A taxing problem.

The efforts of foreign tax authorities to shore up national finances by pursuing citizens, who they believe to be using Swiss bank accounts to shield tax liability, may be backfiring. According to recent figures, Cantons Geneva, Valais and Schwyz have all seen a marked increase in the number of wealthy French and German citizens choosing to settle in the regions since banking secrecy came under fire.

According to an April report in the Swiss newspaper, Sonntag around 60 wealthy citizens are abandoning France each month, choosing the low tax and privacy of Swiss living over the difficulties they may face in their home country for having undeclared money in Swiss accounts. Two French economics magazines have slated the exodus of the wealthy as a scandal, with the magazine Entreprendre running the headline "Stars, business leaders, sportspeople: The scandal of tax evasion!" and illustrating the piece with a Swiss map and flag. The second publication, Capital went so far as to publish a...

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