Switzerland Looking Good To Expats

The growing Eurozone crisis is making Switzerland increasingly attractive to Expats concerned about austerity measures.

London, UK (Pryce Warner International) November 28th, 2011 – With a potential collapse of the Euro looming, many are now considering relocating to Switzerland, especially those in Italy concerned about austerity measures.

The primary reasoning behind many peoples move is that the Swiss franc is considered to be much safer compared to the Euro, whose future is becoming increasingly in doubt.

Many Expats are now seeking to move funds and assets to Switzerland in a bid to protect themselves, as being outside the Euro, it is expected to fair relatively well in the event that the common currency collapses.  With austerity measures set to come into effect in Spain, Portgual, Italy and Greece, Expats resident in those countries are seeing Switzerland as a better option.

Expats accross Europe have already felt significant blows to their income due to fluctuating currency values.

In Italy especially, banks are now greatly reducing their lines of credit to businesses, leading firms to seek alternative solutions. Another concern that Italians have is that the new government will introduce heavy austerity measures and increase tax. This has led to a 7% rise in Italians applying for Swiss bank accounts since June.

One Swiss tax advisor noted: "It's pensioners or businessmen who want to get Swiss residency and move their operations there. I have had more requests to this effect since the summer than over the past 10 years."

Individuals in many debt-ridden countries are also fearing a freeze on movements of capital. In anticipation of this, some are moving liquidity to non-Euro assets in case the worst happens.

Despite this, many Italians are reportedly backing a campaign to buy up Italian bonds, holding out hope for the future of the Italian economy.

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By Aneil Fatania
Financial Editor
Pryce Warner International Group
For any corrections of factual information contained within our news items please contact our editor.
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