Switzerland’s attractiveness was always more than its heavily advertised banking secrecy laws.
Before I answer you, did you know that neighboring Austria’s banking secrecy was just as strong and is still very strong for Austrian citizens? Does Austria have a future? Silly question you might conclude.
Switzerland’s attractiveness is in its confederate structure, the national government is still extremely small and the states (cantons) administer regulations on any entrepreneur’s behalf and itnis applicable law in all Swiss states barring any conflict. But the general lack of conflict comes from Switzerland being sparsely population, nothing is happening! So, the fintech sector in the state of Zug pays just as much as Silicon Valley except with the lowest state taxes and no federal income tax. All because a couple people asked the financial regulator in Zug (population 100,000) to accept some useful laws.
You get the whole brand of Switzerland and its sovereignty from a tiny state agreeing with you. Shop around!
Being an EFTA member but non-EU and non-Eurozone allows it to experiment more dramatically without pushback from Brussels.
The mixture of cultures in Switzerland smoothes out some of the quirks of the monocultures in its neighboring countries
Before I answer you, did you know that neighboring Austria’s banking secrecy was just as strong and is still very strong for Austrian citizens? Does Austria have a future? Silly question you might conclude.
Switzerland’s attractiveness is in its confederate structure, the national government is still extremely small and the states (cantons) administer regulations on any entrepreneur’s behalf and itnis applicable law in all Swiss states barring any conflict. But the general lack of conflict comes from Switzerland being sparsely population, nothing is happening! So, the fintech sector in the state of Zug pays just as much as Silicon Valley except with the lowest state taxes and no federal income tax. All because a couple people asked the financial regulator in Zug (population 100,000) to accept some useful laws.
You get the whole brand of Switzerland and its sovereignty from a tiny state agreeing with you. Shop around!
Being an EFTA member but non-EU and non-Eurozone allows it to experiment more dramatically without pushback from Brussels.
The mixture of cultures in Switzerland smoothes out some of the quirks of the monocultures in its neighboring countries