For example,
Geneva: nathalie fontanet reacted tax:
ThoseExil fiscal
“In Geneva. In addition, we have no massive departures from wealthy taxpayers”
Nathalie Fontanet reacts to the start of departure for a large Geneva taxpayer. Nevertheless, The State Councilor considers that the initiative of young Swiss socialists creates a dangerous fiscal uncertainty.
Nathalie Fontanet, Geneva State Councilor in charge of the Finance Department.
Lucien fortunate
- A former Pictet banker moves to Italy to take advantage of an advantageous taxation.
- Taxpayers are concerned about the initiative on the inheritance tax next November.
- In Geneva, 1.3% of taxpayers pay 78% of wealth tax.
- The increase in social geneva: nathalie fontanet reacted tax charges reached 81% between 2014 and 2024.
The case caused a stir at the end of the lake this week. Similarly, The announcement by “Le Matin Sunday” of the departure of Plant’s Renaud. Nevertheless, Ex-partner of the Bank Pictet, for Italy, where he will pay less tax (in principle an annual package of 200,000 euros), aroused strong criticism. Therefore, The fiscal exile of the former private banker. Nevertheless, at the origin of the Foundation for the attractiveness of Geneva and member of the Council of the Swiss National Bank, shocks. Therefore, Arrested, Nathalie Fontanet, the Geneva State Councilor in charge of the Department of Finance, reacts.
Nathalie Fontanet. In addition, after the announcement of Renaud de Planta’s departure, “24 hours” and the “Tribune de Genève” still announced the departure of Two big Geneva taxpayers In geneva: nathalie fontanet reacted tax Italy, where they benefit from a more favorable tax regime. However, What is your reaction?
I cannot confirm. For example, confirm these departures as a head of the finance department but, in general, each departure challenges, especially if it is, if necessary, people who have signed up for the canton and have expressed their attachment to Geneva. For example, Such decisions should make us think. Additionally, For example, At the factual level, there have always been departures and arrivals in Geneva. Therefore, What I can say is that we do not have massive departures of wealthy taxpayers today. Nevertheless, We are in a usual situation.
On the other hand. Nevertheless, taxpayers tell me about their concern because of the initiative of young socialists, The “for the future” initiativeon which the people will be brought to vote next November. Consequently, The text proposes to collect a succession tax geneva: nathalie fontanet reacted tax for the heirs in direct 50% on the fortunes of more. Similarly, than 50 million francs. In addition, In tax matters, two conditions are essential: stability and predictability. Nevertheless, This initiative undermines these two conditions and threatens the attractiveness of our country. For example, Switzerland plays to be afraid with this kind of text.
But the vote will not take place until November 30. Meanwhile, Does this explain these departures?
This initiative is dangerous. Wealthy taxpayers will not wait for the initiative to be accepted to leave. A fortune that exceeds 50 million may seem gigantic. but if you are at the head of a large company or you own many goods, you can arrive at this kind of amount. The concern is not only expressed in Geneva but also in the other cantons. The message of the Federal Council is very clear: geneva: nathalie fontanet reacted tax acceptance of the initiative could. due to the departures of the taxpayers, causes a drop between 2.8 and 3.5 billion of revenues from income and profits tax. An analysis by Professor Marius Brülhart of the University of Lausanne estimates that Switzerland should face a leak of. 77 to 95% of the tax substrate if this initiative was accepted.
The packages granted by several European countries, including Italy, seem to seduce wealthy Genevans. Is this the shepherd’s response to the shepherdess, Switzerland itself being a tax haven for foreigners?
Tax competition between countries has always existed. In Switzerland, we grant packages to wealthy foreigners. In the canton of Geneva, the minimum threshold is 400,000 francs per year. Some 500 packages are currently granted to Geneva. A taxpayer can settle in a country where taxation is less heavy. but it is necessary to take into geneva: nathalie fontanet reacted tax account the quality of the services offered. We remember the way in which some countries have managed the COVID crisis. medical care was better in Switzerland and the population has been left more free. We saw people come back from their tax exile after the covid. The quality of infrastructure and political stability are also elements that must be integrated into the decision.
What are the impacts of the departure of such taxpayers for Geneva taxation?
The consequences are important due to the structure of our fiscal pyramid. Regarding wealth tax, 1.3% of taxpayers pay almost 78% of the tax, in 2024, 1.156 billion francs. For that of income, 4.4% of taxpayers pay 53% of revenues, or 4 billion in 2024. This means that a very limited number of people are paying half of income tax.
For legal persons, the phenomenon is geneva: nathalie fontanet reacted tax even more marked. Only 0.3% of companies pay 85% of taxes on profits. These observations challenge. Our canton has quality infrastructure, university, schools, university hospital, international airport. It offers a lot of benefits to the population, socially and the quality of care. If many wealthy taxpayers came to leave Geneva, it would become difficult to assume all these charges.
We often hear that 36% of Genevans do not pay income tax? Is it correct? Or do they still be a symbolic amount?
Each inhabitant pays a personal tax of 25 francs, whatever their financial situation. Among the 36% that do not pay income tax. some taxpayers pay wealth tax, as does a retired couple who has real estate.
Have taxes increased for the wealthiest in twenty years?
No, the tax is not heavier than before for geneva: nathalie fontanet reacted tax large taxpayers. On the other hand, the charges of the canton of Geneva linked to social benefits increased by 81% between 2014 and 2024. In comparison, tax revenue has evolved less (+56%). This significant evolution of social charges (+81% in ten years) of our canton is explained in particular by the increase in the number of people benefiting from LAMAL subsidies. which increased from around 106,000 to nearly 197,000 during this period, as well as the number of beneficiaries of the General Hospice, which increased from around 18,000 to almost 27,000 people.
According to our survey, 71.5% would be the percentage paid by wealthy taxpayers between income and fortune taxes, is it proven?
Given the maximum load applicable in Geneva. if we add income taxes and fortune at the municipal and cantonal level, total taxation cannot exceed 60% of the taxable net income. geneva: nathalie fontanet reacted tax For this calculation, the net return on fortune is set at least at 1%. Thus, if we add the maximum direct federal tax of 11.5%, total taxation can amount to 71.5% of income. This very important imposition is notably linked to the fact that Geneva is the canton which most strongly imposes fortune. Until 1is January 2025, the rate was 1%. Since that date, following a popular vote, it has been reduced by 15% and is now 0.85%. However, we remain the canton with the highest rate. A new drop to reach the Swiss average would allow Geneva to be more attractive.
What do you think of the reaction of Mauro PoggiaWho says he is shocked by the departure of large bankers who made a fortune in Geneva. thanks to Geneva, on the RTS?
It is the individual freedom of everyone to geneva: nathalie fontanet reacted tax settle elsewhere. I consider it dangerous to want. as Mauro Poggia suggests, tax a person in a retroactive way if they want to come back. It is legally not desirable and contrary to the rule of law and good faith. These people paid taxes, they have paid their due to Geneva. There is no fault, even if politics can question the reason for these departures. We must be careful to maintain attractive framework conditions. Few cantons are fortunate to have almost 11 billion income, it is a question of maintaining this level.
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