Spuhler to Austria? Stadler boss threatens to emigrate because of the Juso initiative

Peter Spuhler is sharply critical of the Jusos' inheritance tax initiative. If it succeeds, it would be a "catastrophe for Switzerland", says the entrepreneur and threatens to move to Austria

The Jusos' inheritance tax initiative for fairer taxation of the super-rich is causing a stir well before the vote. Essentially, it calls for the super-rich to pay an inheritance or gift tax of 50 percent.

This would also affect entrepreneurial families whose assets are held in their companies. Particularly controversial: the initiative also contains a retroactive clause. If the Jusos' initiative is successful, it would already be too late for those affected.

The Tages-Anzeiger newspaper reports, citing tax experts, that some of those affected would consider emigrating as a preventative measure. This includes Peter Spuhler, main shareholder and head of the train manufacturer Stadler and one of the richest Swiss.

"Disaster for Switzerland"

In an interview with the Tages-Anzeiger newspaper, Spuhler sharply criticizes the initiative and calls it an "expropriation initiative". The railroad builder says: "It would be a disaster for Switzerland if it were accepted."

He explains that a successful initiative would also be painful for him personally: According to his own information, his descendants "would have to hand over 1.5 to 2 billion francs in one fell swoop, depending on what the share price and assets are on the cut-off date at the time."

Unless "politicians intervene before the vote", he would have to "emigrate at least temporarily before the vote", says Spuhler. The Jusos are forcing him to take this step. He is not alone in this: "I know at least ten Swiss entrepreneurs who, like me, are currently looking into leaving Switzerland with their tax advisors."

Spuhler wants to go to Austria

The billionaire knows "If a significant proportion of those affected by the initiative emigrate, this will have major financial consequences for Switzerland as a whole." In response to the rebuttal that the Federal Administration has not even calculated what the initiative could mean, Spuhler replies: "You don't have to wait for the authorities' calculations to be able to estimate the dimensions.

According to Spuhler, the damage for Switzerland would be "gigantic". "Jobs would be threatened, there would be huge tax losses," claims the entrepreneur and has apparently already thought about where to go.

His current favorite: Austria. Although income tax is high there, there is no wealth tax or inheritance tax. Vienna is also "a beautiful city". Italy, where "wealthy newcomers" pay a flat-rate tax "of just 100,000 euros" for the first 15 years, is also a possibility.

"It's quite possible that the Chinese will strike"

According to Spuhler, "almost 100 percent" of his assets are invested in his companies, such as Stadler Rail and Autoneum. According to the entrepreneur, if the initiative is accepted, "the Swiss industrial pearls would have to be sold" in order to pay the taxes.

And Spuhler goes even further: these companies would have to be sold abroad, as no one in Switzerland would invest in domestic companies. "It's quite possible that the Chinese will strike in order to get their hands on certain technologies," says Spuhler.

When asked whether Spuhler's announcement is not just a referendum campaign and an empty threat, the entrepreneur replies: "I see no other way to ensure that my companies do not have to be sold to any foreign investors."