Swiss voters decided to hold on to a 152-year-old tax break for rich foreigners that’s in force in Geneva and other wealthy areas, a measure the government says is helpful to the country’s economy.
Fifty-nine percent voted against the initiative, sponsored by the Socialist Party, that would have abolished the system allowing foreigners to duck income and wealth taxes by negotiating lump-sum payments with Swiss cantons, the government said on its website. Two other initiatives on the Swiss National Bank’s gold holdings and immigration limits also were rejected.