German millionaires rush assets to Switzerland ahead of election (Reuters)

[Passenger]

German millionaires rush assets to Switzerland ahead of election (Reuters)

ZURICH (Reuters) - A potential lurch to the left in Germany's election on Sunday is scaring millionaires into moving assets into Switzerland, bankers and tax lawyers say.

If the centre-left Social Democrats (SPD), hard-left Linke and environmentalist Greens come to power, the reintroduction of a wealth tax and a tightening of inheritance tax could be on the political agenda.

"For the super-rich, this is red hot," said a German-based tax lawyer with extensive Swiss operations. "Entrepreneurial families are highly alarmed."

The move shows how many rich people still see Switzerland as an attractive place to park wealth, despite its efforts to abolish its image as a billionaires' safe haven.

No country has more offshore assets than Switzerland and inflows accelerated in 2020, to the benefit of big banks such as UBS, Credit Suisse and Julius Baer. Geopolitical tensions and fears of the COVID-19 pandemic's economic fallout made Switzerland's political stability attractive.

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You will notice for all the Republican rhetoric about "Commies", nothing like that is happening here.

[roamer65]

1. I remember reading a story from around the Euro switchover.

Swiss or German border patrol found a car stashed full of 2.3 milllion D-Marks.

The Germans love their cash.