Millionaires Not Wanted? Geneva Gets Tough With Taxes

The video discusses the forfait tax in Geneva, a flat tax introduced in 1862 to attract wealthy foreigners by reducing their tax burden. It generated significant revenue but faced political opposition due to its low tax rates. Zurich abolished the forfait in 2009, leading to an exodus of wealthy foreigners, impacting the local economy. Despite this, other countries like the UK, Belgium, and Portugal continue to offer tax breaks to attract foreign millionaires.

How might the abolition of the forfait affect the local economy in Geneva?

What alternatives do wealthy foreigners have if they choose to leave Geneva?