Sunday, May 14, 2006

Do Swiss Really Inherit More

According to a resent study, the Swiss in fact inherit more than their European neighbors. The Swiss inherit an average legacy around half a million francs. Yes that is a lot of money but before you go about wondering why you aren't like any of these lucky "over 50" folk, you might just look closer at the facts.
  • In Switzerland, inheritance and gift taxes are only levied by cantons and/or municipalities.
  • Almost all cantons do not tax transfers between husband and wife and about half do not tax transfers between parents and children.
  • Where children are taxed, the rates are usually very low (1%-6%).
  • Transfers between non-related persons are taxed at up to 60% in certain cantons.
But before you think many older people are enjoying their inheritance, the majority of workers in Switzerland are found to retire later. Much of Switzerland's prosperity is actually due to the high value of property and the fact that individual fortunes survived relatively unscathed after the Second World War.

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