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Response to Demeter (Original post)

Sun Mar 18, 2012, 08:52 AM

73. Foreign millionaires fled Zurich after tax change

http://www.thelocal.ch/2873/20120317/

The region of Zurich, the home of Swiss banking, has lost nearly half its foreign millionaires two years after scrapping special tax breaks, official figures published on Friday showed.

Of the 201 foreign residents who benefited from the tax breaks which the canton scrapped in early 2009, 97 have decamped to more favourable tax regimes, the region's tax services department said.

Those departures represent a loss of 12.2 million Swiss francs ($13 million) in tax revenues last year, however that figure is more than recouped by the higher tax bills charged to the high-earners who decided to stay on.

Switzerland has come under pressure from its neighbours -- many of which have depleted state coffers -- as well as from some of its own citizens over its flat rate tax system that has attracted the wealthiest to claim residency in the country.

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