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Schumacher: I'll leave Switzerland over taxes
Published: 22 Oct 12 15:16 CET | Print version
Online: http://www.thelocal.de/national/20121022-45711.html
Formula 1 legend and tax exile Michael Schumacher says he is prepared to move out of Switzerland if tax breaks granted to foreigners are abolished.
- Schumi calls it a day - Sport (4 Oct 12)
- Schumacher to be replaced by Hamilton - Sport (28 Sep 12)
- Schumacher under fire for poor track record - Sport (25 Sep 12)
The proposal, if accepted by voters, would eliminate the financial breaks received by foreigners such as Schumacher who do not have to pay taxes on income they earn outside of Switzerland.
The motor racing star, a resident of Gland in the canton of Vaud, told Der Sonntag newspaper he hoped such a measure would not be approved in Switzerland.
The seven-time world champion, who earlier this month announced he would retire at the end of this season, told the newspaper that he regarded himself as a “jet-setter” who did business all around the world, but not in Switzerland.
It was earlier reported, however, that he signed a sponsorship deal with Swiss fashion groups Navyboot and Jet Set worth more than $5 million a year.
Schumacher said he could imagine that many wealthy foreigners like him would leave the country if the tax deal ended.
“They will probably move, one after another, to no longer stay in Switzerland,” he said.
Schumacher said he does pay “lump sum” taxes, plus the wages of his Swiss employees.
If foreigners leave the country, ordinary taxpayers will have to make up the difference in revenues, he suggested.
Schumacher has been resident of Switzerland for 20 years. He was listed earlier this year as the second wealthiest sportsman in the world by The Sunday Times newspaper, which estimated his net worth at €626 million.
His official residence, built in 2008 and valued at 35 million francs, is a sprawling waterfront estate overlooking Lake Geneva.
He is among 5,500 wealthy foreigners in Switzerland -- including other F1 stars such as Briton Lewis Hamilton (a Geneva resident) -- who benefit from low taxes because their income is earned abroad.
Several cantons, including Zurich and Basel, have already decided to end such tax breaks.
Malcolm Curtis
What do you think? Leave your comment below.
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Your comments about this article:
http://online.wsj.com/article/SB10000872396390444592704578062570295543436.html?mod=WSJ_hp_LEFTWhatsNewsCollection
Why should the workers in Switzerland carry these tax dodgers?
I say they should go forth with this silly initiative and see how things turn out. Not well, most like.
How pessimistic.. as if the roads, railways, police, military, drinking water, gas, electricity, elections, intelligence gathering, all kind of researches, affordable education, maintenance of everything public, creation of all kind of standards, price control and everything else comes out of the sky.
Bailing out is not the only thing they do in a democracy.
Okay, that sounds like a great plan. Move to some country where they won't expect you to pay...and you'll discover all the things you won't have available...clean water, decent roads, reliable utilities, good police and fire protection...and all that other stuff you don't want to pay for. Works for me. Don't let the door hit you on the way out.
wa
Correct.
I remember the old days in Brazil where the people pay a LOT of taxes and still get nothing in return. Seriously, nothing!
I do think Germany taxes a bit too much, but there is return. So, I don't mind. :)
Idiot.
All they do is live peacefully, obey the laws, hire Swiss citizens, purchase lots of local products and services, who would want such selfish types in their country.?