Geneva will transfer a record CHF 411 million to France this year under the Financial Compensation scheme, up from CHF 396 million last year.
The payment stems from a 1973 agreement between Switzerland and France covering French residents who work in Geneva and pay tax in the canton.
Under the agreement, Geneva returns 3.5% of the gross payroll of eligible cross-border employees, meaning Geneva still retains more than CHF 715 million after the transfer.
The compensation payment has risen steadily over the past 15 years, nearly doubling from CHF 218.9 million in 2010 to CHF 411 million today. The increase reflects the rapid growth in Geneva's cross-border workforce.
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