Millennium explores Geneva tax deal
Millennium Management is negotiating with authorities in Geneva over a potential tax arrangement that could pave the way for an expansion of its presence in the French-speaking Swiss canton, according to a report by the Financial Times.
Millennium Management, a New York-based hedge fund managing over $92 billion, is in talks with Swiss authorities in Geneva regarding a potential tax arrangement. This proposed deal could facilitate an expansion of the firm's presence in the French-speaking Swiss canton, according to a Financial Times report. The move aims to attract more high-net-worth individuals and financial firms to Geneva, which currently imposes higher tax rates compared to Zug, where Millennium's operations are primarily based.
With more than 6,900 employees, Millennium already operates offices in Geneva and Zug, making a tax agreement in the latter advantageous for the canton to compete more effectively for the firm's talent. Switzerland's decentralized tax system allows individual cantons to set their own tax rates and incentives, leading to intense competition among regions for high-net-worth residents and financial businesses.
The maximum personal income tax rate in Geneva can reach 45%, compared to about 20% in Zug, making taxation a crucial factor for Millennium, whose employees have the flexibility to work from various locations. The firm has been expanding its operations globally, with offices in London, New York, Singapore, and Dubai, and more than 140 flexible working locations.
Recently, Millennium has also explored alternative locations for employees who may not prefer returning to Dubai, with Jersey being one of the destinations under consideration for those seeking more tax-efficient arrangements.
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