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UK: The City of London comes to Geneva?
According to experts, the British Government’s decision to raise the income tax rate for people earning over £150 000 a year from 40% to 50% from April 2010, has led to these high-earners looking for an alternative home – and Geneva could be the answer. Savills Alpine Homes is to organise its second Swiss relocation fair of 2009 in London for this Wednesday and has been oversubscribed both times. BlueCrest Capital, a Hedge Fund, announced at the beginning of the month that they planned to move part of their operations to Geneva before the tax rate is introduced and as a result, up to 50 hedge fund managers could find themselves making the move. Some Swiss personal tax rates can be as low as 20% and there have even been reports of a 10% tax rate being offered to some executives to try and induce them to move.