Prepare a medium casserole dish with nonstick cooking spray. Preheat oven to 350F.
In large skillet, melt butter allowing it to slightly brown, about 2-3 minutes. Add red pepper and green onions and cook until tender.
Whisk in coconut milk, whipping cream, nutmeg, salt, pepper, and paprika to the pan. Add sliced potatoes and cover with milk mixture completely.
Bring to boil and then reduce heat to simmer for 15 minutes, uncovered. Potatoes should be slightly undercooked.
Transfer potatoes and cream mixture to the casserole dish. Top with Swiss cheese and grated parmesan cheese.
Bake at 350F for 45 minutes or until cheese is bubbling and crispy on top.