On June 18, 2023, the Swiss people approved a constitutional amendment that enables the Federal Council to introduce, on the basis of a temporary ordinance, the global OECD/G20 minimum taxation with a so-called Effective Tax Rate (ETR) of 15 percent for multinational groups with a consolidated annual turnover of 750 million euros or more in Switzerland. All other companies are not affected by this reform.
The Federal Council will adopt the OECD/G20 model rules by means of a static reference. The model rules are also to be interpreted in accordance with the associated OECD/G20 commentary and guidance. A federal law will subsequently be enacted in the ordinary procedure. While the Federal Council is authorized to introduce the minimum taxation as early as effective January 1, 2024, it is expected that Switzerland will likely follow the EU timetable, to the extent the latter caters for effectiveness in the EU member states at a later date. Separately, the minimum taxation already has a retroactive effect, as the transitional rules already apply to certain transactions on or after November 30, 2021.
Companies to which the new regime applies will be subject to comprehensive documentation and declaration obligations. The cantons will be responsible for assessing and levying the minimum tax. A so-called one-stop-shop is planned: The canton in which the economically most significant unit of the group is domiciled is tasked with levying the minimum tax for all units in Switzerland. For interpretive questions arising as part of the implementation, the cantons may turn to a working group consisting of representatives of the cantonal tax administrations and the FTA. Affected companies can check specific questions of interpretation with their competent canton.

Yes to OECD/G20 Minimum Taxation

Issues of domestic bonds continue to be subject to withholding tax. Thus, the transfer restrictions in syndicated loan agreements («10 and 20 non-bank rules») as well as restrictions on the use of funds of bonds issued abroad by Swiss groups remain relevant.
Trading in domestic bonds also remains subject to the turnover tax of up to 0.15%. The same applies to the purchase and sale of domestic and foreign qualifying participations.

No to reform of withholding tax and transfer stamp duty

Corporate / M&A

Financing and Investment Products

Real Estate

Homburger for HR Group

Homburger News

20250310_HR Group

The Berlin-based HR Group has acquired H-Hotels, one of the largest privately managed German hotel companies. The transaction took effect on February 25, 2025, and comprises more than 60 hotels in Germany, Austria, Switzerland, France and Hungary.  Homburger acts as Swiss transaction counsel to HR Group.

Homburger advised HR Group on its acquisition of H-Hotels

The Berlin-based HR Group has acquired H-Hotels, one of the largest privately managed German hotel companies. The transaction took effect on February 25, 2025, and comprises more than 60 hotels in Germany, Austria, Switzerland, France and Hungary.
Homburger acts as Swiss transaction counsel to HR Group.
Homburger acted as Swiss transaction counsel to HR Group. The Homburger team comprised Andreas Müller, Anna Peter, Thierry Burckhardt, Miriam Oelgarth and Carolina Rodriguez (all Corporate / M&amp;A), Stefan Bindschedler and Michelle Wolf (both Financing and Investment Products), Stefan Gäumann and Olivier Bühlmann (both Real Estate) as well as Stefan Oesterhelt and Philippe Gobet (Tax).

Capital Markets

Regulatory

YODA plc_web_640x140

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On December 27, 2024, Yoda PLC, a Cyprus-based investment corporation listed on the Cyprus stock exchange (CSE: YODA), announced the completion of its major investment into ULTIMA CAPITAL SA (Ultima), a Swiss luxury real estate owner, developer and operator listed on BX Swiss (BX: ULTIMA).
As part of the transaction, Yoda has transferred to Ultima, by way of a contribution in kind, 100% of the issued share capital of its wholly-owned subsidiary Papacamp Investments Limited (Papacamp) at a contribution value of approximately CHF 484.6 m in return for 8,076,667 newly-issued shares of Ultima. Papacamp indirectly owns real estate properties and real estate developments in Greece within the luxury hospitality sector. As a result of the transaction, Yoda has become Ultima&#8217;s largest shareholder, with a shareholding interest in Ultima of approximately 53.8%. In addition, Yoda has granted Ultima a loan in the amount of CHF 71 m.
The Homburger team advising Yoda on all aspects of the transaction was led by Stefan Blunschi and included Micha Fankhauser, Oliver Kneubühl, Jonas Stähli and Leander Etter (all Corporate / M&amp;A), Lorenzo Togni and Kaiyan Yeo (both Capital Markets), Claudia Suter, Philippe Weber and Philippe Gobet (all Tax), Stefan Bindschedler and Nathalie Scherrer (both Financing and Investment Products), Stefan Gäumann and Olivier Bühlmann (both Real Estate), and Richard Stäuber and David Thomann (both Regulatory).

Homburger advised Yoda PLC on its investment into ULTIMA CAPITAL SA

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On March 27, 2024, Swiss special purpose issuance vehicle Xtrackers Digital Markets ETC AG simultaneously launched two series of crypto-linked Exchange Traded Products (ETPs) under its program for the issuance of cryptocurrency-focused ETPs for professional and retail investors in Europe. The Xtrackers Galaxy Physical Bitcoin ETC Securities (XXBT) and the Xtrackers Galaxy Physical Ethereum ETC Securities (XETH) are listed on Deutsche Börse Xetra since April 4, 2024. State Street acts as the issuing and paying agent as well as the administration agent on these ETPs. XXBT and XETH are physically backed, and the underlying collateral is held through two cryptocurrency custodians: Zodia Custody and Coinbase.
DWS Investments UK Limited (DWS), a UK based asset manager, is part of DWS Group (being part of Deutsche Bank group) with EUR 896 bn of assets under management as of December 31, 2023. DWS is acting as arranger under the program and have partnered with US-based digital assets manager Galaxy Digital as crypto advisor and execution agent under the program.
Homburger advised DWS in this transaction with respect to aspects of Swiss law and regulations, including listing regulations. The Homburger team comprised Benjamin Leisinger, Philipp Klein and Alexander Wherlock (all Capital Markets and Investment Products) as well as Stefan Oesterhelt and Philippe Gobet (Tax).

Philippe
Gobet

Homburger advised HR Group on its acquisition of H-Hotels

Homburger advised Yoda PLC on its investment into ULTIMA CAPITAL SA

Homburger advised DWS on Crypto ETPs

Yes to OECD/G20 Minimum Taxation

No to reform of withholding tax and transfer stamp duty

Alternative Funds 2024: Switzerland

Chapter 10: Accounting and Auditing

Reform of withholding tax and transfer stamp duty

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Philippe Gobet

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PhilippeGobet

Homburger advised HR Group on its acquisition of H-Hotels

Homburger advised Yoda PLC on its investment into ULTIMA CAPITAL SA

Homburger advised DWS on Crypto ETPs

Yes to OECD/G20 Minimum Taxation

No to reform of withholding tax and transfer stamp duty

Alternative Funds 2024: Switzerland

Chapter 10: Accounting and Auditing

Reform of withholding tax and transfer stamp duty

Join the Team

Philippe Gobet

Career

Languages

Teams

Philippe
Gobet