Bern, Switzerland (GenevaLunch) – US taxpayers should note that while the IRS income tax deadline is 15 April, the deadline for filing Fbar statements of assets held outside the US is 30 June. See GenevaLunch article 15 April.
A dream of a chalet, Goms valley, canton Valais: affordable taxes, if you can find work
Bern, Switzerland (GenevaLunch) – A franc is a franc is – maybe a smaller or larger Swiss franc depending on where you live in Switzerland and what you pay in taxes. The federal government Wednesday 14 April published the latest table of tax rates for every commune in the country. If you’re single, living in Bern and you make CHF80,000 you can expect to pay 13.26 percent of your income in taxes. If you move to Zurich that will fall to 10.12 percent. Better yet, Walchwil in canton Zug: 6.42 percent.
Click on image to view larger. Bottom shows income in CHF1,000s, with number of taxpayers shown in blue columns (Source: Swiss Federal Tax Office, 26.02.2010)
Bern, Switzerland (GenevaLunch) - The Swiss Federal Department of Finance Friday 26 February published data that could well distract many Swiss away from the current debates on banking secrecy: a commune-by-commune map of taxable income. It is part of a larger set of maps that list minimum, median and maximum taxable income for 2006 and 2003, with a comparison to 1995-96, and more, to show how changing demographics affect revenue.
The maps may be designed to show how income is spread in the country, to better help politicians, but they make fascinating reading for anyone who wonders why the price of housing in the area around Nyon has skyrocketed in the past 10 years, for example.
The answer: a housing shortage, of course, but also a population whose income as a whole has shot up.
A few of your neighbouring villages’ average incomes:
Geneva, with the city itself having an average income of CHF68,000 -
- Vandoeuvres, with CHF190,164 on average beats out Collonges-Bellevue by nearly CHF30,000
- around Lake Geneva and out among the vineyards, Cartigny and Aire-la-ville are comfortable with CHF105,000 approximately
- Genthod is not for the poor, with an average of nearly CHF224,000
Nyon area
- Incomes in town are not the highest, averaging out to CHF73,000 (but Morges, a similar size, is CHF63,000)
- nearby towns have wealthier residents: CHF126,000 for Céligny, CHF110,000 for Trélex, CHF118,000 for Givrins, CHF116,000 for Genolier.
Lausanne, with the city itself having an average income of CHF60,000 -
- Pully, Grandvaux and Lutry are all over CHF85,000
- On the other side, towards Morges, quiet Denens is CHF99,000 and Vufflens-le-Chateau CHF135,000 and truly quiet Montricher up the hill is CHF144,000.
The towns with the highest numbers often prove to have the greatest spread between high and low earners.
Soft landing in Geneva
Geneva, Switzerland (GenevaLunch) – London-based hedge fund manager Brevan Howard is looking at the possibility of moving a part of its operations to Geneva or Nyon, the company announced 25 September. Brevan Howard is Europe’s largest hedge fund manager with assets of $26.8 billion at year-end 2008. The company says up to 100 people may relocate to Switzerland.
The news comes after the UK government is set to increase a tax on non-domiciled workers in the UK, and speculation that it may increase the top rate of income tax to 50 percent starting in April, reports the Sunday Times.
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.
