Sunday, January 21, 2007

F1's super-rich to cop higher Swiss tax

A collection of F1's super-rich could soon be in for a shock, as the notorious tax haven Switzerland is considering making life more expensive for foreigners. Some of the sport's highest earners are among scores who flock to live in the alpine country, because the government requires foreign residents to pay only 'direct' taxes rather than declare their mammoth income or assets. According to sources, foreign Swiss residents including Michael Schumacher, Bernie Ecclestone and Fernando Alonso pay a comparatively paltry lump-sum of about $60,000 per year in tax to their local region. Elsewhere, in Germany or France for example, income tax could cost them up to ten times as much or more. Swiss finance ministers, however, reportedly met last Friday and discussed possibly changing the system within six months.

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