The initiative "No to 10 million for Switzerland" mandates federal action when the population surpasses 9.5 million. This proposal would prevent new arrivals, including asylum seekers and family members of foreign residents, from entering the country once the population reaches that threshold, implementing stricter measures if the total number exceeds 10 million. It reflects the concerns of the Swiss People’s Party (SVP), which cites rising rental costs and infrastructure strain as key reasons for limiting population growth.

Critics warn of the potential economic consequences of this initiative, particularly for multinational companies operating in Switzerland, such as Roche, UBS, and Nestlé. They argue that the proposal threatens vital bilateral agreements with the European Union, especially those regulating access to the European single market. Given that about 27% of Switzerland’s population does not hold a Swiss passport, the implications for labor mobility and economic collaboration are significant.

Economiesuisse, the business confederation, has referred to it as a "chaos initiative," emphasizing that the restrictions could lead to a disruptive environment for businesses and impact the Swiss economy as a whole. As the referendum approaches, the debate intensifies, with strong divisions emerging between those advocating for stricter immigration controls and those fearing the broader impacts of such limits on economic growth and international relations.