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Old 15.11.2011, 09:41
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Here's Why Switzerland Is Improving Its Luxury Properties

Interesting article in the business insider.

"Despite Europe standing on the edge of the financial abyss, it's apparently not the worst time to buy property on the continent.

In particular, if you're a high net-worth individual, now might be the time to invest in some luxury European property. But where to find this? London? Paris? A few years ago, yes, but now Switzerland is entering the fray as a top location for luxury property."


Read more: http://www.businessinsider.com/heres...#ixzz1dlGFezFe

Any thoughts, views or comments?
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Old 15.11.2011, 09:53
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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Interesting article in the business insider.

"Despite Europe standing on the edge of the financial abyss, it's apparently not the worst time to buy property on the continent.

In particular, if you're a high net-worth individual, now might be the time to invest in some luxury European property. But where to find this? London? Paris? A few years ago, yes, but now Switzerland is entering the fray as a top location for luxury property."


Read more: http://www.businessinsider.com/heres...#ixzz1dlGFezFe

Any thoughts, views or comments?
I doubt that Switzerland is a suitable market for such an undertaking. Properties are overvalued, there are stringent rules on what you are allowed to change on your house. Property tax makes it unattractive to payoff your home...and all in all, maintenance and contruction costs too expensive to even think about renovating anything.
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Old 15.11.2011, 10:27
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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I doubt that Switzerland is a suitable market for such an undertaking. Properties are overvalued, there are stringent rules on what you are allowed to change on your house. Property tax makes it unattractive to payoff your home...and all in all, maintenance and contruction costs too expensive to even think about renovating anything.

I think the problems you mention are more middle-classy than high-net-worthy. As far as I know, there are usuallly quite a lot of people interested in very expensive places here. I mean, if you pay 10-20 million chuffs for a house, paying some "little" extra money for maintenance is not such a big deal, especially if through lump sum taxation you can diminish your tax burden by a few million per year.

Then again, I do not agree with the lump-sum-taxation model.
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Old 15.11.2011, 10:27
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

Not the best written article. The article is about the Luxury properties but facts are very irrelevant and suggests a very low understanding of Swiss Luxury market.

70K new homes are being built not because of some Luxury property boom. They are primarily to cater to huge influx of Europeans in business towns like Zurich, Geneva and Basel. The problem is that a normal apartment in outskirts of Zurich costs easily over million which for an international audience is a luxury apartment.

Another point is like what Lost Inbound mentioned. Swiss law encourages that large property companies own these clusters of apartments for like 50 years. So it is not as volatile as any Anglo Saxon markets.
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Old 15.11.2011, 10:30
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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I think the problems you mention are more middle-classy than high-net-worthy. As far as I know, there are usuallly quite a lot of people interested in very expensive places here. I mean, if you pay 10-20 million chuffs for a house, paying some "little" extra money for maintenance is not such a big deal, especially if through lump sum taxation you can diminish your tax burden by a few million per year.

Then again, I do not agree with the lump-sum-taxation model.
Certainly, but rich folks ain't no fools either. The same 10million could give you a much greater return on your investment in another country. Apart from the direct tax benefit for high earners, I don't see how Switzerland would be an attractive luxury property market.
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Old 15.11.2011, 10:35
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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Certainly, but rich folks ain't no fools either. The same 10million could give you a much greater return on your investment in another country. Apart from the direct tax benefit for high earners, I don't see how Switzerland would be an attractive luxury property market.
Long term stability
Lack of sudden political swings that could punish the rich
Lack of wars and revolutions
Acceptance of the wealthy and non-interference by Swiss public
Generous tax packages (not Canton ZH) for the super rich

etc etc etc
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Old 15.11.2011, 10:40
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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Long term stability
Lack of sudden political swings that could punish the rich
Lack of wars and revolutions
Acceptance of the wealthy and non-interference by Swiss public
Generous tax packages (not Canton ZH) for the super rich

etc etc etc
...how would all those points not apply to any other western European nation for that matter?

If you go into the nitty-gritty you might as well show why Switzerland might be unattractive to some of the wealthy.
-inferior goods and services
-monopolistic approach to anything
-lack of products and services that are readily available in other places
-religious bias
etc etc etc
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Old 15.11.2011, 10:47
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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...how would all those points not apply in any other western European nation for that matter?
Ah yes, ask the high earning Londoners what they think about political swings that can punish the rich.

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.If you go into the nitty-gritty you might as well show why Switzerland might be unattractive to some of the wealthy.
-inferior goods and services
-monopolistic approach to anything
-lack of products and services that are readily available in other places
-religious bias
etc etc etc
All interesting opinions that buyers of luxury real estate are not bothered with however.
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Old 15.11.2011, 10:56
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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...how would all those points not apply to any other western European nation for that matter?
Add a currency that's not disappearing up its own backside and has shown long term appreciation.
No wars in the last 100 years.
Certainly Monaco, Andora and Luxemburg might be in the running too. But someway behind

Obviously you don't know what the super rich are looking for...
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Old 15.11.2011, 10:57
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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Certainly, but rich folks ain't no fools either. The same 10million could give you a much greater return on your investment in another country. Apart from the direct tax benefit for high earners, I don't see how Switzerland would be an attractive luxury property market.
Example; rich Russian guy in Zürich who spent some millions buying a neighbours house so he could knock it down & extend his garden.
These people do not care about ROI on personal expenditure.
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Old 15.11.2011, 11:01
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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Apart from the direct tax benefit for high earners, I don't see how Switzerland would be an attractive luxury property market.
Gibraltar Category 2 residency is better than any cantonal schemes.

Switzerland is a brand.
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Old 15.11.2011, 11:02
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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...how would all those points not apply to any other western European nation for that matter?

If you go into the nitty-gritty you might as well show why Switzerland might be unattractive to some of the wealthy.
-inferior goods and services
-monopolistic approach to anything
-lack of products and services that are readily available in other places
-religious bias

etc etc etc
The super rich don't really give a flying fandango about that stuff - they usually have a super-efficient personal assistant to worry about crap customer service and a lack of products on their behalf.

This is the super rich they are targeting, not Mr VP of Investment Banking from UBS.

Religious bias?
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Old 15.11.2011, 14:06
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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Ah yes, ask the high earning Londoners what they think about political swings that can punish the rich.



All interesting opinions that buyers of luxury real estate are not bothered with however.
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Add a currency that's not disappearing up its own backside and has shown long term appreciation.
No wars in the last 100 years.
Certainly Monaco, Andora and Luxemburg might be in the running too. But someway behind

Obviously you don't know what the super rich are looking for...
Quote:
The super rich don't really give a flying fandango about that stuff - they usually have a super-efficient personal assistant to worry about crap customer service and a lack of products on their behalf.

This is the super rich they are targeting, not Mr VP of Investment Banking from UBS.

Religious bias?
If the super-rich wouldn't care about it, then more would actually reside here, rather than just having a mailbox with their name on for tax purposes don't you think?
..but that's alright, this argument is a lost cause for the likes of you, who tend to see everything with pink shades.
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Old 15.11.2011, 15:53
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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The super rich don't really give a flying fandango about that stuff - they usually have a super-efficient personal assistant to worry about crap customer service and a lack of products on their behalf.

This is the super rich they are targeting, not Mr VP of Investment Banking from UBS.

Religious bias?
You saved me from writing just this. Stop it. You leave me nothing to write! :P

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If the super-rich wouldn't care about it, then more would actually reside here, rather than just having a mailbox with their name on for tax purposes don't you think?
..but that's alright, this argument is a lost cause for the likes of you, who tend to see everything with pink shades.
Yeah, yeah, we know you don't like CH. Very transparent. But to pretend the super rich don't want to live in Switzerland is just silly.

Anyway, the nature of the super rich is that they have several properties around the world. So if you don't see them in the supermarket don't be surprised. They'll come back during the proper season.
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Old 15.11.2011, 17:58
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

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If the super-rich wouldn't care about it, then more would actually reside here, rather than just having a mailbox with their name on for tax purposes don't you think?
..but that's alright, this argument is a lost cause for the likes of you, who tend to see everything with pink shades.
But viewing everything Swiss-related with perma-pessimism equally clouds ones judgement, donchathink?

Take a stroll along the Gold Coast here in Zurich then tell me there aren't high numbers of super rich in residence.

Either way it doesn't bother me, nor affect me (apart from pay my salary ) - the HNWIs I have had to work with admittedly don't live here permanently; the nature of their lives/work/tax agreement often mean they spread their year around the world. The mailbox existence seems to be mainly confined to somewhere hot and Caribbean, though.

When they do live here - they aren't poking around in some rented flat with shared laundry...
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Old 15.11.2011, 19:10
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Re: Here's Why Switzerland Is Improving Its Luxury Properties

Unfortunately this trend is driving up property prices in Lac Léman area (urban areas of Genève and Lausanne), and sometimes not even people whose families had been living for as far as memory can tell in towns that are receiving that influx of wealthy people can afford to continue living in these towns.
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