Hamilton speeding to tax haven

canada_1_800.jpgBritish motor racing star Lewis Hamilton is set to join the growing number of Formula 1 drivers and other rich foreigners to settle in Switzerland– in the Geneva area according to Le Matin newspaper. The Mclaren driver says he wants to escape incessant attention at home, but he could also save millions in taxes. Hamilton has already been beaten to Switzerland by a host of other Formula 1 stars including current champion Kimi Raikkonen, Fernando Alonso and former driver Michael Schumacher. Music stars and business giants also add to the 4,000 or so foreigners with special tax breaks. One international accountancy firm estimates that Hamilton could save £4 million (SFr9.67 million) a year on basic salary alone, based on projected earnings and British tax rates. But these breaks have been criticised as divisive and unfair on the Swiss, who must pay taxes on their full income. Earlier this year Economics Minister Doris Leuthard questioned why Swiss tennis champion Roger Federer must pay full taxes that some foreigners escape.

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