Brits who earn top wages may be inclined to consider a move to Geneva and a new expatriate life, a Swiss community paper has reported.
According to genevalunch.com, tax changes in the UK, which will take effect in 2011, could increase the number of wealthy financiers and bankers who move to the Swiss city.
Citing comments published by Le Temps, genevalunch.com noted Geneva "is a destination of choice for those, including entire hedge fund operations, who are nimble enough to make the move".
Top earning Britons will face new taxation rules which will introduce a higher rate of taxation (50 per cent on income over £150,000).
Also, in related news, head of the Financial Services Authority Adair Turner recently told Prospect magazine that he may well consider a tax on banks – which may help to dissuade them from making such large bonus payments.