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UK Bankers head to Switzerland to escape taxes

The number of British bankers and financial services workers migrating from Britain has risen by 28%

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Channel 4 News said, according to figures from the Swiss Federal Migration Office, 383 British citizens working in banking and financial services moved to Switzerland in 2010, an increase of 28% on the previous year.

Financial institutions and politicians have lobbied the UK government against increased taxation, arguing that the changes would drive the banking industry overseas. Switzerland, with its low personal and business taxes, is a favoured destination.

Under the broader rubric of banking, insurance and consulting, which includes IT, 1,379 Britons were given permission to work long-term in Switzerland in 2010. This is an increase of 29% over the 2009 figure.

Matthaeus Den Otter, of the Swiss Funds Association, said: “These figures sound very plausible. There has been a steady influx of skilled workers. We estimate that some 20 to 25 firms of UK hedge funds have set up offices in Switzerland over the past year, and the banks will have sent over some specialised staff as well.”

To watch Channel 4’s report click here

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