At the ready despite the pandemic
As in the rest of the world, 2020 has been dominated by the pandemic in Switzerland and the Grand Duchy of Luxembourg too. In spite of the crisis, bankers, financiers, lawyers, tax experts and fiduciaries have remained available to meet their clients’ requirements.
Our two countries have been in great demand owing to their reputation for security. In the banking sector, a significant amount of assets have been deposited with our banks leaving states where the economy is more fragile. With regard to relocation, some wealthy individuals have turned away from sunnier climes also offering tax benefits but where the quality of hospital infrastructure is not of the same standard as ours or have decided to leave their country for fear of the government placing heavier taxes on their capital and income to deal with the health and economic crisis.
In these troubled times, some people clearly wish to take advantage of the opportunity to increase tax. Personally, we are opposed to the introduction of a Covid tax which would hit the wealthy and those whose line of business or type of work have been spared by the health crisis or have even benefited from it. We believe it is important that people who have not lost money or have increased their wealth can keep it and spend it to boost the economy.
Finally, we cannot finish this editorial without giving a special thought to anyone who has been affected by the crisis on a human, professional or financial level.
Philippe Kenel, Attorney-at-Law in Lausanne, Geneva and Brussels, PYTHON