Lawyers and bankers in Switzerland are warning of a UK-style exodus of the wealthy ahead of a referendum on a 50% inheritance tax for the super-rich. The Alpine nation is due to hold a popular vote in November on the introduction of a federal tax on inheritances and gifts worth more than CHF50 million ($61 million). Unlike existing cantonal duties that would still apply, the proposal does not include an exemption for spouses or direct descendants. The looming vote comes after the UK sparked a rush for the exit among wealthy foreigners by making the global assets of non-domiciled residents liable to inheritance tax – a move it is now considering reversing. Meanwhile, jurisdictions such as Dubai and Italy have stepped up efforts to lure the rich. “In terms of the chance for Switzerland to attract people leaving the UK, the damage has been done. The timing was terrible,” said Georgia Fotiou, a lawyer advising private clients at Staiger Law. “It hasn’t stopped everyone from coming but ...
