the boogie man, hypochondria along with other imaginary bad things. I’m so WEARY of seeing the FICTION of man made climate change being blamed for every ill and given as the excuse for every unjustified action by evil people.


7 posted on 07/22/2024 5:45:09 PM PDT by House Atreides (I’m now ULTRA-MAGA-PRO-MAX)
[ Post Reply | Private Reply | To 1 | View Replies]

To: BipolarBob

New Zealand?


8 posted on 07/22/2024 5:46:38 PM PDT by laplata (They want each crisis to take the greatest toll possible.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: House Atreides

AMERICA does NOT have the market cornered on STUPIDITY.


9 posted on 07/22/2024 5:48:14 PM PDT by ridesthemiles (not giving up on TRUMP---EVER)
[ Post Reply | Private Reply | To 7 | View Replies]

To: nickcarraway

Maybe they can tax people coming to Davos.


10 posted on 07/22/2024 5:48:30 PM PDT by Empire_of_Liberty ( )
[ Post Reply | Private Reply | To 1 | View Replies]

To: nickcarraway
the rich should be held “responsible” for (Insert reason for stealing oops Taxing)……
11 posted on 07/22/2024 5:53:21 PM PDT by Lockbox (politicians, they all seemed like game show hosts to me.... Sting)
[ Post Reply | Private Reply | To 1 | View Replies]

To: nickcarraway

Lots of Swiss settled in Wisconsin. Part of our state is nicknamed, ‘Swisconsin.’ :)

Come on over! We’d LOVE your billions flowing through our economy. We’re a higher-taxed state, but nothing like 50% of your wealth. ;)


12 posted on 07/22/2024 5:55:37 PM PDT by Diana in Wisconsin (I don't have, 'Hobbies.' I'm developing a robust Post-Apocalyptic skill set. )
[ Post Reply | Private Reply | To 1 | View Replies]

To: nickcarraway

“”The Vice President of JUSO, Melanie Rufi””

Rufi??? Rufi???

Perhaps she self medicates the stuff.


13 posted on 07/22/2024 5:55:37 PM PDT by Ronaldus Magnus III (Do, or do not, there is no try)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Fuzz

You mean Jackson Hole?


14 posted on 07/22/2024 6:04:30 PM PDT by Disambiguator
[ Post Reply | Private Reply | To 6 | View Replies]

To: House Atreides

I’ll start taking the environmental children seriously when I see them renounce home heating, disconnect their electric service and cease using automobiles.


15 posted on 07/22/2024 6:04:36 PM PDT by kiryandil (FR Democrat Party operatives! Rally in defense of your Colombian cartel stooge Merchan!)
[ Post Reply | Private Reply | To 7 | View Replies]

To: null and void

We need to buy an island, name freetopia, declare it a nation and ban all liberals. Might need a big island.


16 posted on 07/22/2024 6:12:21 PM PDT by wgmalabama (Censored!)
[ Post Reply | Private Reply | To 3 | View Replies]

To: nickcarraway

they should build a wall first


17 posted on 07/22/2024 6:12:31 PM PDT by joshua c
[ Post Reply | Private Reply | To 1 | View Replies]

To: kiryandil
Don't forget, give up their batteries. Be they external for mobile phones, huge for e cars & bikes, or disposable for boyfriend replacements.
18 posted on 07/22/2024 6:13:28 PM PDT by Kudsman (Baby Lives Matter)
[ Post Reply | Private Reply | To 15 | View Replies]

To: Kudsman

They can freeze to death starving in a field, so that the habitat of the endangered cave bats is protected.


19 posted on 07/22/2024 6:21:25 PM PDT by kiryandil (FR Democrat Party operatives! Rally in defense of your Colombian cartel stooge Merchan!)
[ Post Reply | Private Reply | To 18 | View Replies]

To: Disambiguator

No.


20 posted on 07/22/2024 6:21:41 PM PDT by Fuzz
[ Post Reply | Private Reply | To 14 | View Replies]


Navigation: use the links below to view more comments.
first 1-2021-4041-50 next last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
General/Chat
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson