Michael Schumacher, despite having a net worth of €626 million and recently building a mansion valued at 35 million francs, claims he would leave Switzerland if they ended their tax privileges for millionaires.
Politicians and Trade unions in the country are trying to change the present tax law, which allows foreigners to sidestep paying tax on earnings received outside of Switzerland.
There are around 22,000 “tax refugees” around the town of Zug where it is normal for foreign millionaires to negotiate their taxes with authorities. However, on October 19th a left wing group filed a petition with 106,000 signatures demanding the removal of the law.
The F1 star, a resident of Gland in the canton of Vaud, told Der Sonntag newspaper he did not want the law to be changed in Switzerland where he has been a resident for over 20 years. He claims to already pay “lump sum” taxes along with the wages of his Swiss employees.
Schumacher claimed “I can imagine many wealthy foreigners like myself would leave if the tax deal ended.” He warned that if he and his millionaire friends leave ordinary residents will be the ones that have to make up the difference in taxation.