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Ok, but then why are Scandinavian billionaires emigrating to Switzerland? Personal wealth above ca. $215000 (with primary residence counted at 25% of its marke
by vintermann 5mo ago
Ok, but then why are Scandinavian billionaires emigrating to Switzerland?
Personal wealth above ca. $215000 (with primary residence counted at 25% of its market value, and debt subtracted) is taxed at 1% in Norway, rising to 1.1% above $2.2 million. Presumably whatever wealth tax Switzerland has is lower than that?
- disgruntledphd2 5mo agoI believe that there are some Swiss regional authorities (called cantons, I believe) that have lower taxes. This may be where people are moving to.
- gamblor956 5mo agoTheoretically, Switzerland allows for foreigners immigrating to the country a one-time opportunity to negotiate long-term favorable tax deals to lower their tax rates. This is only available to non-Swiss foreigners with significant assets moving to Switzerland, because their assets become subject to the Swiss wealth tax. But despite what they said to the media, they weren't moving because of the wealth taxes. If they were moving because of the Scandinavian wealth taxes, they would have moved to the U.K. or the U.S., which don't have wealth taxes at all. Instead, they moved to another country with a wealth tax and a relatively high income tax. So clearly it was never about the taxes. It was either politics, or they just liked Switzerland better. When you're super rich, Switzerland is a much nicer place to live than Norway or Sweden.