Faced with new tax regimes, rich Britons could settle in Switzerland – rts.ch

For decades, millionaires from all over the world have made London's most prestigious neighborhoods their home. But now, more and more of them are packing their bags and selling their homes. According to the latest studies, around 9,500 millionaires are expected to leave the UK by the end of the year.

For Sian Armittage, tax advisor, the reason for their departure is very clear: the government announced the end of a series of tax advantages granted to the richest, which notably allowed them not to pay taxes on money that they earned outside the UK.

“People are frustrated because the rules have changed so quickly. Income tax could be 45% whereas before, if you planned your business correctly, it could be zero,” she explains.

Faced with this new situation, many wealthy taxpayers are therefore turning to more lenient destinations. And among them, Switzerland figures prominently.

Switzerland, a safe bet

Dunja Koch, lawyer at MLL Legal Ltd, notes a growing enthusiasm for the Swiss Confederation: “There is Monaco, there is Dubai, there is Italy, there was Portugal before. But Switzerland is still one of the five options. There are good schools, there are airports, there is everything. Often, the English like to go where the English are, so they like Geneva and Romandy”, analyzes the one who works for the London branch of. this office of Swiss lawyers.

However, this tax leak is not unanimous. Phil White is a former consultant who founded Patriotic Millionaires UK, a group of millionaires who campaign to make the rich pay taxes wherever they are on the planet. According to him, tax rules are too easy to circumvent.

“It's easy when you have money. You can move it and bring it back to another country. So we absolutely have to put in place a global system. We could, for example, introduce a tax when leaving a country so that people cannot leave without paying taxes,” he judges.

Reportage TV: Clement Bürge

Adaptation web: ther