In a surprise move the Swiss National Bank shocked the world today when it announced that it would stop managing the Swiss franc to an exchange rate of CHF 1.20 to 1.00 Euro. At the same time, it announced that it is lowering the interest rate on sight deposit account balances by 0.5 percentage points, to […]
Millionaire exodus after tax vote?
GENEVA Next 30 November, the Swiss will vote both on a federal and cantonal basis whether their country should continue to provide special tax privileges to foreign millionaires. The arrangement allows wealthy expatriates to declare a fiscal ‘forfait’ (tax package) based on their lifestyles and not the actual amount of their fortunes. On average, their […]
Your future: “80 is the new 60”
UBS this week released a survey it carried out on age and pensions. Normally pretty dry stuff – summaries of massive data sets – these findings offer interesting insights into Swiss attitudes and give ample food for thought. We know, for example, that the Swiss are living longer; however the survey also tells us that […]
Swiss tax revolution
The question facing the Swiss federal government is how to keep Swiss corporate taxes attractive without offering foreign companies preferential tax rates, a system that the Organisation for Economic Co-operation and Development (OECD) and the European Union (EU) will no longer tolerate. The Swiss Federal Council, the seven-member executive council which constitutes the federal government, […]
Property buyers rush to dip into pension
BERN More and more people are rushing to use the second pillar of their pension plan to purchase a primary residence in the face of high prices and limited housing stock. While this may give a boost to the economy, especially the property market, not everyone is happy with the trend. There are three pillars […]
