Switzerland- USA: Sunny or Sandy? Boston, November 29,
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1 Switzerland- USA: Sunny or Sandy? Boston, November 29,
2 November
3 USA - Switzerland November
4 The Mouse and the Elefant November
5 240:1 November
6 40:1 November
7 30:1 November
8 Top Performing Nations The World Competitiveness Scoreboard, IMD, May 2012 The Global Competitiveness Report, WEF, Sept EIU Innovation Index EIU, 2011 November
9 Interlocking Swiss and US Economies America is important for Switzerland: USA are the 2nd most important export market (behind Germany); USA is the most important foreign direct investor in Switzerland by far! Switzerland is important for the USA: 5th largest foreign direct investor, the largest in 2010 Small, but fast growing export market Important management platform for US multinationals November
10 USA is key export market for Switzerland Germany 39'854 % of Total 20.2% Italy 15' % France 14' % United Kingdom Austria Spain 8'250 5'983 5' % 3.0% 2.9% 60.6% Netherlands 5' % Belgium / Luxembourg 3' % Rest Europe 20' % USA 19' % 10.1% China 8' % Japan 6' % Hong Kong Africa Russia 6'294 3'251 3' % 1.6% 1.5% BRIC 8.4% India 2' % Brasil Figures: Total Export 2011 (Mio. CHF) Source: Swiss Federal Customs Administration 2' % November
11 An export boom to the USA Jan-Oct 2012 Country CH Exports CH Imports USA +12.6% +17.6% Germany +1.6% -6.8% France +0.9% -3.7% Italy -7.9% -6.8% EU -0.3% -3.7% China -12.4% +72.3% Source: Swiss Federal Customs Administration November
12 1:1,5 November
13 Massive Growth of Foreign Direct Investments r 2009r 2010p Total Swiss direct investment in the U.S. Total U.S. direct investment in Switzerland Source: U.S. Department of Commerce, Bureau of Economic Analysis November
14 Switzerland is among «the big guys» Others Cumulated FDI in USA Lux France CH Germany November
15 .and look who is innovative! Others ($10.1bn) R&D spent in USA 2009 CH ($9.1bn) France ($5.0bn) Germany (5.5bn) UK ($6.6bn) November
16 Massive direct investments by Swiss companies in the USA November
17 And who is paying the taxe$? US Income Taxes paid 2009 November
18 Swiss jobs are as good as Chocolate! Swiss companies provide jobs 6th most behind UK, Jap, D, F and Can Swiss jobs have the highest average salaries $95 200! jobs are in manufacturing 41% of all jobs provided November
19 1:4 November
20 Growth anyone? In 2009, Swiss companies Added jobs in the USA Exported goods for $10.6bn Netted an income of $8.7bn Paid US income tax of $3.6bn Added jobs in 35 states, with large gains in Nevada, Pennsylvania, Delaware, Massachussetts and Colorado November
21 All this provided by «real» Companies» Swiss affiliates contributing to report: Agribusiness: Syngenta Financial and Insurance: Swiss Re, UBS, Zurich Insurance Group Flavors and fragrances: Givaudan Food: Nestlé Manufacturing and Electronics: ABB, Buhler, Conzzeta, Holcim, Kaba, Kudelski, Schaffner, Schindler, Tetra Pak, WICOR Pharma and Medicine: Novartis, Roche (Genentech) Swiss Post November
22 Switzerland remains the most competitive economy Global Competitiveness Index: Top 15 countries Finland 1. Finland 1. Finland 1. Finland 1. Switzerland 1. US 1. US 1. Switzerland 1. Switzerland 1. Switzerland 2. US 2. US 2. US 2. US 2. Finland 2. Switzerland 2. Switzerland 2. US 2. Sweden 2. Singapore 3. Canada 3. Sweden 3. Sweden 3. Sweden 3. Sweden 3. Denmark 3. Denmark 3. Singapore 3. Singapore 3. Sweden 4. Singapore 4. Denmark 4. Taiwan 4. Denmark 4. Denmark 4. Sweden 4. Sweden 4. Sweden 4. US 4. Finland 5. Australia 5. Taiwan 5. Denmark 5. Taiwan 5. Singapore 5. Germany 5. Singapore 5. Denmark 5. Germany 5. US 6. Norway 6. Singapore 6. Norway 6. Singapore 6. US 6. Finland 6. Finland 6. Finland 6. Japan 6. Germany 7. Taiwan 7. Switzerland 7. Singapore 7. Iceland 7. Japan 7. Singapore 7. Germany 7. Germany 7. Finland 7. Netherland 8. Netherlan 8. Iceland 8. Switzerland 8. Switzerland 8. Germany 8. Japan 8. Netherland 8. Japan 8. Netherland 8. Denmark 9. Sweden 9. Norway 9. Japan 9. Norway 9. Norway 9. UK 9. Japan 9. Canada 9. Denmark 9. Japan 10. NZ 10. Australia 10. Iceland 10. Australia 10. Australia 10. Netherland 10. Canada 10. Netherland 10. Canada 10. UK 11. Ireland 11. Japan 11. UK 11. Netherland 11. Japan 11. Korea 11. HK 11. HK 11. HK 11. HK 12. UK 12. Netherland 12. Netherland 12. Japan 12. Netherland 12. HK 12. UK 12. Taiwan 12. UK 12. Canada 13. HK 13. Germany 13. Germany 13. UK 13. Germany 13. Canada 13. Korea 13. UK 13. Taiwan 13. Taiwan 14. Denmark 14. NZ 14. Australia 14. Canada 14. NZ 14. Taiwan 14. Austria 14. Norway 14. Norway 14. Belgium 15. Switzerland 15. UK 15. Canada 15. Germany 15. UK 15. Austria 15. Norway 15. Australia 15. France 15. Norway Source: World Economic Forum Global Competitiveness Report November
23 Switzerland is #1 High education standards Great quality of life Political stability Central location in Europe Flexible labor laws Acceptable corporate taxes Multicultural society Leading-edge research Low capital cost Low unemployment Low government debt November
24 Switzerland s Secret is finally revealed. Source: New England Journal of Medicine November
25 USA-CH OR November
26 Schweiz currently in conflict with top 5 business partners Country Legacy of Banking Secrecy Cantonal tax regimes Other Germany Airport Zürich; Industrial espionage USA France Industrial espionage Italy Black listed UK November
27 Switerland and the USA: the Odd Couple USA Global taxation Tax evasion is a crime Special judicial process Data protection quite liberal Automatic delivery of information: Banks and employers Switzerland Territorial taxation Tax evasion is an misdemeanor Special judicial process Data protection very strict No automatic delivery of information: Banks and employers November
28 «Extraterritorial application» of US Law: Basis of CH-USA conflicts USA When doing business in the USA: US rules! Otherwise you do whatever you like. CH The US market is vital for our business Why should that be our problem? Thus, we are obliged to apply US laws: This is extraterritorial application of US Law! November
29 Vexing results for Swiss in the US and US Persons in Switzerland Many banks massively curtail service to US Persons Wealth management >CHF 500k available with SEC licensed companies Most banks have stopped service to US Persons for all banking services This is vexing and insulting, but no lever for banks to offer services November
30 The Perfect Storm? USA related Behavior-based grid search (USA) ACTA DTA on Estate Tax DoJ/IRS procedure against 11 CH banks Global solution regarding US tax compliance FATCA Visa Waiver Program: PCSC, HSPD6 DTA II 0% WHT/ LOB 10% of exports, ca. 40% of FDI EU related Behavior-based grid search (OECD) Tax Compliance (D and UK) Tax Compliance (rest of EU) Corporate tax fight with EU 65% of exports ca. 40% of FDI = probably needs Parliamentary action in the next months November
31 Switzerland USA: lots of potential! Relationship with great potential Infrastruture Clean Tech, Green Tech, Sustainability, Energy efficiency Transportation, public transport Precision Engineering And much more! But the legacy issues must be solved! November
32 US Elections 2012: What consequences for Switzerland? November
33 US Elections 2012: What consequences for Switzerland? No change! Continued economic win-win cooperation Continued dialog on solving fiscal issues in partnership (changing partners) Continued partnership on broad scope of issues Hopefully more positive tone and media coverage November
34 Time to talk November
35 1:1 November
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