Swiss shock for millionaires

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The Independent Online

Switzerland, which has attracted millionaires from Ikea founder Ingvar Kamprad to racing driver Michael Schumacher, may raise taxes on rich foreigners after French singer Johnny Hallyday's move to the Alpine nation sparked criticism on both sides of the border.

Unlike Swiss-born residents, foreigners need not declare assets or income and merely pay tax according to their spending on rents or mortgages. But finance ministers from the country's 26 cantons met in Bern on Friday and plan to revise the system, which could more than double current taxation.

Which could come as a rude shock to the likes of British singer James Blunt who plans to live in Verbier. The region reportedly will offer the singer the same tax breaks as Hallyday - for now.

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