Germans rush money to Swiss banks before election
A possible shift to the left in the federal election on Sunday (September 26th) scares millionaires into relocating wealth to Switzerland.
That's what bankers and tax lawyers say.
When the center-left Social Democrats, Left and Greens come to power, reintroducing a wealth tax could be on the political agenda.
As well as a tightening of inheritance tax
A tax attorney based in Germany told Reuters that "business families are extremely alarmed".
The move shows how many rich people still see Switzerland as an attractive place to park their wealth.
Despite its efforts to scrap its image as a safe haven for billionaires.
Switzerland has more offshore assets than any other country and inflows accelerated in 2020.
That gave big banks like UBS and Credit Suisse a boost.
Geopolitical tensions and economic fears surrounding the global health crisis have made Switzerland's political stability attractive.
The deposits of German households and companies with banks in Switzerland rose in the first quarter of 2021 by almost 5 billion US dollars to 37.5 billion US dollars.
Current surveys show that the SPD leads the conservatives of the outgoing Chancellor Angela Merkel by four points.
The SPD wants to reintroduce a wealth tax and increase the inheritance tax.
While the Greens - a likely potential coalition partner - plan to tax wealth more heavily.
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