Having a net worth of at least 100 million Swiss francs and live half the year in Switzerland are the prerequisites to qualify for their coveted “tax exile”. Some 5,000 billionaires around the world have chosen this solution to benefit from a very favorable payment terms on income tax.

However, the privilege may be coming to an end because the Swiss are increasingly unhappy with a situation which, according to them, is “a steal not only for the countries of origin, but for all the Swiss people.” Feeling confirmed by the results of the last referendum held last Sunday in the cantons of Basel and Bern. In at first, voters were in favor of the abolition of tax privileges for foreigners. In Berne, the polls decided to tighten the conditions setting a minimum amount of taxable income of 400,000 euros.

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