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Swiss inheritance & gift tax initiative – October 2011

Switzerland’s tax system does not impose inheritance or gift tax on the federal level and the desire to collect such taxes has been left to the decision of each canton.

However a new initiative wishes to end this status queue.

According to the new initiative, which is on its way collecting the necessary 100,000 signatures in order to bring the initiative to the people to vote on, a flat rate tax of 20% will be impose over Inheritances exceeding 2 million CHF or Gifts exceeding 20,000 CHF.

If the initiative will be approve, any donation dating from 1.1.2012 will be added to the individual estate and will be tax retroactively.

Due to the fact that the initiative effects will be retroactive, we recommend that any actions which are planned in respect to individual’s estate & wealth should be made prior to the end of 2011.

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