Tax exile: Another former Pictet partner would have chosen Italy

After our revelations As for the departure of Renaud de Planta in Italy. Furthermore, several concordant sources told us that Bertrand Demole, also a former partner of the Pictet group, would also have moved his home in the peninsula, in the tax exile: another former pictet Milanese region.

Having entered Pictet in 2001, Bertrand Demole became a partner in 2011. For example, He left his executive duties at the end of June 2023. Meanwhile, while retaining a non-executive vice-president position at the Pictet Alternative Advisors, specialist in the group’s alternative investments.

Bertrand Demole and Renaud de Planta would have opted for the Italian tax regime set up in 2017. Meanwhile, This allows new residents to pay an annual lump sum tax of 200,000 euros on all of their foreign income. Moreover, The system can be extended to family members for an additional 25,000 euros per person.

“A permanent Pictet ambassador”

In The press release announcing its withdrawalBertrand Demole said: “I started my very first internship at Pictet at 13. In addition, I have devoted tax exile: another former pictet my career to this house out of passion for his unique heritage. Therefore, […] I will remain a permanent Pictet ambassador. Consequently, ”

This last statement today makes teeth to the bank, including among former partners. Consequently, The historical attachment of Pictet to Geneva is seen as difficult to reconcile with departures motivated by tax considerations. Additionally, Consequently, Beyond consistency, employees point to a real risk of involvement in the image of the establishment.

Contacted, Bertrand Demole did not follow up on our requests. The Bank Pictet. which transmitted our requests to its former partner, replied that it never comments “on the supposed projects or activities of its former partners”.

Shock or understanding in financial circles in Geneva

In the financial circles, these departures-hitherto discreet-are sometimes difficult to swallow. tax exile: another former pictet “Some are shocked, including inside the Pictet house,” says a banker from the square under the cover of anonymity. In private, the feeling reported is that of discomfort. That figures of Geneva capitalism opt for tax exile would make poor advertising an environment which values. precisely, local stability with its international customers.

On the other hand, Speeches posted publicly rather seek to justify the choice. Personalities who agree to express themselves. especially in the circle of bourgeois parties, point the finger at the local tax and political context. They evoke a climate which would have become dissuasive for large fortunes: tax pressure deemed excessive. uncertainty linked to popular initiatives (read below)image of a less welcoming Geneva.

The departures of Renaud de Planta and Bertrand Demole would in any case represent the crossing of a symbolic CAP. It tax exile: another former pictet would no longer be a simple hypothesis: figures of Geneva finance broke a taboo.

Other departures to Italy?

Do these movements announce a broader tendency to tax exile among large local fortunes? Since the revelation of the departure of Renaud de Planta. rumors have been circulating around other historical figures of the Geneva square. “There are current reflections in certain families. ” says a source, who wonders: will the current media coverage them to review their plans, or on the contrary to take the plunge?

Solicited on this subject, the Department of Finance indicates that it has not noted any significant trend. Furthermore, “To date. the cantonal tax administration does not observe an increase or acceleration or significant change in the departures of taxpayers abroad,” replied the services of the magistrate Nathalie Fontanet.

Socialist youth replied to criticism on the “initiative for the future”

Sighing the finger by the financial. economic world as a source of “fiscal insecurity” for the great fortunes with its “initiative for the future”, the socialist youth reacted vigorously to the revelations of the last days. For its committee. which disseminated a press release, this choice illustrates less an excessive pressure on the rich than a “shameless double discourse” of certain ultra -fortured.

The “Initiative for the future” aims to introduce a federal tax on very great successions. Donations and inheritances exceeding 50 million francs would be taxed at 50%.

“The departure in Italy of Renaud de Planta […] is not a simple news item. but illustrates although the great Swiss fortunes favor their profits before the good of tax exile: another former pictet the community, ”writes the Geneva section of the JS. “They take advantage of the prestige of Switzerland, its infrastructure, its stability, its roads, its qualified employees … But as soon as they are asked to contribute to fight against precariousness. finance ecology or save pensions: they and they flee.”

The goal is to finance Swiss climate policy, by attacking what is described as an extreme concentration of wealth. The text will be subject to vote in November.

According to Adrien Rastello. member of the cantonal committee, “when the people want to make tax policy more united, the ultra -ties cry for injustice, but when they and they go with the cash register, everyone should be silent?”

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