Popular investment vehicles in Switzerland

Updated on May 2022

• Immobilien-Aktiengesellschaft
• Anlagestiftung
• Vertraglicher Anlagefonds

• Corporate – Swiss Stock Corporation

• Corporate – Swiss Foundation

• Contractual

• Opaque and taxable at corporate income tax rate depending on canton where the real estate is located 
• Tax at investor level depending on residence and size of participation
• Generally has access to double tax treaties

• Opaque, but generally exempt from corporate income tax due to public purpose 

• Generally transparent, but treated as opaque to the extent holding direct investments in real estate and taxed at a reduced rate

• Following taxes may apply depending on the specific circumstances:
  • real estate capital gains tax,
  • real estate transfer taxes,
  • VAT,
  • land register fees,
  • securities transfer stamp duty

• Following taxes may apply depending on the specific circumstances:
  • real estate capital gains tax,
  • real estate transfer taxes,
  • VAT,
  • land register fees,
  • securities transfer stamp duty

• Following taxes may apply depending on the specific circumstances:
  • real estate capital gains tax,
  • real estate transfer taxes,
  • VAT,
  • land register fees,
  • securities transfer stamp duty

• Yes

• No

• Yes

• Closed-ended

• Open-ended

• Open-ended

• No regulatory approval required if listed or if registered shares are issued to qualified investors as defined under Swiss law ("QI")

• Yes, by Occupational Pension Supervisory Commission

• Requires FINMA approval and a regulated fund and asset manager, as well as a custodian

• For non-regulated and not listed funds restricted to QI (cf. above section)
• Furthermore, there are restrictions concerning foreign investors in case the fund invests in Swiss residential property and is not listed

• Restricted to Swiss pension funds, occupational pension schemes and other institutions, such as foundations, in the pensions field

• In principle no, unless restricted to QI
• There are however also restrictions concerning foreign investors in case the fund invests in Swiss residential property

• No regulatory approval required if listed or restricted to QI

• Tax exemption

• Flexibility

• No regulatory constraints (investor perspective)

• Restricted investor base

• Considerable regulatory constraints (fund perspective)

• Real estate

• Real estate and any other type of real asset investment

• Real estate and any other type of real asset investment

Disclaimer: “Information in this guide for any particular country or topic may have been subject to change since the date to which it was prepared”