Swiss Say Foreign Millionaires Still Welcome After Vote

Swiss voters refused to give up a 152-year-old tax break for rich foreigners in Geneva and other wealthy areas that the government says helps the economy.

Fifty-nine percent voted against an initiative, sponsored by the Socialist Party, that would have abolished a system allowing foreigners to duck income and wealth taxes by negotiating lump-sum payments with Swiss cantons, the government said yesterday. Two other proposals, on the Swiss National Bank’s gold holdings and on immigration limits, also were rejected.