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Switzerland: Tax aspects of limited qualified investor fund for real estate investments

A new investment vehicle will be available to qualified investors beginning 1 March 2024.

February 22, 2024

The Limited Qualified Investor Fund (L-QIF)—a new investment vehicle for investing in (among other things) real estate—will be available to qualified investors beginning 1 March 2024.

The L-QIF does not require authorization from the Swiss Financial Market Supervisory Authority (FINMA) which makes it faster and less expensive to set up. Investor protection is provided by the fact that an L-QIF may only be managed by certain institutions supervised by FINMA. The L-QIF receives no special tax treatment and is taxed in the same way as conventional collective investment schemes.

Funds with direct real estate holdings are subject to a lower profit tax in most Swiss cantons compared to a real estate company subject to ordinary taxation. However, private investors, who may also qualify as qualified investors, are not eligible to invest in an L-QIF with direct real estate ownership. In contrast, there are no such restrictions for other qualified investors (e. g. banks, insurance companies and pension funds).

Read a February 2024 report prepared by the KPMG member firm in Switzerland 

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