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Switzerland tries to seduce UK Financiers

Discussion in 'BBS Hangout: Debate & Discussion' started by Honey Bear, Jan 29, 2010.

  1. Honey Bear

    Honey Bear Contributing Member

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    Full Article [Times Online]

    Haven't these guys heard of obtaining a second passport...

    Unfortunately that still won't help with the 50% bonus tax. Not looking good for foreigners wishing to work in London. Or even Brits wishing to work in London... although European countries give great incentives for their nationals to work abroad.
     
  2. SamFisher

    SamFisher Contributing Member

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    ^ I've read a lot of articles recently that basically debunked the "oh yeah? We'll move to switzerland!" routine by londoners.

    The fact is that Switzerland is no paradise either. Taxes are pretty high, and even worse, the cost of living is more expensive. The vacancy rates for apartments and houses are a fraction of those even in an expensive market like London - one article I read estimated 200 3 bedroom apartments available in all of Zurich. Apparently available office space is also hard to find, and according to most, the projected influx has yet to materialize.

    Bloomberg ran a pretty good article about this yesterday - rather than an exodus, most people are going to set in London - the tradeoffs don't really work out.

    Edit: here is the article:
    Davos Is Closest Most London Bankers Will Get to Swiss Move
    http://www.bloomberg.com/apps/news?pid=20601087&sid=a73WrKRzrdJI&pos=7
     
    #2 SamFisher, Jan 29, 2010
    Last edited: Jan 29, 2010
  3. Honey Bear

    Honey Bear Contributing Member

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    Taxes are lower in Switzerland.

    What the shrewd Brits have been doing in the past is legally obtaining another nationality (through $$$) and living as foreigners in England to get past the income tax and in some cases evade it altogether. I've heard of other details that were a bit more dodgy. Nowadays financial transparency has never been higher throughout Europe, with the British govt keeping watch over it's citizens who deposit funds in Swiss banks etc. But when the govt starts taxing your employer 50% of your bonus (in an industry like finance)... that's really discouraging. Keep in mind Switzerland isn't the only option out there.
     
  4. ghettocheeze

    ghettocheeze Member

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    Terrible thread title! I thought by "seduce" you meant this...

    [​IMG]
     
  5. pippendagimp

    pippendagimp Member

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    taxes are lower in CH and regarding the residential situation, i don't believe zurich is more expensive than london......in fact for the same high standard of flat or house you get in zurich, the equivalent quality and size in london will be noticeably more expensive.......finding a place in switzerland as a renter is indeed difficult though, because there is an overly thorough and cumbersome vetting process for prospective tenants plus swiss nationals typically get first dibs on anything available......in any case, don't nobody want to park their dough in CH anymore after they named names in recent years, so their private banking bizness is kaput now......those londoners will probably move out to the far east...
     
  6. MoonDogg

    MoonDogg Member

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    No, it's like this.....

    [​IMG]
     

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