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 General Switzerland is the forerunner of all tax havens but is not itself a "classic" tax haven. Whilst banking confidentiality is a particular feature of the financial system in Switzerland associating it with what the general public would term a "tax haven", its "domestic" taxation is on a par with other European countries. There is, for example, no extra advantage in starting up a company in Switzerland. On the other hand, many property-owners settle there for other reasons as explained below. On the international stage, Switzerland occupies a somewhat schizophrenic political position. On the one hand, Swiss politicians more or less persist with the message of rejecting integration into Europe but on the other hand discreetly negotiate bi-lateral agreements with each of their European neighbours. The Swiss refuse a seat in the Parliament in Strasbourg or on the Council of Europe but incorporate 90% of the norms and directives emanating from Brussels into their domestic legislation. Switzerland has for several years found itself in an ongoing period of average economic performance. Growth eludes it. Wages are among the highest in Europe but the same cannot be said for productivity in the industrial sector, where it remains stagnant, and in the service sector, where it is not easy to quantify. Switzerland's only apparent strong point remains its low unemployment rate of 2%. In reality this rate is more a reflection of a restricted employment market, with local businesses struggling to recruit and failing to provide the qualified posts needed for them to expand. Major Swiss international companies are powerful thanks only to numerous interests in production centres and major markets located abroad, rendering their Swiss nationality an insignificant factor. Switzerland, however, remains the "Mecca" for many individuals anxious to keep their personal assets intact through banking confidentiality, the quality of investment advice available and the renowned Swiss "fiscal passport" granted exclusively to the wealthy. As in other places, capitalism in Switzerland has borne the full brunt of crumbling stock exchange prices. There has been major upheaval in one particular financial environment, namely banking, where successive restructuring measures have followed one another unchecked. The various Swiss cantons are currently engaged on a fiscal course aimed at attracting a serious clientele and this has translated into a significant decrease in tax contributions as well as a pronounced relaxation of the criteria for awarding a "fiscal passport". Key details
Taxation Contrary to popular belief, the average rate of statutory contributions in Switzerland is high - 34% as against 27.6% in the USA. What is more, the rate varies depending on region: each of its twenty-six cantons applies variable rates. The champions of low taxation are the mountainous cantons of the central Alpine massif which are endowed with no financial centre of note and are paralysed by geographical isolation (far from an exaggeration in the depths of an Alpine winter). Zug canton has laid claim to and obtained the title of overall champion in all taxation categories as it proudly proclaims on its website. Inheritance tax is levied at 6%. Income and capital gains are not taxed. Tax on wealth is around 0.3% and local taxation is levied through earnings. . Holders of the renowned "fiscal passport", that is to say those who, tired of being ripped off, have decided to enjoy the fresh, Swiss Alpine air, find that tax is not calculated on actual worldwide earnings but based on an original system of calculating that is attractive to many property-owners. |
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