Swiss get franc about tax-saving deals
Chief executives of UK-based companies are being approached directly by Swiss authorities offering tax-saving deals in a bid to lure the world’s financial elite into the country.
According to The Times, it is believed that officials governing regions such as Geneva have been personally contacting bosses of FTSE 100 companies, along with other wealthy individuals to persuade them to relocate not just their business but family too, to areas known for their favourable tax regimes, while offering “financial privacy” to residents.
It is understood that one business chief was offered a flat tax rate of 10% on his personal income if he relocated his company to Geneva and lived there – on the proviso that he provided a forecast of earnings for the next ten years.
Switzerland is renowned for its flexible approach to taxation on individuals who meet their strict criteria, but such unsolicited approaches have only happened more recently becoming the latest attempt by Swiss authorities to capitalise on the worldwide financial crisis alongside the increasingly punishing tax regime for high earners in Britain.
Other countries, such as Panama, have also been taking steps to boost their appeal to wealthy individuals.
Source article;
http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6865224.ece