Swiss Bankers Plan for French Emigres as Hollande Wins
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Switzerland is preparing for an influx of wealthy French emigres after Socialist Francois Hollande ousted Nicolas Sarkozy in presidential elections.
Hollande proposed a 75 percent tax in February on income exceeding 1 million euros ($1.27 million) as part of his plan to cut France’s budget shortfall. The levy may push rich French citizens to relocate to Switzerland and lower their taxes through the forfait system, a lump-sum cost for foreigners that is based on expenditure rather than income.