Geneva’s Oldest Private Bank Slams Inheritance Tax Proposal

One of Banque Lombard Odier & Cie SA’s top bankers criticized a controversial proposal for an inheritance tax on the super-rich, saying it could trigger an exodus of wealthy families even before it’s put to a vote.

The initiative by the youth wing of the country’s Social Democratic Party calls for a 50% tax on inheritances worth more than 50 million francs ($59 million). Under Switzerland’s system of direct democracy, the proposal is expected go to a national vote in about two years.

“We feel like this initiative is counterproductive for the country,” Frederic Rochat, a managing partner ...