TimesOnline – It is understood that one chief executive was offered a flat tax rate of 10 per cent on his personal income if he relocated the company to Geneva and lived there, as long as he provided a forecast of earnings for the next ten years.

Although Switzerland is known for its flexible approach to taxation for individuals who meet strict criteria, such unsolicited approaches have happened recently and are the latest effort by Swiss authorities to capitalise on the worldwide financial crisis and the increasingly punishing tax regime for high earners in Britain. Other countries, including Panama, are also taking steps to boost their appeal to wealthy individuals.

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Tags: chief-executive, swiss authorities, wealthy individuals, worldwide financial crisis