The vote of 28 September 2025 marks a historic shift in Swiss real estate taxation.
The abolition of the rental value – expected to take effect no earlier than 2028 – does not concern only homeowners. It fundamentally reshapes the balance between private wealth and real estate investment. For investors, this is not a minor technical adjustment, but a structural change to the tax framework.
Read moreAnna D. Vladau, partner at Bonnard Lawson International Law Firm, is a Swiss and U.S.-admitted tax lawyer advising high-net-worth individuals, international families, and family offices on Swiss, U.S., and cross-border tax matters. She assists clients in tax audits, inquiries, and dispute resolution proceedings before administrative authorities and state and federal courts. She is regularly retained by family offices and owners of closely held businesses for estate and succession planning, relocation to Switzerland, cross-border wealth structuring, trust arrangements, and matrimonial planning. She has developed particular expertise in U.S.-Swiss tax matters, treaty relief, executive compensation, and the taxation of internationally mobile individuals. She teaches tax law at Kalaidos University of Applied Sciences and at the Institut Supérieur de Formation Bancaire in Geneva.
The vote of 28 September 2025 marks a historic shift in Swiss real estate taxation.
The abolition of the rental value – expected to take effect no earlier than 2028 – does not concern only homeowners. It fundamentally reshapes the balance between private wealth and real estate investment. For investors, this is not a minor technical adjustment, but a structural change to the tax framework.
Read more