As we reported last week, Swiss tennis star Roger Federer is looking to relocate to Canton Zurich. According to reports in 20 Minuten Mr. Federer purchased 5779 square meters of development land in the Laubhölzli area of Herrliberg. The property is on top of the hill with fantastic views and plenty of private area.
Mr. Federer and his family won’t be the only prominent Swiss people to live in the area. A few hundred meters away the outspoken SVP politician Christoph Blocher has his Herrliberg residence. Commenting after a press conference last week, Mr. Blocher said that he’s excited to welcome Mr. Federer to the neighbourhood adding, “He surely plays better tennis than I do.” Mr. Blocher lives right above the Herrliberg tennis courts, where it is hoped Roger Federer will make appearances to practice every once in a while or better yet on a regular basis.
According to Herrliberg Tennis Club president, Alain Held, he suspected that Mr. Federer was going to buy in Herrliberg. The tennis star had already visited the club last year to see what it was like and asked about a hard surface tennis court to prepare for the US Open. The tennis club is now planning on adding a hard surface court for the 2012-2013 season and are hoping that Mr. Federer and/or his daughters will make use of the facilities.
While many are already in a semi state of euphoria, the commune president, Walter Wittmer, has been trying to calm the waters saying that Mr Federer only purchased land, but it is not definite that he and his family will move to the lakeside commune. Of course having a global celebrity in the town would be wonderful for the commune Wittmer added, but up to now the Federers have not submitted any building plans for approval.
Mr. Wittmer believes that just like how Mr. Blocher can go for a daily stroll without being accosted by others, the same should be possible in his village for Mr. Federer and his family.
Already last week most of the communes that were hoping on Mr. Federer choosing them had told the Tages Anzeiger that the tax benefit for them will be minimal due to the cantonal tax equalization, whereby richer communes have to pay in for poorer communes. However what is clear is that in comparison to Wollerau in Canton Schwyz Mr. Federer’s tax bill will double.
As taxes on winnings are generally paid in the country they are made, these are generally not further taxed in Switzerland and the fact that the Federer’s own other property in Switzerland as well as Dubai means that taxes can be spread. According to tax consultant Christoph Hilligardt from the VZ Vermögenszentrum, Mr. Federer will pay 19.6 million francs in taxes if he declares earnings of 50 million a year and assets of 300 million. Should he spread the earnings and declare only 20 million, his tax bill will be around 8.8 million given the same 300 million in existing assets.
Though the actual price of the purchased property remains unknown, based on the cost statistics for Herrliberg, the real estate expert Patrick Schnorf from the company Wüest & Partner, has calculated a purchasing price of some 23 million francs for the lot alone.
Monday, January 9, 2012.