{"id":9882,"date":"2026-03-30T07:23:44","date_gmt":"2026-03-30T07:23:44","guid":{"rendered":"https:\/\/alphaprop.ch\/?p=9882"},"modified":"2026-04-21T08:50:00","modified_gmt":"2026-04-21T08:50:00","slug":"alphaprop-insights-webinar-tax-differences-between-funds-with-direct-vs-indirect-real-estate-holdings","status":"publish","type":"post","link":"https:\/\/alphaprop.ch\/en\/alphaprop-insights-webinar-tax-differences-between-funds-with-direct-vs-indirect-real-estate-holdings\/","title":{"rendered":"Alphaprop Insights Webinar: Tax differences between funds with direct vs. indirect real estate holdings"},"content":{"rendered":"\n

The tax framework for real estate funds is often perceived as a dry background topic. However, the unequal tax treatment of real estate funds with direct and indirect real estate holdings has a significant impact on the net performance of private investors. In our last Alphaprop Insights webinar, experts analyzed the structural differences between direct and indirect real estate ownership and showed why the choice of vehicle can be a significant “yield booster” for certain investor groups. <\/p>\n\n

The tax architecture<\/h2>\n\n

Maxim Dolder (Taxpartner AG)<\/strong> introduced the various differences between collective investment schemes under Swiss law. Depending on the type of real estate fund, it may or may not be a taxable entity itself. The legal tax situation depends on whether the fund holds its properties directly or indirectly. <\/p>\n\n

Indirect real estate<\/strong>The fund holds real estate indirectly via stock corporations (often via SPVs). These companies pay regular tax on their profits and income before dividends are paid to the fund. The indirect real estate fund itself is not subject to profit or capital tax, but the income is only taxed again at the level of the investor. <\/p>\n\n

Direct real estate<\/strong>In this case, the fund management company itself owns the properties in the portfolio and the fund is therefore a direct taxable entity. The income is taxed directly at the level of the real estate fund. The structure with direct real estate ownership is attractive for private individuals, as the income that has already been taxed at fund level is no longer subject to income tax at investor level. The same applies to wealth tax, as the fund itself is already subject to capital tax. <\/p>\n\n

The tax treatment of legal entities varies from canton to canton.<\/p>\n\n

If a fund with direct real estate holdings invests liquid assets in shares or similar and generates income from this, it is taxed in the same way as for indirect real estate holdings. This would also be subject to income tax as normal at investor level, regardless of whether it is a private or legal entity.<\/p>\n\n

Conclusion: Which form is ultimately more tax-efficient depends heavily on the type of investor.<\/p>\n\n

Market analysis: Where tax efficiency becomes performance<\/h2>\n\n

Thomas Spycher (Alphaprop)<\/strong> gave an overview of the current Swiss fund landscape, which comprises 71 active real estate funds as at March 2026. Of these, 44 funds hold their properties directly. At around CHF 41.5 billion, this corresponds to half of the fund volume. <\/p>\n\n

Maxim Dolder’s tax theory was illustrated in a practical calculation example<\/a>.<\/strong><\/p>\n\n