New German “overclass” goes on the offensive
The recent “underclass” debate in Germany has apparently opened the gates for further class action suits who, not wishing to be outshone in the media limelight by these lowlife parvenus, have begun demonstratively flooding the Swiss banking system with billions of euros.
According to Cash magazine, these Germans hold Alps-sized mountains of money in Swiss bank accounts in order to avoid taxation in Germany (duh). About one-third of all new accounts are being opened by Germans, the magazine estimates, and about one-quarter of all deposits coming into Switzerland at the moment are from German company sell-offs or management bonuses.
And although non-EU Switzerland now levies a withholding tax on interest earned by EU residents with Swiss accounts, this obviously has not discouraged major league tax evasion, at least not major league German tax evasion. Hmmm. My hunch is that German taxes are still too high for them.
It is unclear as to just how many of the 767,000 “high net worth individuals” in Germany are actually participating in this Swiss flooding action, however. Insiders report that many of the small fry millionaires are very old-fashioned and still like to evade taxes in Austria or Luxembourg like their parents and grandparents did.
But no self-respecting Überklassler these days will settle for anything less than breaking the law in Switzerland. Things are more civilized there, you see. Tax evasion is a civil offence under Swiss law, not a crime.
Steuern hinterziehen kann jeder. Offshore banking ist aber ganz was Feines.
According to Cash magazine, these Germans hold Alps-sized mountains of money in Swiss bank accounts in order to avoid taxation in Germany (duh). About one-third of all new accounts are being opened by Germans, the magazine estimates, and about one-quarter of all deposits coming into Switzerland at the moment are from German company sell-offs or management bonuses.
And although non-EU Switzerland now levies a withholding tax on interest earned by EU residents with Swiss accounts, this obviously has not discouraged major league tax evasion, at least not major league German tax evasion. Hmmm. My hunch is that German taxes are still too high for them.
It is unclear as to just how many of the 767,000 “high net worth individuals” in Germany are actually participating in this Swiss flooding action, however. Insiders report that many of the small fry millionaires are very old-fashioned and still like to evade taxes in Austria or Luxembourg like their parents and grandparents did.
But no self-respecting Überklassler these days will settle for anything less than breaking the law in Switzerland. Things are more civilized there, you see. Tax evasion is a civil offence under Swiss law, not a crime.
Steuern hinterziehen kann jeder. Offshore banking ist aber ganz was Feines.
Kommentare auf Deutsch? Klar.
Am moving to Swiss.. hopfully will get paid something for practicums. (Comment this)
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