Several different parliamentary parties want to end the so called ‘Golden Visa’, which they claim has allowed Russian oligarchs to settle in Switzerland – despite not having any intention to integrate into society.
Those opposed to the practice say it’s down to a carelessly worded passage in the law which allows a ‘public interest’ exemption. That normally means money.
The immigration law says that any residence permits issued to non-EU citizens must show the applicant will be able to settle into Swiss society. That normally means age, language skills, and professional qualifications to demonstrate long term employability.
But many cantons will overlook those requirements in return for a generous tax agreement.
Research by the media group, Tamedia, suggests 368 people have made use of the loophole across the country – including 85 Russians.
Parliamentarians from the Socialist Party, the Greens and the Green Liberals want to change the law and remove the public interest exemption.
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