Switzerland is consistently ranked among the best places to live in the world. Known for its neutrality, stunning landscapes, efficiency, and business-friendly environment, it offers residents an unmatched quality of life. Switzerland has been my adopted home for the past 26 years. Having spent my youth studying and working in its banking and financial sector, I can only confirm this reality. Friends and colleagues from both developed and developing countries alike often express the same sentiment: they would gladly stay longer in Switzerland for the quality of life and the opportunities it offers their children.
The only frequent complaint? The cost of living. Yet with some of the highest household incomes worldwide, Swiss residents generally enjoy a strong balance between work and life.
It’s no wonder Switzerland has long topped global wealth migration rankings. For years, it has been part of the “Safe Haven 7”: Switzerland, Singapore, the UAE, Malta, Monaco, New Zealand, and Australia. In 2025 alone, Switzerland attracted 3,000 new millionaires, drawn by stability and security.
Yet, paradoxically, some of Switzerland’s own wealthy are packing their bags.
From Geneva to Italy
This year, Geneva’s financial circles buzzed with surprise when Renaud De Planta, a board director at Pictet (one of Switzerland’s most prestigious private banks) and member of the Swiss National Bank Council, left Switzerland for Italy with his wife. He’s not alone. Bertrand Demole, another former Pictet partner, made the same move.
So why are high-profile Swiss families trading paradise for Italy?
Tax reasons? Probably, at least in part
Since 2017, Italy has introduced an attractive flat tax regime. Under this system, individuals who have not lived in Italy for 9 of the past 10 years and who transfer their tax residence there can pay a flat €200,000 per year on their foreign-sourced income—including inheritance and gift tax, rental income, interest, and capital gains—for up to 15 years.
By contrast, Switzerland faces an uncertain moment. In November 2025, Swiss voters will decide whether to introduce a federal inheritance and gift tax on fortunes above CHF 50 million. Unlike existing cantonal duties, this tax would not exempt spouses or direct descendants.
Will it pass? Personally, I doubt it. Switzerland thrives on stability, and voters tend to reject abrupt changes. Time and again, I’ve seen results that surprised outsiders:
- Lower taxes? Majority: No
- More holidays? Majority: No
- Higher retirement benefits? Majority: No
The reason? Switzerland’s backbone is its small and medium-sized enterprises (SMEs), and voters are cautious about reforms that might strain them.
Beyond Taxes: Lifestyle, Roots, and Choice
Taxes matter, but they don’t tell the full story. For De Planta, personal ties also play a role: he spent part of his childhood in Italy and speaks the language fluently.
For wealthy families, relocation is rarely just about numbers. It often reflects a mix of factors:
🌍 Lifestyle & climate
🏫 Education & opportunities for children
💼 Business and career prospects
🩺 Healthcare & standard of living
🔐 Safety & security
Interestingly, many Swiss who move to Italy still return to Switzerland for healthcare—a reminder that while tax incentives are powerful, quality of services and stability remain Switzerland’s trump card.
Sources:
