The main reason anyone moves himself or his business to a tax haven is to escape high taxation. Job or employment opportunities in any tax haven are normally limited to service occupations. This is true of Campione. There Is no reason to come here looking for a glamorous job, or any job. Employment opportunities are limited. It’s a very good place for wealthy retired people or those with a low profile business that could be run from home or an apartment.
In Monte Carlo or Gibraltar, it may be possible to get employment working for a bank or stockbroker in the vibrant financial services sectors. But in Campione, there is no financial services industry.
Campione is a tax haven for individuals, not a recommended place for setting up or administering a company. The Italian government would probably tax any high profile holding company based in Campione when it found out about it. This said, corporate tax is lower in Campione than in all other areas of Italy and Switzerland for the reasons mentioned before. Also, conducting business via an offshore corporation and/or arranging your deductions in Italy may provide the necessary loophole to eliminate taxes.
There is only one tiny storefront bank in Campione: the Bank of Novara. The only smaller bank in the world is probably in Sark. Some retired Italian residents of Campione receive and deposit their pension checks at this bank. Although official local currency is the Italian lira, the Swiss franc is the currency in general use. Money exchanging, lending and other commercial activity is limited. Money can be exchanged easily on an informal basis. Under treaty with the Swiss, no new banks or deposit takers are allowed to be based in Campione. If there are any lawyers or accountants in Campione, they keep themselves well hidden. The specialist we
recommend at the end of this Report is from Lugano. Most professional services are performed across the border in Switzerland, or where appropriate, in Italy. But Campione does have one resident psychiatrist, plus several medical doctors and dentists. You’ll need them if you have anything to do with Italian officialdom! In Campione, as in every other tax haven, there are always many local people who serve the rich tax-exiles. The range of services run from grocery stores, beauty shops and restaurants to those looking after the particular needs of tax-haven residents. In Monaco there is no shortage of poodle grooming, Rolls-Royce servicing and investment counselling. Requirements are far more modest in Campione. Banking, legal services and the more exclusive professional services for well heeled Campionese tend to be in nearby Lugano. Campione is best described as a bedroom suburb of Lugano.