<p>The Swiss voters have by a large majority rejected the popular initiative submitted by the Young Socialists (JUSO) entitled «For a social climate policy – financed fairly through taxation (Initiative for the Future)», which called for a federal gift and inheritance tax of 50% with an exemption limit of CHF 50 million.</p>
<p>This means that Switzerland will not introduce a Federal inheritance and gift tax of 50%. The inheritance and gift taxes can still only be levied by the cantons and municipalities in their discretion. The cantons of Schwyz and Obwalden do not levy any inheritance and gift tax while Lucerne does not levy any gift tax. Spouses are exempt from inheritance and gift tax in all the cantons which levy such taxes whereas descendants are exempt from inheritance and gift tax in virtually all cantons (exceptions: cantons of Appenzell Innerrhoden, Neuchâtel, and Vaud).</p>
<p>Any inheritance tax is payable by the heir in the canton of residence of the deceased in accordance with the law applicable there. Any gift tax is payable by the recipient in the canton of residence of the donor.</p>
<p>Due to the lack of inheritance and gift taxes in the cantons of Schwyz and Obwalden and to the exemption of direct descendants and spouses from inheritance and gift tax in virtually all Swiss cantons, Switzerland remains internationally competitive with regard to inheritance and gift taxes.</p>


Introduction of a Federal Inheritance Tax Rejected

<h3>Entlastungspaket 27</h3>
<p>Am 25. Juni 2025 hat der Bundesrat die Eckwerte für die Boschaft zum Entlastungspaket 2027 für den Bundeshaushalt angepasst. Dieses wurde nicht zuletzt deshalb notwendig, weil die Ausgaben für die Altersvorsorge aufgrund der Einführung der 13. AHV-Rente stark ansteigen werden.</p>
<p>Das Entlastungspaket 2027 sieht in erster Linie Sparmassnahmen von rund CHF 3 Mia. p.a. vor. Als einzige steuerliche Massnahme ist eine Erhöhung der Besteuerung von Kapitalleistungen aus Vorsorge i.S.v. Art. 38 DBG vor, welche gemäss Bundesrat zu Mehreinnahmen von CHF 190 Mio. p.a. führen soll. Diese betrifft nur die direkte Bundessteuer. Auf eine Anpassung des StHG wurde verzichtet.</p>
<h3>Ziel des Bundesrates</h3>
<p>Während in Form von Renten ausgezahlte Leistungen der beruflichen Vorsorge gemeinsam mit dem übrigen Einkommen zum ordentlichen Satz besteuert werden, unterliegen Kapitalleistungen der 2. und 3. Säule einer Sondersteuer zu einem Fünftel des ordentlichen Tarifs. Dadurch soll der Progressionseffekt der Einmalbesteuerung ausgeglichen werden. Bei hohen Kapitalbezügen stellt dies jedoch eine Privilegierung gegenüber dem Rentenbezug dar. Ziel des Vorschlags des Bundesrates ist es, die steuerliche Begünstigung von Kapitalbezügen im Vergleich zum Rentenbezug zu reduzieren, womit Mehreinnahmen bei der direkten Bundessteuer erzielt werden können.</p>
<p>Betroffen sind sämtliche Kapitalbezüge aus 2. und 3. Säule. Zudem fallen auch Kapitalbezüge im Rahmen der Wohneigentumsförderung (WEF), Kapitalleistungen bei Tod und Invalidität sowie Kapitalleistungen zur Aufnahme einer selbständigen Erwerbstätigkeit in den Anwendungsbereich.</p>
<h3>Neuer Tarif</h3>
<p>Gemäss geltendem Recht wird die direkte Bundessteuer zu einem Fünftel des ordentlichen Tarifs berechnet. Kapitalleistungen ab CHF 728&#8217;300 bzw. für verheiratete Steuerpflichtige ab CHF 928&#8217;700 werden somit einheitlich mit 2.3% besteuert.</p>
<p>Der vom Bundesrat nun vorgeschlagene Tarif bricht mit dem System der prozentualen Ermässigung auf Basis des ordentlichen Tarifs. Vielmehr wird ein eigenständiger Tarif statuiert, der eine stärkere Progression aufweist. Der Grenzsteuersatz für Kapitalleistungen ab CHF 10 Mio. beträgt 11.5%. Kapitalleistungen zwischen CHF 1 und CHF 10 Mio. sollen mit 7.5% besteuert werden.</p>
<p>Unter dem geltenden Recht werden auch im gleichen Steuerjahr ausgerichtete Kapital­leistungen von Ehegatten für die Ermittlung des anwendbaren Steuertarifs zusammen­gerechnet. Neu versteuern Ehegatten ihre Kapitalleistungen unabhängig voneinander.</p>
<p>In Kombination mit der Staats- und Gemeindesteuer würden Kapitalleistungen aus Vorsorge mit Familientarif (ohne Kirchensteuer) und Wohnsitz im jeweiligen Kantonshauptort (bzw. Freienbach im Kanton Schwyz) neu wie folgt besteuert (effektive Besteuerung):</p>
<p><img loading="lazy" decoding="async" class="" src="https://cms.homburger.ch/wp-content/uploads/2025/06/Bulletin_30.06.25_Tabelle_V.png" width="639" height="861" /></p>
<h3>Zeitlicher Anwendungsbereich</h3>
<p>Das neue Recht wird auf sämtliche Kapitalleistungen, welche nach dessen Inkrafttreten fällig werden, anwendbar. Der Zeitpunkt des Inkrafttretens wird vom Bundesrat bestimmt. Der früheste Termin, in welchem das neue Recht realistischerweise in Kraft treten kann, ist der 1. Januar 2028.</p>
<p>Im Vernehmlassungsverfahren wurde der Ruf nach einem Grandfathering für bereits bestehende Vorsorgeguthaben laut. Der Bundesrat sieht hingegen von einer Übergangsregelung ab, was im Lichte des Grundsatzes von Treu und Glauben problematisch ist. Grund für den Verzicht auf ein Grandfathering dürfte der Umstand sein, dass der Bund sehr rasch auf Mehreinnahmen angewiesen ist, um die 13. AHV-Rente zu finanzieren.</p>
<h3>Weiterer politischer Prozess</h3>
<p>Der Bundesrat wird seine Botschaft voraussichtlich bis Ende Sommer veröffentlichen. In der Folge wird die Gesetzesvorlage im Parlament beraten werden. Da alle bürgerlichen Parteien den Vorschlag des Bundesrates zur Erhöhung der Besteuerung von Kapitalleistungen ablehnt, ist unklar, ob das Gesetz im Parlament eine Mehrheit finden wird. Und selbst wenn National- und Ständerat das Gesetz verabschieden würden, könnte hiergegen noch das Referendum ergriffen werden. Die FDP hat bereits angekündigt, in einem solchen Fall das Referendum zu ergreifen. Wenn das Referendum ergriffen wird, würde sich das Inkrafttreten natürlich noch verschieben.</p>
<h3>Planungsmöglichkeit durch Staffelung der Auszahlungen</h3>
<p>Aufgrund der starken Progression wird die Bedeutung der Staffelung der Auszahlung von Kapitalleistungen durch Teilpensionierungen zunehmen. Zulässig sind von Bundesrecht wegen maximal drei Teilzahlungen. Erforderlich sind hierfür zwei Teilpensionierungsschritte, welche mit dem Umfang der Teilzahlung korrespondieren müssen.</p>
<p>Sodann kann eine weitere Teilzahlung durch einen WEF-Vorbezug erreicht werden. Ein solcher ist nicht nur für den Erwerb von Wohneigentum (Erstwohnsitz), sondern auch für die Amortisation einer Hypothek möglich. Ein WEF-Vorbezug kann nur alle 5 Jahre getätigt werden und muss in der Regel bis spätestens 3 Jahre vor Erreichung des Rentenalters getätigt werden. Nach einem WEF-Vorbezug können Beitragsleistungen bis zum Betrag des Vorbezugs nicht mehr vom steuerbaren Einkommen abgezogen werden.</p>
<h3>Fazit</h3>
<p>In der Vernehmlassung haben sich alle bürgerlichen Parteien gegen die Tariferhöhung für Kapitalbezüge der 2. Säule ausgesprochen. Dass der bürgerlich dominierte Bundesrat nun daran festhält, mag erstaunen. Ob der Vorschlag des Bundesrates im Parlament eine Mehrheit finden wird, ist offen, weil die Parteien bei der Diskussion um alle Eckwerte des Entlastungs­pakets 2027 an diversen Stellen Kompromisse werden finden müssen.</p>


20250630_Kapitalbesteuerung_Preview_2000x2000

Höhere Besteuerung von Kapitalbezügen aus 2. Säule

<h3>Juso Estate Tax Initiative</h3>
<p>On December 13, 2024, the Federal Council adopted the statement on the popular initiative submitted by the JUSO “For a social climate policy &#8211; fairly financed through taxation (Initiative for a future)”. The initiative calls for the introduction of an estate and gift tax at the federal level. The tax rate would be 50% and levied for estates exceeding a one-time de-minimis threshold of CHF 50 million. The tax is designed as an estate tax and does not provide for any exceptions. The tax revenue is to be used for the “socially just fight against the climate crisis” and the “necessary transformation of the economy as a whole”.</p>
<p>A transitional provision stipulates that the Federal Council should implement the initiative by means of an ordinance within three years of its acceptance. The ordinance is to be applied retroactively to the day the initiative was accepted.</p>
<h3>Validity of the Initiative</h3>
<p>In its statement, the Federal Council first concludes that there is no reason to declare the initiative invalid. In light of previous practice, there is no violation of the principle of unity of matter, since the introduction of special-purpose taxes by means of a popular initiative has always been approved by Parliament.</p>
<p>The Federal Council does note, though, that it views the retroactive taxation of inheritances and gifts, as called for by the initiative, as questionable from a national policy perspective. However, the retroactive effect is explicitly desired by the initiative and would have to be observed as new constitutional law if it were to be accepted. The initiative also has a certain anticipatory effect due to the associated uncertainty, since potentially affected persons leave Switzerland before the vote or are prevented from moving here. Under current law, however, this is not sufficient to declare the initiative (partially) invalid.</p>
<h3>Measures Against Tax Avoidance</h3>
<p>The initiative calls for the enactment of provisions for the prevention of tax avoidance, in particular with regard to emigration from Switzerland. These must be enacted by the Federal Council within three years of the initiative&#8217;s acceptance.</p>
<p>The text of the initiative merely sets out the objective in this regard. The means by which this objective is to be achieved is thus left to the federal legislator and the federal government. They must adhere to the existing constitutional requirements (especially the principle of proportionality) when designing specific measures against tax avoidance.</p>
<p>The statement clarifies that a person&#8217;s emigration abroad cannot be readily classified as tax avoidance and sanctioned with tax consequences. Rather, in addition to the emigration, there must also be an action aimed at tax avoidance. The statement mentions a timely gift as an example in this regard.</p>
<p>The Federal Council also rejects an exit tax for the same reason. Besides, this would be disproportionate infringement of the freedom of establishment.</p>
<p>One possible measure against tax avoidance could be a post-emigration taxation right. This would mean that for a certain period after leaving Switzerland, the individual would be deemed to still be resident in Switzerland. However, the Federal Council makes it clear that this must be limited in time. It is suggesting a period of five years. In addition, the Federal Council points out that in such a case, Switzerland&#8217;s right of taxation may be restricted by double taxation agreements and that Switzerland has not concluded any agreement with any state that would allow it to enforce the tax claim abroad.</p>
<h3>No Retroactive Effect of Measures Against Tax Avoidance</h3>
<p>The initiative states that the ordinance to be issued by the Federal Council will apply retroactively to inheritances and gifts made after the initiative&#8217;s acceptance. However, this retroactivity only applies to the collection of estate and gift taxes for persons who have their residence in Switzerland at the time of death or the gift. The statement also clarifies that the measures required by the initiative to prevent tax avoidance <u>cannot</u> be retroactively enforced. These will only apply once the corresponding implementing provisions are in force, which the Federal Council must issue no later than three years after a possible acceptance of the initiative.</p>
<h3>No Need for a Pre-emptive Emigration Before the Voting Day</h3>
<p>It is highly commendable that the Federal Council clarifies in its statement that any measures against tax avoidance will not be implemented retroactively to the date of the vote. Should the initiative be accepted, taxpayers concerned can still leave Switzerland after the voting day without adverse tax consequences.</p>
<h3>Further Political Process</h3>
<p>The initiative will be discussed by the Economic Affairs and Taxation Committee (<em>WAK</em>) of the National Council on January 20, 2025, by the National Council as the first chamber in March and by the Council of States as the second chamber in the summer session. Parliament can therefore make its voting recommendation in June. The earliest possible voting date would therefore be November 30, 2025. If this timing is not feasible, the initiative would probably be put to the vote on March 8, 2026.</p>
<h3>Only Modest Revenue Would Be Expected From the Estate and Gift Tax at Stake</h3>
<p>In the statement, the Federal Council concludes, citing economic studies and an expert opinion it has obtained, that the revenue from the estate and gift tax demanded by the initiative is likely to be modest. Considering the tax losses in income and wealth taxes resulting from the potential emigration of the persons affected by the initiative, acceptance of the initiative would even lead to a significant net loss of revenue for the Federal government and the cantons.</p>


Homburger Bulletin

 Estate Tax Initiative – Mitigation of Negative Impact

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Homburger advised the shareholders of Clariness AG on the sale of 100% of their shares to SubjectWell, Inc.

<p>On January 27, 2026, SubjectWell, Inc. announced the acquisition of Swiss-based Clariness AG and the merger of Clariness and SubjectWell to form one of the largest global, full-service patient recruitment platforms, combining global scale, scientific rigor, and patient-first design to transform clinical trial access and execution worldwide.</p>
<p>Homburger acted as transaction counsel to the selling shareholders. The Homburger team comprised Andreas Müller, Carlo Sulser, Marco Rostetter, Anina Preusker, and Viviane Egli (all M&amp;A), Reto Heuberger and Philippe Weber (both Tax), Luca Dal Molin and Joel Fink (both IP / IT and Healthcare / Life Sciences), and Richard Stäuber, Allegra Arnold, and Timothy Porter (all Competition).</p>


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Homburger advised Fastned B.V. on a green loan credit facility of initial EUR 100 m in committed capital with an additional EUR 100 m option

<p>Homburger acted as Swiss counsel to Fastned Tico Holding I B.V., a direct subsidiary of Fastned B.V., in its capacity as borrower in connection with a Dutch law-governed EUR 100 m committed senior multicurrency term facility agreement with an additional EUR 100 m option with a European lending syndicate consisting of ABN AMRO Bank N.V., Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Invest-NL Capital N.V. and Coöperatieve Rabobank U.A. Fastned B.V. is a Europe-wide operator of electric fast-charging stations and listed at Euronext Amsterdam.</p>
<p>The Homburger team was led by Daniel Hasler (Corporate / M&amp;A) and included Jürg Frick (Financing), Jonas Stähli and Matthias Müller (both Corporate / M&amp;A), Stefan Oesterhelt, Reto Heuberger and Laetitia Fracheboud (all Tax) as well as Gregor Bühler (IP/IT).</p>


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Homburger advised 21Shares on acquisition by FalconX

<p>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.</p>
<p>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).</p>


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Homburger advised the shareholders of Clariness AG on the sale of 100% of their shares to SubjectWell, Inc.

Homburger advised Fastned B.V. on a green loan credit facility of initial EUR 100 m in committed capital with an additional EUR 100 m option

Homburger advised 21Shares on acquisition by FalconX

Introduction of a Federal Inheritance Tax Rejected

Höhere Besteuerung von Kapitalbezügen aus 2. Säule

Estate Tax Initiative – Mitigation of Negative Impact

Private M&A 2026: Switzerland

Structuring Cross-border Transactions 2025

Akquisitionsstrukturierung aus steuerlicher Sicht

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Homburger advised the shareholders of Clariness AG on the sale of 100% of their shares to SubjectWell, Inc.

Homburger advised Fastned B.V. on a green loan credit facility of initial EUR 100 m in committed capital with an additional EUR 100 m option

Homburger advised 21Shares on acquisition by FalconX

Introduction of a Federal Inheritance Tax Rejected

Höhere Besteuerung von Kapitalbezügen aus 2. Säule

Estate Tax Initiative – Mitigation of Negative Impact

Private M&A 2026: Switzerland

Structuring Cross-border Transactions 2025

Akquisitionsstrukturierung aus steuerlicher Sicht

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