The rich Americans seek refuge in Switzerland: boom in requests for properties and current accounts

The Swiss village of Andermatt is located at the foot of the Gottardo pass. Here stands the Swiss Alps resort and its about 500 luxury apartments, which enjoy a special status: their sale is not subject to the restrictions imposed by Swiss law for purchases of second houses and by foreigners. Reason why in recent months Andermatt has become one of the favorite destinations for Americans looking for a refuge from Donald Trump and his policies. Since the beginning of the year, explains an article by Financial Timesthe resort managers received 1260 requests for information from US investors who bought houses in Andermatt in the period or paid deposit for 17.4 million dollars.

The revaluation of the Swiss Franco

The tourist boom of Andermatt shows that, despite the scandals, the limitation of banking secret and the thunderous cradit suisse crag, Switzerland is still considered the safest country by people with great assets. Frightened by the duties and the collapse of Wall Street, so, Many wealthy Americans are opening current accounts in the country, relying on the US branches of Swiss institutes and managers such as Pictet and Vontobel. Others are, more simply, increasing their financial exposure on the Swiss Confederation by purchasing, for example, The Swiss franc That Since the beginning of the year, it has appreciated almost 10% compared to the dollar.

The wave of duties

The interest of American scabbds for Switzerland is actually a flashback. « It waves, » Cnbc Pierre Gabris, CEO of the Consultancy Company Alpen Partners, explained to CNBC. « The first rose when he was elected president Barack Obama, then with the pandemic and now with the duties ». These waves have always followed a laughter: will it be different this time with Trump? It will depend on the evolution of the economic and social policies of the White House; In the meantime, however, Some European countries are equipping themselves to attract American with great financial or intellectual assets.

The French offensive and the Italian flat tax

Emmanuel Macron’s France has, for example, launched a communication campaign aimed at attracting researchers in the country fleeing the United States and from the Trumpian repression of universities. Italy would theoretically have good cards to be played in this scientific area, but also in the attraction of great assets Thanks to the flat tax on foreign income that foreigners who transfer the residence to Italy enjoy. And, in fact, several US citizens are asking for information on the country, its properties and its tax legislation, reports the partner of a primary study of accountants. However, the interest has not been translated into investments or other financially demanding decisions.

The principle of citizenship in the US tax authorities

On the other hand, the Italian Flat Tax has few chances of attracting stars and stripes scatron. The United States are in fact one of the few countries to tax not on the basis of the principle of residence but on that of citizenship. Americans are therefore required to pay taxes to the patio taxman even if they have resided abroad for years and have no activities in the USA. During the election campaign for the November presidential elections, tRump had ventilated the possibility of reforming the tax discipline of the United States to uniform it to that of other western countries. However, it is difficult that, in this moment of uncertainty, the White House wants to encourage the exodus of capital and capitalists.