CHICAGO (Bloomberg) - Tyco International Ltd., the world's largest maker of security systems, approved a proposal to move its place of incorporation to Switzerland's Schaffhausen canton from Bermuda.

Shareholders at a meeting yesterday voted for the change that the company's board approved last year. The change is expected to become official next week after the government filings in Bermuda and Switzerland are completed, Tyco said today in a statement. Switzerland has an established tax treaty with the US.

Tyco will remain registered with the US Securities and Exchange Commission and prepare its financial statements in US dollars. The shares will continue to be listed on the New York Stock Exchange under the ticker symbol TYC.

Tyco rose 73 cents, or 3.9 percent, to $19.22 at 4.15pm in composite trading. The shares have lost 54 percent in the past 12 months.