🇦🇹 Оподаткування AT/CH

KESt 27.5%

Capital gains tax uniformly on capital gains, dividends and interest — since 1 October 2011. Before: 25% on interest/dividends; capital gains tax-free after a one-year holding period. This distinction was abolished without replacement.

No holding period any more

The old speculation period (one year) has been fully eliminated since 2012. Every gain is immediately taxable — regardless of whether sold after one day or ten years.

No allowance like in Germany

Austria does not have a saver's allowance. Every euro of capital income is taxed. No €1,000 tax-free limit like in Germany.

Loss offsetting within a calendar year

Gains and losses within the same year can be offset against each other. ⚠️ However: no carryforward to the next year! A loss in December is lost for tax purposes if there is no sufficient gain in the same year.

Derivatives taxation

Options and futures are generally taxed at KESt 27.5%. However: certificates and structured products (except genuine full-risk certificates) often fall under "income from other services" and are taxed at the personal marginal rate (up to 55%). The Ministry of Finance interpretation is broad — consult a tax advisor in case of doubt.

Reporting vs. non-reporting funds (opacity principle)

Foreign funds must register with the OeKB (Oesterreichische Kontrollbank) as reporting funds. If they do not, they are treated as non-reporting funds and taxed on a lump-sum basis: 27.5% on deemed income of at least 6% of NAV p.a. — often significantly more expensive than direct equity taxation.

❌ Trap: Many US ETFs (Vanguard US, iShares USA) are non-reporting funds. ✅ Solution: Buy UCITS equivalents from Ireland/Luxembourg (e.g. iShares Ireland instead of Vanguard US).

Loss offsetting with broker

Austrian brokers (Flatex AT, Easybank, DADAT, Hello Bank) carry out loss offsetting automatically and send an annual tax certificate. With foreign brokers (IBKR, Swissquote): a detailed tax return using form E1kv is required.

Last reviewed: April 2026

Capital gains tax-free for private investors

The fundamental difference from DACH: a private investor who buys and sells an Apple share pays zero tax on the capital gain. This applies throughout Switzerland — regardless of holding period or profit amount. Basis: Art. 16 para. 3 DBG.

Withholding tax 35%

On Swiss dividends, 35% withholding tax is automatically deducted. Reclaim at 100% via the income tax return (subject to correct declaration). For cross-border dividends (US, Germany etc.): DTA reclaim, residual rate typically 15% (USA, Germany), remainder reclaimable.

Stamp duty (turnover tax)

0.15% on Swiss securities, 0.30% on foreign securities. Due on both buy AND sell. Applies when a "Swiss securities dealer" is involved — relevant even at IBKR for Swiss account holders.

Dividends are taxed

As income at the personal tax rate (federal + cantonal + municipal, total ~20–45% depending on place of residence and income).

Wealth tax

The portfolio value on 31 December is taxed at cantonal level: typically 0.1–1% p.a. depending on the canton. Zurich: moderate. Geneva: higher. Zug and Schwyz: very low (below 0.2%). This "extra tax" does not exist in Germany/Austria — but capital gains are tax-free in return.

DA-1 form

Reclaim of foreign withholding taxes under DTAs (USA, Germany, France etc.) on dividends. Attached to the income tax return.

Criteria for commercial trading (Circular Letter No. 36)

The capital gains tax advantage disappears if the taxpayer is classified as a professional securities trader. The more of the following questions are answered "yes", the more likely this classification:

• Average holding period < 6 months?
• Transaction volume > 5× assets p.a.?
• Capital gains > 50% of net income?
• Use of derivatives or borrowed capital?
• Professional activity in the financial sector?

Example — classified as commercial

Someone with a CHF 500,000 portfolio makes 50 trades a year with a total volume of CHF 3 million, realises capital gains of CHF 80,000 on a primary income of CHF 150,000 → commercial. Consequence: income tax (federal + cantonal + municipal) + AHV contributions on trading gains. Tax-free becomes quickly 30–45% deduction plus social security contributions.

Last reviewed: April 2026