More British bankers are relocating to Switzerland, new figures reveal

21 February 2011

Increasing numbers of British bankers and workers from the financial services sector are moving to Switzerland, a new survey has shown.

According to figures released by the Swiss Migration Office, 383 British citizens from the banking industry relocated to Switzerland during 2010.

The number represents a 28 per cent increase on the amount who moved in the previous year, the survey revealed.

Further figures showed that 1,379 Brits from the finance, insurance and consultancy sectors were given permission to work in Switzerland in 2010.

Matthaeus Den Otter, of the Swiss Funds Association, said: "These figures sound very plausible. There has been a steady influx of skilled workers.

“We estimate that some 20 to 25 firms of UK hedge funds have set up offices in Switzerland over the past year, and the banks will have sent over some specialised staff as well.”

News reports have claimed that the increase is related to the increase in legislation implemented within the financial services sector following the global crisis.

The previous Labour government implemented a 50 per cent tax on bonus payments of more than £25,000 while further levies have been debated by the current coalition authorities.

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