Tag Archives: Switzerland

Switzerland Will Continue to Thrive and Outperform

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“Currency markets have a history of rewarding countries that are free. Why is that?
Freer countries have the tendency to avoid over-taxation, over-regulation and support policies that promote freedom and innovation. Freer floating currency regimes allow market forces to play a role in determining value. Market forces and (truly) democratic systems, and particularly the Swiss system of direct democracy, create feedback mechanisms to help keep the excesses of government in check.”

http://thedailybell.com/28206/Frank-Suess-Switzerland-Will-Continue-to-Thrive-and-Outperform

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Anthony Wile: Sit Silently … as Bombs Burst in Air

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“This is one of the reasons that my family has decided to relocate back to the hills of Switzerland. I have truly had enough of this behavior. What makes Switzerland so bloody special?  It is comprised of a populous that respects the privacy and rights of others to determine their own destiny.  It is a society that is comprised of people who believe in the right of an individual to act in one’s own self-interest but not to the detriment of others. It is a society that boasts the lowest corporate rate and among the lowest personal tax rates in the world – yet has arguably the highest standard of living on the planet.”

http://thedailybell.com/28200/Anthony-Wile-Sit-Silently-as-Bombs-Burst-in-Air

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60 Minutes: The new tax havens

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“Companies searching out tax havens is nothing new. In the 80s and 90s, there was an exodus to Bermuda and the Cayman Islands, where there are no taxes at all.  When President Obama threatened to clamp down on tax dodging, many companies decided to leave the Caribbean, but instead of coming back home, they went to safer havens like a small, quaint medieval town in Switzerland called Zug.   Hans Marti, who heads Zug’s economic development office, showed off the nearby snow-covered mountains. But Zug’s main selling point isn’t a view of the Alps: he told Lesley Stahl the taxes are somewhere between 15 and 16 percent.”

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Greek government loses track of, asks again for stolen Swiss account data

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“Greece has asked France to re-send it a list of Greeks with Swiss bank accounts, Finance Minister Yannis Stournaras said on Wednesday, after an original list delivered in 2010 apparently went missing.  The list was originally acquired from France’s then finance minister Christine Lagarde two years ago and is part of account data leaked by an HSBC bank employee in Switzerland.  The first recipient of the data, former finance minister George Papaconstantinou, on Wednesday told a parliamentary committee that he did not know what had happened to the original version.”

http://www.thelocal.ch/page/view/greece-hones-in-on-swiss-account-data

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Secession Fever Sweeping Europe Meaningless Without Debt Repudiation

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“It is time for the restoration of formerly independent countries, each with their own unique cultural and ethnic heritage, that were forced at gunpoint into larger empire states. Venice wants out of Italy, Catalonia out of Spain, Bavaria out of Germany, Scotland and Wales want to leave the United Kingdom, the Flemish want out of Belgium. Even Vermont and some in the South want to regain their former status as sovereign republics separate from the most debt-ridden empire in world history, the U.S.  Just as important, Greece, Italy, Ireland, Spain and Portugal – with demands in Germany itself – want to leave the EU and euro witches’ brew created by their leaders.”

http://www.thedailybell.com/28196/Ron-Holland-Secession-Fever-Sweeping-Europe-Meaningless-Without-Debt-Repudiation

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Zurich eyes halving corporate tax

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“Zurich, Switzerland’s largest city and financial hub, may cut its corporate tax rate nearly in half if foreign firms lose fiscal benefits amid EU pressure, the regional financial chief said on Tuesday.    By doing so, Switzerland’s economic centre would aim to convince foreign companies to remain in the canton even if Switzerland bows to EU pressure and alters a system allowing such firms to pay less taxes than Swiss companies.  The Zurich proposal follows a similar proposal presented in Geneva last week, suggesting that Switzerland’s second-largest business hub should cut its corporate tax rate from around 24 to 13 percent.”

http://www.thelocal.ch/page/view/zurich-eyes-halving-corporate-tax-minister

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Spanish savers move money to Switzerland

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“Crisis-hit savers in Spain are transferring their their money to Switzerland for safety, the head of Geneva’s 80-strong banking association said on Wednesday.  In addition to an increase in Spanish funds, Droux said Geneva banks had seen an inflow of cash from other eurozone countries so far this year, as well as from the Middle East and developing countries including those in South America.  Switzerland is not a member of the European Union and so is not a member of the eurozone.”

http://www.thelocal.ch/page/view/crisis-hit-spaniards-move-money-to-switzerland

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Switzerland: The Other Currency Manipulator

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“Switzerland is manipulating its currency for the exact same reason China does: to help exporters gain a price advantage. And Switzerland is a big net exporter, with a current account surplus (exports minus imports) of 12 percent of GDP, compared to just 3 percent for China.  Why aren’t we freaking out about Swiss currency manipulation? Probably because Switzerland’s small scale helps us understand what a manipulated currency really means: cheaper Swiss goods for U.S. consumers.  With China, we somehow get this backwards.”

http://www.bloomberg.com/news/2012-10-23/switzerland-the-other-currency-manipulator.html

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Wary Swiss Banks Shun Americans

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http://freedomwat.ch/wp-content/uploads/2012/10/BF-AD689_SWISSP_NS_201210191809082.jpg

“The new law, expected to be phased in over several years, requires foreign banks to identify Americans among their clients and to provide their financial information to the Internal Revenue Service. Just one person overlooked could mean a penalty equivalent to 30% of a bank’s U.S. income.   Most banks in Switzerland have little appetite to deal with such risk and are quietly—or openly—ushering American clients out or limiting the range of products offered to them, tax experts and bankers say.”

http://online.wsj.com/article/SB10000872396390444592704578062570295543436.html

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More Greek firms eye low-tax Switzerland

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“The Swiss fiscal policy has infuriated Brussels, as the European Union sees businesses fleeing EU countries to the tax haven of Switzerland.  According to Swiss laws, foreign firms which set up in the country pay €51 billions ($66 billion) less in taxes per year than Swiss companies, said a Swiss television report.  Setting an ultimatum, Brussels has given Switzerland until December 13th, when a European summit is held, to present a programme aimed at dismantling such privileges which are judged discriminatory and anti-competitive.”

http://www.thelocal.ch/page/view/more-greek-firms-eye-low-tax-switzerland

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