Swiss reject plan to hoard gold, restrict immigration

Associated Press

BERN, Switzerland

Swiss voters overwhelmingly rejected three citizen-backed proposals to protect the country’s wealth by investing in gold, drastically limit immigration and eliminate a special tax that draws rich foreigners.

The separate proposals — put to voters nationwide Sunday by conservative politicians, ecologists and a liberal group — had needed a majority of voters and Switzerland’s 26 cantons (states) to pass.

A proposal to require the central bank to hold a fifth of its reserves in gold was opposed by 77.3 percent of voters, according to final results from Swiss broadcaster SRF. It would have forced the Swiss National Bank to buy massive amounts of gold within five years, likely causing its global price to jump.

A proposal to limit immigration to 0.2 percent of Switzerland’s population — about 16,000 immigrants a year for a country of 8 million — was opposed by 74.1 percent of voters. None of the cantons came out in favor. Currently, immigration is estimated at around 80,000 a year.

A third national referendum, which would have abolished special tax discounts for rich foreigners living in Switzerland, also was defeated. About 59.2 percent voted against the measure.