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Switzerland referendum may end tax breaks for rich


Switzerland

Switzerland referendum may end tax breaks for rich

Rich expats living in Bern, Switzerland won’t have to pay more tax following the results of a referendum on Sunday.

Swiss residents had been voting on whether the wealthy foreigners should pay according to their earnings, rather than what they spend.

The rules have already been changed in three other parts of the country, including Basel.

Rich residents from overseas have been taking advantage of the tax rules, with almost 5,500 moving to Switzerland.

The small ski resort of Gstaad, which is in Bern, has proved especially popular, with foreign celebrities such as director Roman Polanski and French rock star Johnny Hallyday setting up home there.

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