When the housing runs out in Geneva
Update 16:31 Geneva, Switzerland (GenevaLunch) - Tax changes in the UK that come into effect next year may persuade many high-earning bankers and executives to move. Geneva is a destination of choice for those, including entire hedge fund operations, who are nimble enough to make the move, reports Le Temps 27 August. Come 1 April 2010 people earning more than £150,000 will pay a rate of 51% on their incomes. This can go higher if social charges are included. Some tax consultants speak of 1,000 British residents decamping for Geneva before the new law takes effect.
British taxpayers will have to declare foreign revenue as well, Le Temps says.
The Lake Geneva region is already home to several multinational companies which have their European headquarters here.
Related: Economist, Financial Times (subscr.)
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
News story, GenevaLunch, 27 August 2009.
Filed under: Business
Tags: bankers, European headquarters, executives, foreign revenues, hedge fund, income tax, Lake Geneva region, multinational company, tax changes, tax consultant, UK