19 May 2026 | Legal Insight
Swiss Federal Supreme Court Decides for
the First Time on the Transfer of a
Holiday Home to a Trust
19 May 2026 | Legal Insight
Swiss Federal Supreme Court Decides for
the First Time on the Transfer of a
Holiday Home to a Trust
A trust cannot acquire a holiday home under a holiday home permit. The Swiss Federal Supreme Court concluded this in a decision dated 5 February 2026. The written motivation for the Swiss Federal Supreme Court’s decision is now available (Decision of the Swiss Federal Supreme Court of 5 February 2026 in Case 2C_437/2024).
Under the Lex Koller, foreign non-residents may acquire holiday homes in certain tourist municipalities in some cantons with a special permit, provided that a quota is available. Only a direct acquisition in the name of a natural person is permitted (article 9(2) of the Federal Act on the Acquisition of Immovable Property in Switzerland by Foreign Non-Residents (“ANRA”) and article 8(a) of the Ordinance on the Acquisition of Immovable Property in Switzerland by Foreign Non-Residents). Acquisition through a “legal construct”, respectively a “legal entity” is therefore not permitted.
The Swiss Federal Supreme Court has now ruled that an acquisition through a trust is not permitted under the Lex Koller. Therefore, foreign owners of a holiday home cannot transfer it to a trust of which they are the beneficiaries, even if they are also the trustees.
The Swiss Federal Supreme Court does not consider the acquisition of a holiday home through a trust to be an acquisition made “directly” by a natural person. As mentioned, a mandatory condition for acquiring a holiday home under a holiday home permit is that the acquisition be made directly in the name of a natural person.
In addition, owners cannot invoke the exemption under article 7(b) ANRA, which permits the transfer of property to relatives in the ascending and descending lines, as well as to the transferor's spouse or registered partner. Here too, according to the Swiss Federal Supreme Court, the transfer must be made “directly” to the relevant person. In the case of a trust in which the trustee and beneficiaries are the owners of the property, this is not the case because a “legal construct” is introduced between the property to be acquired and the acquirer.
Under the Lex Koller, foreign non-residents may acquire holiday homes in certain tourist municipalities in some cantons with a special permit, provided that a quota is available. Only a direct acquisition in the name of a natural person is permitted (article 9(2) of the Federal Act on the Acquisition of Immovable Property in Switzerland by Foreign Non-Residents (“ANRA”) and article 8(a) of the Ordinance on the Acquisition of Immovable Property in Switzerland by Foreign Non-Residents). Acquisition through a “legal construct”, respectively a “legal entity” is therefore not permitted.
The Swiss Federal Supreme Court has now ruled that an acquisition through a trust is not permitted under the Lex Koller. Therefore, foreign owners of a holiday home cannot transfer it to a trust of which they are the beneficiaries, even if they are also the trustees.
The Swiss Federal Supreme Court does not consider the acquisition of a holiday home through a trust to be an acquisition made “directly” by a natural person. As mentioned, a mandatory condition for acquiring a holiday home under a holiday home permit is that the acquisition be made directly in the name of a natural person.
In addition, owners cannot invoke the exemption under article 7(b) ANRA, which permits the transfer of property to relatives in the ascending and descending lines, as well as to the transferor's spouse or registered partner. Here too, according to the Swiss Federal Supreme Court, the transfer must be made “directly” to the relevant person. In the case of a trust in which the trustee and beneficiaries are the owners of the property, this is not the case because a “legal construct” is introduced between the property to be acquired and the acquirer.
