Switzerland has long been one of the paradises for the ultra-rich. As CNBC notes, the total wealth of the country's 300 richest inhabitants is 850 billion Swiss francs, or just over $1 trillion.
Switzerland is also an example of an exceptionally democratic country, where many important matters are decided in votes. This will be the case on Sunday – voters will go to the polls to vote on the inheritance tax.
The rest of the article is below the video
Taxation of inheritances and donations. The Swiss will decide
“A proposal to tax every inheritance and gift worth over 50 million Swiss francs at a rate of 50%. it is likely to be rejected. A recent poll showed support at 30 percent, says CNBC. However, nothing is certain.
He quotes close observers of the public debate who say that the initiative shocked wealthy individuals and family businesses since it was proposed in 2024. For example, Swiss billionaire Peter Spuhler, founder and owner of Stadler Rail, has threatened to leave the country if the tax becomes law.
See also: There are more and more rich people on the Vistula River. Here's the new data
“Many of those affected have contacted their consultants and tax lawyers who have completed the formalities to ensure that at this time of year, a week before the final vote, they will be ready to move out if necessary” – said Stefan Legge from the University of St. Gallen in Switzerland.
Stefan Legge stated that a tax of 50 percent would likely lead to a decline in tax revenues. He added that this would apply to approximately 2,000 people. people, i.e. 0.3 percent population of Switzerland, and currently they pay between 5 and 6 billion Swiss francs per year.
“The ultra-rich are like queens on a chessboard”
Stefan Legge, who conducted research on the potential impact of the tax, said: “If we take into account the super-rich, they will be like queens on a chessboard. They are very mobile. They have plenty of opportunities to optimize their taxes,” he emphasized.
Kurt Moosmann, president of the Swiss Association of Sole Family Businesses, told CNBC that the proposal caused “uncertainty among family offices and scared foreign investors away from Switzerland“.
See also: Millionaires are fleeing Britain. Record outflow of the rich
The powerful Swiss business lobby Economiesuisse called the inheritance tax talks “unnecessary and harmful discussion“. “We depend on honest taxpayers who will finance our state,” they warned.
The controversial tax proposal came from the youth wing of the left-wing social democratic party. If adopted, the money collected from the tax will be used to finance policies to combat climate change.
