Der hypothekarische Referenzzinssatz wurde im Jahr 2008 mit dem Ziel eingeführt, die Mietzinsgestaltung auf schweizerischer Ebene zu harmonisieren. Er wird vierteljährlich durch das Bundesamt für Wohnungswesen (BWO) festgelegt und ist massgebend für Mietzinsanpassungen in bestehenden Mietverhältnissen. Seit seiner Einführung ist der Referenzzinssatz stetig gesunken. Seit dem 3. März 2020 liegt er bei einem historischen Tiefstand von 1.25%.
Heute hat das BWO den Referenzzinssatz zum ersten Mal seit über 14 Jahren erhöht und diesen auf 1.5% festgelegt. Der neue Referenzzinssatz wird ab dem 2. Juni 2023 gelten.
Bei gegebenen vertraglichen Voraussetzungen berechtigt diese Anpassung des Referenzzinssatzes zur einseitigen Erhöhung des Mietzinses auf den nächstmöglichen Kündigungstermin um bis zu 3% (unter Vorbehalt zusätzlicher Erhöhungen gestützt auf andere Faktoren, wie z.B. Teuerung).
Vermieter, die von diesem Recht Gebrauch machen wollen, können diese Erhöhungen unter Einhaltung der vertraglichen und gesetzlichen Form- und Fristerfordernisse geltend machen. Erhöhungen müssen in jedem Fall mit amtlichem Formular angezeigt werden, eine Begründung enthalten und mindestens 10 Tage vor Beginn der Kündigungsfrist zugestellt werden. Bei der Zusendung der Mietzinserhöhung per eingeschriebenem Brief ist zu beachten, dass die Zustellung bei Nichtentgegennahme erst nach Ablauf der siebentätigen Abholfrist fingiert wird.
Dem Mieter steht das Recht zu, innert der Bedenkfrist den Mietvertrag zu kündigen oder innert einer 30-tägigen Frist ab Mitteilung der Mietzinserhöhung anzufechten.

Erhöhung des hypothekarischen Referenzzinssatzes

Foreign investments in Swiss real estate are subject to restrictions imposed by the Federal Act on the Acquisition of Real Estate by Persons Abroad (Lex Koller). As a general rule, the acquisition of Swiss real estate by persons abroad are subject to pre-approval by the competent cantonal Lex Koller authorities, which is issued subject to a catalogue of requirements. However, per current regulations, the acquisition of Swiss commercial real estate such as manufacturing premises, warehouse facilities, offices, shopping centers, retail premises, hotels, restaurants, workshops, medical practices etc. are exempt from such Lex Koller pre-approval.
On January 14, 2021, under the pretext of a purported need of protection of the Swiss economy in the context of the COVID-19 pandemic, the Legal Affairs Committee of the Swiss National Council adopted by a surprisingly large majority a parliamentary initiative, seeking a revision of Lex Koller to impose a temporary suspension of the Lex Koller exemption for Swiss commercial real estate.
In a nutshell and based on the information disclosed through official Parliamentary channels, the initiative sought to suspend the Lex Koller exemption for Swiss commercial real estate
<ul>
<li>during periods of particular or extraordinary circumstances (besondere Lage oder ausserordentliche Lage), which can be declared by the Swiss Federal Council on the basis of the Swiss Federal Epidemics Act; and</li>
<li>up to two years from expiry of such periods of particular or extraordinary circumstances.</li>
</ul>
Moreover, the suspension of the Lex Koller exemption would have also applied to all transactions that have not yet been completed or that have not yet received formal Lex Koller clearance at the time of implementation of the proposed regulations.
At its session yesterday, the Legal Affairs Committee of the Council of States rejected the initiative by a close majority (7:6 votes), to the great relief of many economic players, such as the current Swiss commercial real estate owners, future Swiss and foreign investors and, in general, of the certainty of the law. The Legal Affairs Committee of the Council of States especially emphasized in that respect that mountain regions and the related touristic infrastructures are dependent on foreign investors.
Further to this rejection, the Legal Affairs Committee of the National Council must now submit to the National Council for confirmation whether or not the initiative should be dropped. There is a risk that the National Council might stick to the initiative and re-submit it to the Legal Affairs Committee of the Council of States.
In any case, given the lacking consensus of the Legal Affairs Committees, the risk of the proposed legislation is much less imminent.
We will keep you informed of any developments in this regard.

No support for COVID-19 restrictions on foreign investments in Swiss commercial real estate

<h3>Introduction</h3>
Foreign investments in Swiss real estate are subject to restrictions imposed by the Federal Law on the Acquisition of Real Estate by Persons Abroad (Lex Koller). As a general principle, EU/EFTA nationals with (lawful) main residence (Wohnsitz) in Switzerland are not subject to Lex Koller.
As of January 1, 2021, further to the UK’s withdrawal from the EU and the expiry of the Brexit transition period, UK citizens do no longer benefit from this preferential treatment for EU/EFTA nationals.
<h3>General Rule for UK Nationals Post-Brexit</h3>
Going forward, UK nationals will only be exempt from Lex Koller if they have acquired a permanent residency permit (Niederlassungsbewilligung C) and established their main residence (Wohnsitz) in Switzerland. If this is not the case, direct investments by UK nationals are subject to Lex Koller restrictions. Under such restrictions, UK citizens remain entitled to acquire the following main categories of real estate, subject to certain requirements:
<ul>
<li>commercial real estate (note that there is a proposal by a parliamentary commission to impose temporary restrictions on all foreign investments into commercial real estate in the context of the COVID-19 pandemic – it is currently unclear whether this proposal will reach parliamentary debate);</li>
<li>residential real estate to be used as main residence under a temporary residency permit (Aufenthaltsbewilligung);</li>
<li>holiday homes or serviced apartments in certain designated areas (subject to restrictions such as yearly quotas and maximum size); and</li>
<li>residential or other non-commercial real estate that is inherited by way of intestate succession, or otherwise acquired from relatives in line of ascent or descent or from spouses or registered partners.</li>
</ul>
Not only direct investments by UK individuals are affected by Brexit: Swiss legal entities and investment vehicles should be mindful as well and consider that involvement of UK nationals as investors or beneficiaries could trigger Lex Koller restrictions, which might limit their ability to invest in non-commercial real estate.
<h3>Protection of Pre-Brexit Ownership</h3>
Switzerland and the UK have concluded various bilateral treaties to maintain the pre-Brexit status in certain areas. As part of this overall arrangement, the Agreement on Acquired Citizens’ Rights (AACR) mitigates the consequences of Brexit under the Lex Koller. The AACR will formally enter into force on March 1, 2021, but it has already been implemented effective as from January 1, 2021.
According to the AACR, any acquisition of Swiss real estate by UK nationals that was completed before January 1, 2021, remains unaffected by Brexit. Hence, there is no requirement to divest such real estate due to changed legal and factual circumstances (such as if a UK national gives up permanent residency).
In our view, the preservation of rights also applies to Swiss legal entities that own restricted Swiss real estate and that are (fully or partially) controlled by UK nationals.
<h3>Preservation of Pre-Brexit Temporary Residency</h3>
UK citizens who lawfully established (temporary) main residence in Switzerland before January 1, 2021, remain exempt from Lex Koller. According to official communication by the Swiss Federal Office of Justice, this also applies to UK nationals who (at least) applied for a temporary residency permit before then.
Grandfathering however only applies if pre-Brexit main residency persists at the time of acquisition and thus ceases to apply in case that Swiss residency is interrupted. UK nationals that intend to benefit from the AACR should thus make sure to maintain uninterrupted legal and factual main residence in Switzerland.
We believe that grandfathering of temporary main residence also applies to determine foreign control or ownership of Swiss legal entities or investment vehicles. Hence, the involvement of UK nationals cannot be considered foreign involvement and trigger Lex Koller restrictions for future investments of such entities for as long as grandfathering applies.
<h3>Protection of Cross-Border Commuting</h3>
UK citizens who were cross-border commuters between the UK and Switzerland or who applied for such permission prior to January 1, 2021, and who have retained their status will continue to benefit from the exemption under the Lex Koller and remain entitled to acquire a secondary home in the region of their Swiss workplace. Again, grandfathering only applies for as long as the migration status is maintained.

RZ_Preview_Brexit_LK_final

Impact of Brexit on UK Real Estate Investments in Switzerland

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Homburger advised 21Shares on acquisition by FalconX

On 22 October 2025, FalconX and 21Shares announced to join forces by a merger by absorption by FalconX of 21Shares’ ultimate parent company. The merger was effected in November 2025. FalconX is a leading digital assets prime brokerage providing comprehensive access to global digital asset liquidity and a full range of services to the world’s top institutions. The firm serves as a single point of access for trading, financing, custody, and direct market access (DMA) across spot, derivatives, and FX markets, supported by advanced technology and sophisticated risk management. 21Shares, through its Swiss offering vehicle 21Shares AG, offers one of the world&#8217;s largest suite of cryptocurrency exchange-traded products (ETPs), making cryptocurrency investing more accessible. 21Shares will continue to operate as an independent company within the FalconX group, maintaining the same management team and brand. This acquisition strengthens the bridge between listed-market products and the crypto-native ecosystem at a time when digital assets are becoming increasingly institutionalized.
Homburger AG advised 21Shares on various Swiss law- and Swiss tax-related matters in the preparation and implementation of the merger. The team was co-led by Margrit Marti (Corporate / M&amp;A) and Benjamin Leisinger (Capital Markets / Financial Market Regulation) and included Stefan Oesterhelt, Reto Heuberger, Peter Müller, Philippe Gobet and Philippe Stiegeler (all Tax), Olivier Bühlmann and Carolina Rodriguez (both Corporate / M&amp;A), Gregor Bühler (Data Protection and Employment), as well as Stefan Bindschedler and Simone Gloor (Financing).

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Homburger advised Yoda PLC on Ultima Capital SA’s CHF 100 m common bond loan

Homburger acted as counsel to Yoda PLC in respect of a new CHF 100 m common bond loan issued by Ultima Capital SA and subscribed for by National Bank of Greece S.A. Ultima Capital SA is a luxury real estate company that holds and develops a portfolio of high-end real estate assets in Switzerland, France and Greece.
The Homburger team advising on all Swiss aspects of the financing transaction was co-led by Stefan Bindschedler (Financing) and Lorenzo Togni (Capital Markets) and included Micha Fankhauser and Jonas Stähli (both Corporate / M&amp;A), Eduard De Zordi and Samuel Fäh (both Capital Markets, Financing), Claudia Suter, Stefan Oesterhelt, Philippe Gobet and Philippe Weber (all Tax) as well as Stefan Gäumann and Olivier Bühlmann (both Real Estate).

Homburger advised Zurich Airport on the purchase of the Radisson Blu Building at Zurich Airport

Zurich Airport Ltd. announced on May 12, 2025, its acquisition of full ownership of the Radisson Blu Building at Zurich Airport from Al Maha Real Estate AG. The acquisition was executed through an early reversion of the building right for a purchase price of approximately CHF 155 m. This strategic transaction offers new development opportunities for Zurich Airport Ltd. within the central airport perimeter.
The Homburger team included Andreas Müller (Corporate / M&amp;A), Reto Heuberger and Laetitia Fracheboud (both Tax) as well as Olivier Bühlmann (Real Estate).

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Homburger advised 21Shares on acquisition by FalconX

Homburger advised Yoda PLC on Ultima Capital SA’s CHF 100 m common bond loan

Homburger advised Zurich Airport on the purchase of the Radisson Blu Building at Zurich Airport

Erhöhung des hypothekarischen Referenzzinssatzes

No support for COVID-19 restrictions on foreign investments in Swiss commercial real estate

Impact of Brexit on UK Real Estate Investments in Switzerland

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OlivierBühlmann

Homburger advised 21Shares on acquisition by FalconX

Homburger advised Yoda PLC on Ultima Capital SA’s CHF 100 m common bond loan

Homburger advised Zurich Airport on the purchase of the Radisson Blu Building at Zurich Airport

Erhöhung des hypothekarischen Referenzzinssatzes

No support for COVID-19 restrictions on foreign investments in Swiss commercial real estate

Impact of Brexit on UK Real Estate Investments in Switzerland

Join the Team

Olivier Bühlmann

Karriere

Sprachen

Zulassung

Teams

Olivier
Bühlmann