Fernando Alonso repatriated.

[niky]

I guess the weather in Switzerland isn't to his liking.


http://www.mirror.co.uk/sport/motor...nso-returns-to-live-in-spain-115875-23149007/

EXCLUSIVE:

Fernando Alonso has returned to live in his native Spain even though it will cost him a staggering £50million in tax.

The double world champion (below) had been living in Switzerland to cut his tax bill.

Over the winter he moved back to Oviedo in northern Spain to be closer to his family and friends.

But the move will cost him a third of his staggering new £150m contract with Ferrari.

Alonso admitted: "It's great to go home. I'm happy to pay the money. I'm not poor - just a little bit less rich now."

Say what you will about his prima donna attitude, but you've just got to admire a man who's willing to write off more money than most of us will ever see in our lifetime just to be closer to his mates.

 

[TenEightyOne]

Those figures are bunkum

The rate of tax in Switzerland is around 25% compared with around 33% in Spain, so it's only costing him an extra 10m (ONLY! ). Swiss tax laws are also changing for non-nationals so Alonso would soon end up paying the same amount in Switzerland that he would pay in Spain... so he might as well go home.

EDIT: The Daily Mirror?

 

[niky]

Would the Daily Planet be better? Or the Sun?

I could buy a lot of stuff with 10 million pounds. That's like... 100 million dollars... or something.

 

[TenEightyOne]

Would the Daily Planet be better? Or the Sun?

I could buy a lot of stuff with 10 million pounds. That's like... 100 million dollars... or something.

Daily Planet would be a more realistic alternative to the other two

I agree that 10 million is still, to use your earlier words, more than most of us will see in a lifetime! I was just being difficult and pointing out that the reported 50m cost isn't quite that, it's a total of 50m with a pre-existing commitment to 40m.

God knows what the Mirror are doing covering it - F1 has far too many letters for them

 

[Ardius]

Say what you will about his prima donna attitude, but you've just got to admire a man who's willing to write off more money than most of us will ever see in our lifetime just to be closer to his mates.

Er, hang on, admire him for sitting in Switzerland for several years rolling in money and then only returning to "be closer to his mates" when he's on a rediculous Ferrari salary?
Yeah, real cool guy.

Who cares?

 

[Anghammarad]

Those figures are bunkum

The rate of tax in Switzerland is around 25% compared with around 33% in Spain, so it's only costing him an extra 10m (ONLY! ). Swiss tax laws are also changing for non-nationals so Alonso would soon end up paying the same amount in Switzerland that he would pay in Spain... so he might as well go home.

EDIT: The Daily Mirror?

The thing is that apparently driving an F1 car is not considered working in Switzerland so there's no income tax.

 

[niky]

Who cares?

So sue me. It's a slow news day.

Thought it rather funny, either way.

 

[TenEightyOne]

It is indeed a good story

 

[Stotty]

He could have just moved to Monaco... only a short drive to Northern Spain form there and still tax free.

 

[Tornado]

If nothing else, I learned a new word today.

 

[lpb-nissan-gt-r]

Me too although I am just assuming it means moved back.

 

[BlacqueJacques]

Some persons have too much money; simple as that.

 

[Tornado]

Some persons have too much money; simple as that.

inb4 thread explodes into income tax discussion.

 

[Barbanegra]

Those figures are bunkum

The rate of tax in Switzerland is around 25% compared with around 33% in Spain, so it's only costing him an extra 10m (ONLY! ). Swiss tax laws are also changing for non-nationals so Alonso would soon end up paying the same amount in Switzerland that he would pay in Spain... so he might as well go home.

EDIT: The Daily Mirror?

Lets speak properly...

I dont know the exact tax rate in switzerland, but I do know for sure that the rate in Spain for people that earns what fernando Alonso earns is 46%, not 33%...so its way far than 10 m...
I dont think switzerland is raising up their tax rate so high for non nationals...

Anyway its up to him, its his money therefore his decition...

 

[SUPER NUMBBER]

Some persons have too much money; simple as that.

 

[Barra333]

I think this is the first time I've seen the word repatriated used when it was not referring to taking the remains of a dead person home.

 

[Omnis]

That's highway robbery if you ask me. Guess someone in his family is a really good cook or he got tired of paying for the mistress's travel/shopping/food expenses.

 

[ashes619]

If he has the money, which he obviously does, then I am happy that he has moved to be closer with his family & friends.

 

[TenEightyOne]

I think this is the first time I've seen the word repatriated used when it was not referring to taking the remains of a dead person home.

I thought that too - 'repatriated' suggests the action of a third party on an unwilling/unable second party. 'Repatriates' could have been better - but the meaning of the thread is still clear I guess.

Re: Tax rate in Switzerland ( )

It can vary considerably by canton, the stuff about racing drivers not paying tax because motorsport is banned in Switzerland isn't true. Like many wealthy citizens they make a per-annum tax agreement with their canton, this is rarely at the highest applicable rate.

I suppose the bottom line in this story is that it IS going to cost Alonso a great deal of money to move back to Spain... so his family are more important to him than money. That's got to be a good thing

 

[BlacqueJacques]

I think this is the first time I've seen the word repatriated used when it was not referring to taking the remains of a dead person home.

Or repatriating the constitution to Canada from Brits

 

[Danny]

Who cares?

Off you go, then.


£50million?! That is an incredible amount of money.

 

[GTsail]

I'm sure that Alonso's tax situation is far more complex than just multipying his Ferrari salary times any particular tax rate, but from a quick search of each countries' top tax rates, the move will surely cost him at least 4% of his yearly earnings.

Spain's top tax rate can run as high as 43%

I don't know exactly where Alonso lives, but if he lives in Lugano Switzerland, the top tax rate there is 39% (Ticino Canton).

We can only wish that we had the money to be able to live in either location, irregardless of whatever taxes might be imposed by either Country.

Respectfully,
GTsail

 

[MarkWebber]

He is worth every cent of the 150 mill they pay him, and I was a complete fool to ever think otherwise:tup:

 

[Radracing]

I'm sure he got his accountants to figure out how to get a tax write off by investing in some companies in his homeland. It wouldn't make sense to give up that much money if he couldn't find a way to reduce it maybe even less than what he is paying in Switzerland.