thus telling a hedge funder to Financial News

A little more than a month after the announcement of a 50 tax on bonuses, which had itself add to the passage of 40 to 50 of the marginal rate of income tax, the financiers of the City appear to resign. Expatriate teams in Zurich, Geneva, or in the pastures of Pfäffikon is not really the ideal nose foot that many of them had hoped to make to the Government. Kinetic Partners, a consultant specializing in taxation, recently assured that 150 'hedge funds' managers were leaving before 6 April, date of increase in the income tax. But many believe that massive departures announcements made here and there within the bluff in an attempt to push the Government to back down.

In fact, bankers and managers of "hedge funds" London today discussed mainly the narrowness of the Swiss, the lack and the high cost of housing and schools, sometimes exchanging jokes on the absence of cultural life in Geneva or the Swiss character: "when you wrong color for your bag of garbage, you collect a fine of 50 Swiss francs and they track you"., thus telling a "hedge funder" to "Financial News". "We must stop dreaming." The Switzerland cannot be an alternative for a handful of financiers in the City. There is already more places in international schools in Geneva or Zurich. Only the France had the critical size necessary to be used as an alternative. But here, too, preferred type of populist way on bankers. "The France had but a card to play," told in Davos the pattern of a large bank based in London.

Negotiate with the authorities

In the end, only the most mobile financial should move: either because they do not need to meet with their clients, either because they work in small structures and that they can reconstruct teams without too many difficulties or because their personal life allows them. Starting threats relate primarily to the managers of "hedge funds" or capital-investment fund. Even if the banks which are hit by the outstanding 50 tax on bonuses for 2009, it is indeed much more difficult for them to move their teams. "If they move their centre of gravity towards the Switzerland, it will be only small teams and they do so quietly," explains a professional.

Here in late March, the banks will provide their bonus policy and it will be able then to what extent will be absorbed this tax, which said that it could bring billions to the British Treasury.

But even to "hedge funds" or capital-investment fund, the Switzerland is too small for financial mass move. The pool of talent would be quickly tari. It may be interesting to have offices to woo clients: this is the case of MAN, long, and BlueCrest, more recently. "But the real alternatives in London are New York, Paris and Frankfurt," explains Bill Dodwell, a specialist in taxation at Deloitte. And on these seats also, the regulation will be strengthened.

In addition, if the Swiss cantons are ready to negotiate the taxation of institutions and even came to London to make presentations to attract when the British Government increased taxes, they impose conditions. "It is not if obvious for most advantageous tax conditions, says Bill Dodwell." A "hedge fund" can deal with the tax authorities the rate of taxation of the teams, but it must undertake to hire a minimum of staff over several years and the reduction applies to the principal leaders of the Fund. For others, the taxation is lower than in London, but not much less.