Posted on 09/24/2021 10:07:15 AM PDT by Oldeconomybuyer
ZURICH (Reuters) - A potential lurch to the left in Germany's election on Sunday is scaring millionaires into moving assets into Switzerland, bankers and tax lawyers say.
If the centre-left Social Democrats (SPD), hard-left Linke and environmentalist Greens come to power, the reintroduction of a wealth tax and a tightening of inheritance tax could be on the political agenda.
"For the super-rich, this is red hot," said a German-based tax lawyer with extensive Swiss operations. "Entrepreneurial families are highly alarmed."
The move shows how many rich people still see Switzerland as an attractive place to park wealth, despite its efforts to abolish its image as a billionaires' safe haven.
No country has more offshore assets than Switzerland and inflows accelerated in 2020, to the benefit of big banks such as UBS, Credit Suisse and Julius Baer. Geopolitical tensions and fears of the COVID-19 pandemic's economic fallout made Switzerland's political stability attractive.
“Many wealthy people, especially entrepreneurs, fear that there will be a lurch to the left in Germany - no matter how the elections turn out," says Florian Dürselen, head of Europe at wealth manager LGT Switzerland.
One top Swiss banker said: "I know a number of German entrepreneurs who want to have a foothold outside Germany if things get too red (leftist) there."
(Excerpt) Read more at news.yahoo.com ...
Lol. Leftists always destroy themselves. Unfortunately they take everyone else with them.
“A potential lurch to the left” I thought Germany was already far left. How much further left can Germany go?
The rich always move their wealth outside the country of high taxes.
The left is too stupid to realize this.
I like the way he uses ‘red’ to denote leftist.
Europe...most of it at least...is lost.And to think that we’ve spilled millions and millions of gallons of blood to save it!
What does history say?
National Socialists?
History says that the Swiss think they are morally superior for staying neutral and guarding Hitler’s gold during World War II while the Americans, Brits and Soviets did most of the work of liberating Hitler’s concentration camps.
Capital goes to where it can best flourish.
They are a nation of Quislings.
Maybe, but I think more of them are putting it into USA stock market. Between them and the Chinese billionaires, our stock market will stay bullish for quite awhile longer.
Blue is the color of blue bloods, royalty, elite. Color means nothing other than the meaning we have given it and now, red means Trump.
They already had a leftist - Merkel - who flooded the country with muslim criminals.
Considering that the current Chancellor, Angela Merkel comes from communist East Germany and the previous Chancellor, Gerhard (Piece of Shit) Schröder also came from the Stasi side of the Berlin Wall, how much more left can you get in Germany?
Yes, it was done in compliance with the msm.
The NSDAP are the German Left. We despise bourgeois nationalism.Either that or Soviet-style leftism per Honecker and his Socialist Unity Party (who call themselves „Die Linke‟ or “The Left” these days, having been known as the Party of Democratic Socialism from 1989 to 2007).
— Josef Goebbels
I’ve found that Germans with some resources (like business owners) tend to go along and say the right words in public, but in private they act in their own best interest.
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