Executive Summary
Swiss law restricts the acquisition of real estate by persons abroad. The Lex Koller regime requires, in many situations, a cantonal authorisation and limits which properties may be purchased, by whom and for which purpose. Main residences, commercial premises, holiday homes and corporate ownership structures are treated differently.
On 15 April 2026 the Federal Council opened a consultation on a reform project intended to tighten these restrictions. The consultation closed on 15 July 2026 and the responses received in July 2026 are now under review. Any acquisition planned in this period should be assessed against both the current rules and the proposed tightening.
Why It Matters
Lex Koller and the 2026 reform project may affect:
- relocation projects involving the purchase of a Swiss home;
- the acquisition of a main residence by a person not yet resident in Switzerland;
- holiday homes and apartment hotel units subject to quotas and cantonal practice;
- real estate investments by foreign individuals and foreign-controlled entities;
- corporate structures holding Swiss residential or commercial property;
- entrepreneurs acquiring premises for their own business activity;
- listed real estate companies, real estate funds and SICAVs;
- succession, gifts and transfers of shares in property-owning companies.
Key Legal and Practical Points
- Whether an authorisation is required depends on the buyer's nationality, residence status and the intended use of the property.
- Third-country nationals without a Swiss settlement permit are subject to the strictest treatment.
- A main residence may generally be acquired by a person effectively resident at the place of purchase, subject to conditions on use and later disposal.
- Commercial real estate is currently outside the authorisation regime, but the reform project envisages a tightening of this position.
- Holiday homes and apartment hotel units remain subject to federal and cantonal quotas and to restrictive cantonal practice.
- Acquisition of shares or interests in real estate companies can itself constitute an acquisition of property for Lex Koller purposes.
- Listed real estate companies, real estate funds and SICAVs benefit from specific regimes that the reform project also addresses.
- Circumvention structures, nominee arrangements and undisclosed financing may result in nullity of the transaction and sanctions.
- Cantonal practice differs, so the analysis must be verified in the canton where the property is located.
TCC Perspective
Real estate is often the first concrete step of a Swiss project, and it is also the step where an incorrect assumption is most expensive to reverse.
A preliminary TCC review should normally cover:
- 01nationality, residence status and permit position of the buyer
- 02intended use of the property: main residence, business premises or holiday home
- 03canton of acquisition and applicable cantonal practice
- 04direct purchase versus acquisition through a company or fund
- 05financing structure and identity of the economic beneficiary
- 06exposure to the tightening proposed in the 2026 reform project
- 07timing of the acquisition relative to residence and permit steps
- 08tax consequences of ownership, letting and future disposal
- 09documentation required before signing binding preliminary agreements