Swiss to end role as tax haven?

WEALTHY foreigners who have sought tax exile in Switzerland could be tempted to find a new home elsewhere — many in Britain — if Swiss voters back a referendum today abolishing their special status.

Polls suggest the move could be approved by a narrow margin, leaving the 5,600 beneficiaries of the concession, who include the Russian billionaire Viktor Vekselberg and the German Formula One driver Sebastian Vettel, digging deep into their pockets.

Justine Markovitz, of Withers LLP, a law firm that advises beneficiaries of the arrangement, said its abolition would damage Switzerland.

“It would have consequences,” she said. “A lot of the very high-net-worth people who are here will not stay if it is taken away.”

Many of these, Markovitz said, would move to London to take advantage of the special status for non-UK-domiciled individuals.