Switzerland tax system set for overhaul As part of the clampdown the government is also introducing a minimum threshold to qualify for the special tax system - at 400,000 Swiss francs (about £260,000). Switzerland has repeatedly come under fire for its secrecy laws which allows wealthy individuals to hide their assets in Swiss bank accounts. But the UK government has been cracking down on this practice, recently giving Britons with such accounts a chance to come clean without being fined for tax evasion. There is also a Swiss-UK tax agreement in place whereby Swiss banks inform HM Revenue & Customs of the top destinations that money is being transferred to when it leaves Switzerland. Hundreds of billions of Swiss francs are expected to leave the country as a result of the clampdown. A significant proportion of it is expected to head east to Singapore, known as the Switzerland of Asia. One British expat who has moved to the low-tax environment of Singapore, said: "There is a lot of pressure on Switzerland to not be so kind to wealthy foreigners, especially from European governments who are heavily in debt and need the tax revenues from the super rich. But the good news is that even if this law is passed it will gradually be phased in over five years.